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

Posco International Corporation / Equity Bottom-Up

Posco International Corporation (047050 KS)

<ul><li>For 4Q25, POSCO International reported revenue of W7.83tr (-1.4% YoY) and operating profit of W265.5bn (+83.6% YoY; slightly above the consensus of W241bn).</li><li>Operating profit in the energy division came in at W144.9bn, led by the Myanmar (W62.4bn) and Senex (Australia; W29.3bn) gas fields.</li><li>Operating profit from Senex climbed 117% YoY (vs. W13.5bn in 4Q24), supported by the ramp-up of new capacity (threefold expansion). </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, POSCO International reported revenue of W7.83tr (-1.4% YoY) and operating profit of W265.5bn (+83.6% YoY; slightly above the consensus of W241bn).Operating profit in the energy division came in at W144.9bn, led by the Myanmar (W62.4bn) and Senex (Australia; W29.3bn) gas fields.Operating profit from Senex climbed 117% YoY (vs. W13.5bn in 4Q24), supported by the ramp-up of new capacity (threefold expansion). 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 International (047050 KS/Buy)Growth Momentum to Be Sustained

<ul><li>For 3Q25, POSCO International posted revenue of W8.25tr (-1.3% YoY).</li><li>Revenue contracted in both the steel (-2.2% YoY) and materials &amp; bio (-7.4% YoY) divisions due to tariff effects and sluggish market conditions.</li><li>Meanwhile, despite their small revenue contributions, Senex (+57.2% YoY) and the motor core unit (+28% YoY) delivered robust growth, helping to limit overall top-line contraction. </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, POSCO International posted revenue of W8.25tr (-1.3% YoY).Revenue contracted in both the steel (-2.2% YoY) and materials &amp; bio (-7.4% YoY) divisions due to tariff effects and sluggish market conditions.Meanwhile, despite their small revenue contributions, Senex (+57.2% YoY) and the motor core unit (+28% YoY) delivered robust growth, helping to limit overall top-line contraction. 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 International (047050 KS/Buy)Trading Companies in Focus Amid Supply Chain Restructuring

Thematic (Sector/Industry)

<ul><li>Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth</li><li>Global liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in Sep</li><li>The ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-end</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.

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growthGlobal liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in SepThe ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-endContent 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 20] Biweekly Strategy Meeting Recap

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>2Q consolidated OP forecast at W278.5bn (- 22.0% yoy). Consensus beat likely.</li><li>Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.</li><li>A reliable upstream developer proven by its successful gas field project in Myanmar and another potential gas explorations in Malaysia and Indonesia.</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.

2Q consolidated OP forecast at W278.5bn (- 22.0% yoy). Consensus beat likely.Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.A reliable upstream developer proven by its successful gas field project in Myanmar and another potential gas explorations in Malaysia and Indonesia.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 International (047050 KS) - The Last of the Real Ones

South Korea

Posco International Corporation is a general trading company.  The Company exports and imports steel, cement, crude oil, heavy machinery, automobile parts, and textiles.  Daewoo also manufactures synthetic fabrics for footwear, garments, and car seats, and operates a department store in Masan.

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Posco International Corporation (047050 KS)

POSCO International (047050 KS/Buy)Growth Momentum to Be Sustained

For 4Q25, POSCO International reported revenue of W7.83tr (-1.4% YoY) and operating profit of W265.5bn (+83.6% YoY; slightly above the consensus of...

Mirae Asset Securities

POSCO International (047050 KS/Buy)Trading Companies in Focus Amid Supply Chain Restructuring

For 3Q25, POSCO International posted revenue of W8.25tr (-1.3% YoY). Revenue contracted in both the steel (-2.2% YoY) and materials & bio (-7.4% YoY)

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth

Mirae Asset Securities

POSCO International (047050 KS) - The Last of the Real Ones

Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.

Daishin Securities

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