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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity expansions.</li><li>In addition, HBM is continuing to eat into commodity wafer capacity.</li><li>Forecasts for 4Q25 memory contract price growth have recently been raised (by up to +13%p for DRAM applications and +9%p for NAND applications). </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.

While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity expansions.In addition, HBM is continuing to eat into commodity wafer capacity.Forecasts for 4Q25 memory contract price growth have recently been raised (by up to +13%p for DRAM applications and +9%p for NAND applications). 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.

Mirae Asset Minutes [2025: Volume 19]Biweekly strategy meeting recap

<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

<ul><li>While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.</li><li>This has led to limited capacity expansions, with a large share of new investments focused on HBM.</li><li>The resultant supply/demand imbalance is pushing up commodity chip prices. </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.

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.This has led to limited capacity expansions, with a large share of new investments focused on HBM.The resultant supply/demand imbalance is pushing up commodity chip prices. 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.

Mirae Asset Minutes [2025: Volume 18]Biweekly Strategy Meeting Recap

<ul><li>In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.</li><li>Demand is likely to remain strong through 2027.</li><li>Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. </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.

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.Demand is likely to remain strong through 2027.Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. 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.

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.</li>
<li>Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.</li>
<li>As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
</ul>


We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.
Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).


Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

South Korea

Netmarble Corporation develops and publishes mobile games. The Company develops and publishes casual games, action, sports games, strategy, simulation games, and social casino games. Netmarble offers services worldwide.

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Netmarble (251270 KS)

Mirae Asset Minutes [2025: Volume 19]Biweekly strategy meeting recap

While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity...

Mirae Asset 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

Mirae Asset Minutes [2025: Volume 18]Biweekly Strategy Meeting Recap

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB. Demand is likely to remain strong...

Mirae Asset Securities

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

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