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. 

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.

Equity Bottom-Up

<ul><li>For 3Q25, POSCO Holdings reported consolidated revenue of W17.3tr (-5.8% YoY) and operating profit of W639bn (-13.5% YoY; 8% above the consensus of W591bn).</li><li>In the steel segment, revenue declined YoY, but operating profit climbed 41% YoY (to W656bn), supported by a favorable comparison and lower raw material and energy costs.</li><li>However, infrastructure operating profit fell 68% YoY, hurt by estimated losses from construction accidents at POSCO E&amp;C and cost overruns at overseas projects. </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 Holdings reported consolidated revenue of W17.3tr (-5.8% YoY) and operating profit of W639bn (-13.5% YoY; 8% above the consensus of W591bn).In the steel segment, revenue declined YoY, but operating profit climbed 41% YoY (to W656bn), supported by a favorable comparison and lower raw material and energy costs.However, infrastructure operating profit fell 68% YoY, hurt by estimated losses from construction accidents at POSCO E&amp;C and cost overruns at overseas projects. 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 Earnings Vs. Losses from POSCO E&C

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>Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY)</li><li>Steel recovery in view, but higher construction and lithium costs to cap results</li><li>Cost uncertainty tempers investment appeal; steel-led turnaround ahead</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.

Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY)Steel recovery in view, but higher construction and lithium costs to cap resultsCost uncertainty tempers investment appeal; steel-led turnaround aheadContent 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 Oct 22, 2025) - Elevated Cost Uncertainty

<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>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.

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

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 Earnings Vs. Losses from POSCO E&C

For 3Q25, POSCO Holdings reported consolidated revenue of W17.3tr (-5.8% YoY) and operating profit of W639bn (-13.5% YoY; 8% above the consensus of...

Mirae Asset Securities

POSCO Holdings (005490 KS Oct 22, 2025) - Elevated Cost Uncertainty

Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY). Steel recovery in view, but higher construction and lithium costs to cap...

Daishin Securities

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

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