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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>3Q25 preview: Below-consensus results likely For 3Q25, we expect POSCO Holdings to report consolidated revenue of W17.4tr (-5.2% YoY) and operating profit of W570.2bn (-23% YoY), with the latter missing the consensus (W631bn) by 10%.</li><li>Despite seasonally strong demand in the previous quarter, we expect steel operating profit to expand QoQ on improved spreads (with raw material prices falling more steeply than ASP).</li><li>However, we expect consolidated operating profit to remain weak due to widening losses at POSCO E&amp;C and continued losses in the energy materials business. </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>

3Q25 preview: Below-consensus results likely For 3Q25, we expect POSCO Holdings to report consolidated revenue of W17.4tr (-5.2% YoY) and operating profit of W570.2bn (-23% YoY), with the latter missing the consensus (W631bn) by 10%.Despite seasonally strong demand in the previous quarter, we expect steel operating profit to expand QoQ on improved spreads (with raw material prices falling more steeply than ASP).However, we expect consolidated operating profit to remain weak due to widening losses at POSCO E&amp;C and continued losses in the energy materials business. 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 Holdings (005490 KS/Buy)Solid Steel Performance Vs. Uncertain Subsidiary Earnings

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>The biggest potential M&amp;A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).</li>
<li>Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&amp;A deal.</li>
<li>Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.</li>
</ul>


The biggest potential M&amp;A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).
Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&amp;A deal.
Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.


Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.</li>
<li>The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.</li>
<li>Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.</li>
</ul>


After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.
The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.
Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.


POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

<ul>
<li>On 19 March, POSCO Holdings (005490 KS) announced that it is selling its stake in Nippon Steel Corporation (5401 JP) worth nearly 468 billion won (US$320 million).</li>
<li>POSCO Holdings' sale of nearly US$320 million worth of Nippon Steel would be about 1.3% of its market cap. </li>
<li>POSCO Holdings' sale of its stake in Nippon Steel is a positive move for POSCO Holdings as the company is continuing to execute its strategy of selling off non-core assets.</li>
</ul>


On 19 March, POSCO Holdings (005490 KS) announced that it is selling its stake in Nippon Steel Corporation (5401 JP) worth nearly 468 billion won (US$320 million).
POSCO Holdings' sale of nearly US$320 million worth of Nippon Steel would be about 1.3% of its market cap. 
POSCO Holdings' sale of its stake in Nippon Steel is a positive move for POSCO Holdings as the company is continuing to execute its strategy of selling off non-core assets.


POSCO Holdings Is Selling Nippon Steel Shares Worth 468 Billion Won

South Korea

POSCO manufactures various types of steel products.  The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

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Posco ADR (PKX US)

POSCO Holdings (005490 KS/Buy)Solid Steel Performance Vs. Uncertain Subsidiary Earnings

Below-consensus results likely For 3Q25, we expect POSCO Holdings to report consolidated revenue of W17.4tr (-5.2% YoY) and operating profit of...

Mirae Asset Securities

POSCO: Reviewing a Potential M&A of HMM

The biggest potential M&A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).

Douglas Kim

POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...

Rahul Jain

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

POSCO Holdings Is Selling Nippon Steel Shares Worth 468 Billion Won

On 19 March, POSCO Holdings (005490 KS) announced that it is selling its stake in Nippon Steel Corporation (5401 JP) worth nearly 468 billion won...

Douglas Kim

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POSCO Holdings (005490 KS/Buy)Solid Steel Performance Vs. Uncertain Subsidiary Earnings

Below-consensus results likely For 3Q25, we expect POSCO Holdings to report consolidated revenue of W17.4tr (-5.2% YoY) and operating profit of...

Mirae Asset Securities

POSCO: Reviewing a Potential M&A of HMM

The biggest potential M&A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).

Douglas Kim

POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

​POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...

Rahul Jain

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

POSCO Holdings Is Selling Nippon Steel Shares Worth 468 Billion Won

On 19 March, POSCO Holdings (005490 KS) announced that it is selling its stake in Nippon Steel Corporation (5401 JP) worth nearly 468 billion won...

Douglas Kim

POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...