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>We maintain our target price for POSCO Future M at W250,000.</li><li>We derived our target price using a SOTP approach, valuing the EV battery cathode materials business at W5.7tr, the ESS cathode materials business at W1.3tr, and the anode materials business at W15tr.</li><li>While earnings should remain subdued through 1Q26 due to shutdowns at key customer Ultium Cells, we expect a gradual recovery to begin thereafter. </li></ul><p><em>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.</em></p>

We maintain our target price for POSCO Future M at W250,000.We derived our target price using a SOTP approach, valuing the EV battery cathode materials business at W5.7tr, the ESS cathode materials business at W1.3tr, and the anode materials business at W15tr.While earnings should remain subdued through 1Q26 due to shutdowns at key customer Ultium Cells, we expect a gradual recovery to begin thereafter. 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.

POSCO Future M (003670 KS/Buy)Gradual Earnings Recovery

South Korea

Posco Future M Co., Ltd. manufactures and distributes energy materials. The Company produces battery materials, advanced chemical materials, basic industrial materials, and other related products. Posco Future M also produces lime chemical and refractory products.

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Posco Future M (003670 KS)

POSCO Future M (003670 KS/Buy)Gradual Earnings Recovery

We derived our target price using a SOTP approach, valuing the EV battery cathode materials business at W5.7tr, the ESS cathode materials business...

Mirae Asset Securities

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