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

Equity Bottom-Up

<ul><li>For 2Q26, Pan Ocean reported consolidated revenue of W1.91tr (+148% YoY) and operating profit of W193.7bn (+157% YoY; significantly above the consensus of W155.9bn).</li><li>Against a favorable market backdrop (with the BDI averaging 2,159p), the company generated operating profit of W84.7bn from the dry bulk division alone, supported by stronger cost competitiveness.</li><li>The tanker business also benefited from robust market conditions, posting operating profit of W43.7bn. </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 2Q26, Pan Ocean reported consolidated revenue of W1.91tr (+148% YoY) and operating profit of W193.7bn (+157% YoY; significantly above the consensus of W155.9bn).Against a favorable market backdrop (with the BDI averaging 2,159p), the company generated operating profit of W84.7bn from the dry bulk division alone, supported by stronger cost competitiveness.The tanker business also benefited from robust market conditions, posting operating profit of W43.7bn. 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.

Pan Ocean (028670 KS/Buy)Strength across the board

<ul><li>For 1Q26, we expect Pan Ocean to report operating profit of W134.4bn, meaningfully exceeding the consensus of W128.5bn.</li><li>Long-term shipping contracts structurally allow for the pass-through of fuel costs, while the impact of oil price volatility on chartering operations likely remained limited.</li><li>We believe the tanker and LNG segments outperformed initial expectations, and the container business appears to have partially offset the impact of higher oil prices through the imposition of bunker surcharges.</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 1Q26, we expect Pan Ocean to report operating profit of W134.4bn, meaningfully exceeding the consensus of W128.5bn.Long-term shipping contracts structurally allow for the pass-through of fuel costs, while the impact of oil price volatility on chartering operations likely remained limited.We believe the tanker and LNG segments outperformed initial expectations, and the container business appears to have partially offset the impact of higher oil prices through the imposition of bunker surcharges.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.

Pan Ocean (028670 KS/Buy)Earnings Resilience Strengthening Despite Headwinds

<ul><li>For 3Q25, we expect Pan Ocean to report revenue of W1.38tr (+7.8% YoY).</li><li>We estimate that dry bulk revenue edged up only 3.3% YoY to W815.2bn due to limited fleet expansion, while container revenue likely contracted 10% YoY to W97.5bn amid deteriorating market conditions.</li><li>We believe that the LNG unit drove overall top-line growth, with revenue surging 238% YoY to W83.2bn as fleet expansion continued (one vessel added in June).</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, we expect Pan Ocean to report revenue of W1.38tr (+7.8% YoY).We estimate that dry bulk revenue edged up only 3.3% YoY to W815.2bn due to limited fleet expansion, while container revenue likely contracted 10% YoY to W97.5bn amid deteriorating market conditions.We believe that the LNG unit drove overall top-line growth, with revenue surging 238% YoY to W83.2bn as fleet expansion continued (one vessel added in June).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.

Pan Ocean (028670 KS/Buy)Earnings Stability Supported by Long-Term Charter Contracts

Thematic (Sector/Industry)

<ul><li>Momentum: Slow but steady improvement in fundamentals could provide the basis for a valuation recovery.</li><li>Earnings: It appears increasingly likely that 2Q26 will mark an earnings trough, with a rebound likely thereafter.</li><li>In 2H26, the market’s focus may begin to shift beyond the recent series of macro uncertainties (from tariffs and port fees in 2025 to the Middle East conflict in 2026). </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.

Momentum: Slow but steady improvement in fundamentals could provide the basis for a valuation recovery.Earnings: It appears increasingly likely that 2Q26 will mark an earnings trough, with a rebound likely thereafter.In 2H26, the market’s focus may begin to shift beyond the recent series of macro uncertainties (from tariffs and port fees in 2025 to the Middle East conflict in 2026). 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.

[2H26 Outlook] TransportationAdaptability holds the key to market leadership

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>In-line results expected, while slightly missing our previous estimates</li><li>1H25 sees range-bound movement on no clear signs of bullish or bearish catalysts in the dry bulker market</li><li>BDI poised to remain range-bound between 1,300–1,900pt in 2H25</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-line results expected, while slightly missing our previous estimates1H25 sees range-bound movement on no clear signs of bullish or bearish catalysts in the dry bulker marketBDI poised to remain range-bound between 1,300–1,900pt in 2H25Content 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.

Pan Ocean (028670 KS Jul 17, 2025) - Stable Outlook Amid Market Calm

South Korea

Pan Ocean Co., Ltd. is a Korean shipping company that engages in marine transportation business. The Company provides bulk cargo carrier, pure car and truck carrier, container and tanker services.

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Pan Ocean (028670 KS)