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 1Q26, PharmaResearch reported revenue of W146.1bn (+25% YoY) and operating profit of W57.3bn (+28% YoY; OP margin of 39.2%), both in line with the consensus.</li><li>We estimate adjusted EBITDA at W56.0bn (+51% YoY; adjusted EBITDA margin of 39.1%).</li><li>By division, revenue was W79.5bn for medical devices (+15% YoY; +21% YoY in Korea and largely flat YoY overseas), W42.2bn for cosmetics (+51% YoY; +43% YoY in Korea and +56% YoY overseas), and W21.4bn for pharma (+25% YoY; +6% YoY in Korea and +55% YoY overseas).</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, PharmaResearch reported revenue of W146.1bn (+25% YoY) and operating profit of W57.3bn (+28% YoY; OP margin of 39.2%), both in line with the consensus.We estimate adjusted EBITDA at W56.0bn (+51% YoY; adjusted EBITDA margin of 39.1%).By division, revenue was W79.5bn for medical devices (+15% YoY; +21% YoY in Korea and largely flat YoY overseas), W42.2bn for cosmetics (+51% YoY; +43% YoY in Korea and +56% YoY overseas), and W21.4bn for pharma (+25% YoY; +6% YoY in Korea and +55% YoY overseas).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.

PharmaResearch (214450 KQ/Buy)Bottom Confirmed; Rejuran Remains Resilient

<ul><li>For 4Q25, PharmaResearch reported revenue of W142.8bn (+39% YoY), missing the consensus.</li><li>By division, revenue was W22.9bn for pharma (+62% YoY; +59% YoY in Korea and +67% YoY overseas), W83.2bn for medical devices (+35% YoY; +43% YoY in Korea and +20% YoY overseas), and W37.6bn for cosmetics (+65% YoY; +37% YoY in Korea and +83% YoY overseas).</li><li>Operating profit came in at W51.8bn (+54% YoY; OP margin of 36.3%), also below the consensus. </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 4Q25, PharmaResearch reported revenue of W142.8bn (+39% YoY), missing the consensus.By division, revenue was W22.9bn for pharma (+62% YoY; +59% YoY in Korea and +67% YoY overseas), W83.2bn for medical devices (+35% YoY; +43% YoY in Korea and +20% YoY overseas), and W37.6bn for cosmetics (+65% YoY; +37% YoY in Korea and +83% YoY overseas).Operating profit came in at W51.8bn (+54% YoY; OP margin of 36.3%), also below the consensus. 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.

PharmaResearch (214450 KQ/Buy)Three Key Factors to Weigh

<ul><li>For 3Q25, PharmaResearch reported revenue of W135.4bn (+52% YoY), missing the consensus.</li><li>By division, revenue was W22bn for pharma (+36% YoY; +33% YoY in Korea and +42% YoY overseas), W76.7bn for medical devices (+51% YoY; +59% YoY in Korea and +34% YoY overseas), and W35.2bn for cosmetics (+108% YoY; +126% YoY in Korea and +99% YoY overseas).</li><li>Operating profit was W61.9bn (+77% YoY; OP margin of 45.7%), in line with the consensus. We estimate adjusted EBITDA came in at W66.2bn (+67% YoY; adjusted EBITDA margin of 48.9%).</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, PharmaResearch reported revenue of W135.4bn (+52% YoY), missing the consensus.By division, revenue was W22bn for pharma (+36% YoY; +33% YoY in Korea and +42% YoY overseas), W76.7bn for medical devices (+51% YoY; +59% YoY in Korea and +34% YoY overseas), and W35.2bn for cosmetics (+108% YoY; +126% YoY in Korea and +99% YoY overseas).Operating profit was W61.9bn (+77% YoY; OP margin of 45.7%), in line with the consensus. We estimate adjusted EBITDA came in at W66.2bn (+67% YoY; adjusted EBITDA margin of 48.9%).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.

PharmaResearch (214450 KQ/Buy)An inevitable valuation reset

<ul><li>For 3Q25, we expect PharmaResearch to report revenue of W142.2bn (+59% YoY), in line with the consensus, driven by continued strength in the core medical device business (W82.7bn; +63% YoY).</li><li>This would mark the 12th consecutive quarter of recordhigh revenue.</li><li>We estimate adjusted EBITDA at W64bn (+61% YoY; adjusted EBITDA margin of 45%) and operating profit at W59.6bn (+71% YoY; OP margin of 42%), meeting the consensus.</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 PharmaResearch to report revenue of W142.2bn (+59% YoY), in line with the consensus, driven by continued strength in the core medical device business (W82.7bn; +63% YoY).This would mark the 12th consecutive quarter of recordhigh revenue.We estimate adjusted EBITDA at W64bn (+61% YoY; adjusted EBITDA margin of 45%) and operating profit at W59.6bn (+71% YoY; OP margin of 42%), meeting the consensus.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.

PharmaResearch (214450 KQ/Buy)Rejuran to Remain a Staple in Aesthetic Medicine

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

PharmaResearch Co., Ltd. operates as a marine biopharmaceuticals company. The Company manufactures and sells botulinum toxin formulations and other products. PharmaResearch also produces and sells medical equipment and cosmetics.

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PharmaResearch (214450 KS)

PharmaResearch (214450 KQ/Buy)Bottom Confirmed; Rejuran Remains Resilient

For 1Q26, PharmaResearch reported revenue of W146.1bn (+25% YoY) and operating profit of W57.3bn (+28% YoY; OP margin of 39.2%), both in line with...

Mirae Asset Securities

PharmaResearch (214450 KQ/Buy)Three Key Factors to Weigh

For 4Q25, PharmaResearch reported revenue of W142.8bn (+39% YoY), missing the consensus. By division, revenue was W22.9bn for pharma (+62% YoY;...

Mirae Asset Securities

PharmaResearch (214450 KQ/Buy)An inevitable valuation reset

Operating profit was W61.9bn (+77% YoY; OP margin of 45.7%), in line with the consensus. We estimate adjusted EBITDA came in at W66.2bn (+67% YoY;...

Mirae Asset Securities

PharmaResearch (214450 KQ/Buy)Rejuran to Remain a Staple in Aesthetic Medicine

For 3Q25, we expect PharmaResearch to report revenue of W142.2bn (+59% YoY), in line with the consensus, driven by continued strength in the core...

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

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