External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>For 3Q25, LIG Nex1 announced revenue of W1.05tr (+42% YoY; 6.5% above the consensus), operating profit of W89.6bn (+73% YoY; 16% above the consensus), and an OP margin of 8.5%.</li><li>The earnings beat was driven by: 1) solid margins from domestic mass-production projects; and 2) delayed R&amp;D spending.</li><li>Ghost Robotics posted an operating loss of W12bn, and losses are likely to continue through 1H26.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, LIG Nex1 announced revenue of W1.05tr (+42% YoY; 6.5% above the consensus), operating profit of W89.6bn (+73% YoY; 16% above the consensus), and an OP margin of 8.5%.The earnings beat was driven by: 1) solid margins from domestic mass-production projects; and 2) delayed R&amp;D spending.Ghost Robotics posted an operating loss of W12bn, and losses are likely to continue through 1H26.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LIG Nex1 (079550 KS/Hold)Steadily Improving

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Consolidated 1Q25 OP reached W113.6bn (+69.6% YoY), well above consensus</li><li>Domestic mass production focused on PGM replaces low-margin exports; overseas business also solid thanks to FX tailwinds</li><li>No change in guidance, with one-off factors excluded and R&amp;D costs fully reflected</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consolidated 1Q25 OP reached W113.6bn (+69.6% YoY), well above consensusDomestic mass production focused on PGM replaces low-margin exports; overseas business also solid thanks to FX tailwindsNo change in guidance, with one-off factors excluded and R&amp;D costs fully reflectedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LIG Nex1 (079550 KS May 14, 2025) - Remarkable Domestic Profitability

Thematic (Sector/Industry)

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

South Korea

LIG Nex1 Co., Ltd. manufactures military and defense weapon systems.  The Company develops missiles, radio equipment, torpedoes, radar equipment, and other defense products.  LIG Nex1 produces weapons for the global defense industry and operates throughout South Korea.

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LIG Nex1 Co (079550 KS)

LIG Nex1 (079550 KS/Hold)Steadily Improving

For 3Q25, LIG Nex1 announced revenue of W1.05tr (+42% YoY; 6.5% above the consensus), operating profit of W89.6bn (+73% YoY; 16% above the...

Mirae Asset Securities

LIG Nex1 (079550 KS May 14, 2025) - Remarkable Domestic Profitability

Consolidated 1Q25 OP reached W113.6bn (+69.6% YoY), well above consensus. Domestic mass production focused on PGM replaces low-margin exports

Daishin Securities

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

The 3Q25 earnings season is set to kick off following the Chuseok holiday. The consensus for Korean companies’ aggregate operating profit stands at...

Mirae Asset Securities

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