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, we expect Samsung E&amp;A to post consolidated revenue of W2.28tr (-1.4% YoY) and operating profit of W168.8bn (-17.2% YoY), with the latter being broadly in line with the consensus (W165.3bn).</li><li>In the hydrocarbon segment, we estimate revenue improved markedly YoY due to steady progress on large overseas projects, particularly the Saudi Fadhili plant.</li><li>Meanwhile, the non-hydrocarbon segment likely remained weak due to a lull in orders from group affiliates. </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 Samsung E&amp;A to post consolidated revenue of W2.28tr (-1.4% YoY) and operating profit of W168.8bn (-17.2% YoY), with the latter being broadly in line with the consensus (W165.3bn).In the hydrocarbon segment, we estimate revenue improved markedly YoY due to steady progress on large overseas projects, particularly the Saudi Fadhili plant.Meanwhile, the non-hydrocarbon segment likely remained weak due to a lull in orders from group affiliates. 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.

Samsung E&A (028050 KS/Buy)In-Line Results Likely

<ul><li>Samsung E&amp;A’s non-hydrocarbon orders, which totaled only W330bn in 1H25, appear poised to recover in 2H25.</li><li>Indeed, the company signed a contract for Samsung Electronics’ (SEC) Pyeongtaek P4 project in July (W909.6bn; finishing work), and SEC’s broader investment plans are likely to move forward now that legal risks involving certain group affiliates have been resolved.</li><li>Additionally, Samsung E&amp;A is awaiting bid results for Samsung Biologics’ Plant 6 project. Of note, the contract value for Samsung Biologics’ Plant 5 in Songdo was raised to around W1.9tr (vs. the initially disclosed W1.2tr). </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.

Samsung E&amp;A’s non-hydrocarbon orders, which totaled only W330bn in 1H25, appear poised to recover in 2H25.Indeed, the company signed a contract for Samsung Electronics’ (SEC) Pyeongtaek P4 project in July (W909.6bn; finishing work), and SEC’s broader investment plans are likely to move forward now that legal risks involving certain group affiliates have been resolved.Additionally, Samsung E&amp;A is awaiting bid results for Samsung Biologics’ Plant 6 project. Of note, the contract value for Samsung Biologics’ Plant 5 in Songdo was raised to around W1.9tr (vs. the initially disclosed W1.2tr). 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.

Samsung E&A (028050 KS/Buy)Relative Investment Appeal Highlighted; Order Wins to Resume

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we provide the top 10 stocks picks in the Korean stock market for the two weeks starting 17 February.</li>
<li>The top 10 stock picks (bi-weekly) include Hyundai G.F. Holding, Binggrae, Cheil Worldwide, Hana Tour, Samsung Electronics (pref), Samsung E&amp;A, Hyundai Elevator, KT Corp, Orion Corp, and Samsung Life Insurance. </li>
<li>We started to incorporate top negative catalysts along with positive catalysts in our top stock picks bi-weekly. Top negative catalyst is tariffs. We tried to exclude companies exposed to tariffs.</li>
</ul>


In this insight, we provide the top 10 stocks picks in the Korean stock market for the two weeks starting 17 February.
The top 10 stock picks (bi-weekly) include Hyundai G.F. Holding, Binggrae, Cheil Worldwide, Hana Tour, Samsung Electronics (pref), Samsung E&amp;A, Hyundai Elevator, KT Corp, Orion Corp, and Samsung Life Insurance. 
We started to incorporate top negative catalysts along with positive catalysts in our top stock picks bi-weekly. Top negative catalyst is tariffs. We tried to exclude companies exposed to tariffs.


Top 10 Korean Stock Picks Bi-Weekly (17 February 2025)

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

Event-Driven

<ul>
<li>There are quite a few stocks in Korea that have underperformed their peers and could be deleted from global passive portfolios in February.</li>
<li>There are still 3 weeks left for the stocks to redeem themselves and avoid relegation from the K League, so watch out for big price moves.</li>
<li>Based on our estimate of passive assets, trackers will need to trade between US$45m to US$114m of the stocks. Impact will vary between 2.6x-30x of ADV to trade.</li>
</ul>


There are quite a few stocks in Korea that have underperformed their peers and could be deleted from global passive portfolios in February.
There are still 3 weeks left for the stocks to redeem themselves and avoid relegation from the K League, so watch out for big price moves.
Based on our estimate of passive assets, trackers will need to trade between US$45m to US$114m of the stocks. Impact will vary between 2.6x-30x of ADV to trade.


Korea: Potential Relegations from K League 1

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Korea banned all short selling in March 2020 and resumed short selling only on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> index constituents in May 2021.</li>
<li>News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.</li>
<li>There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.</li>
</ul>


Korea banned all short selling in March 2020 and resumed short selling only on KOSPI 200 and KOSDAQ 150 index constituents in May 2021.
News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.
There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.


Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

South Korea

Samsung E&A Co.,Ltd provides engineering construction and project management services in the domestic and international markets. The Company constructs refinery plants, petrochemical plants, gas plants, hydrocarbon upstream, power plants, metallurgy plant, industrial plants, and water treatment facilities. Samsung E&A conducts businesses across worldwide.

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Samsung E&A (028050 KS)