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

Thematic (Sector/Industry)

<ul><li>Earlier in 2026, shares of major Korean construction companies rallied on expectations for participation in overseas nuclear power projects and Middle East reconstruction activities.</li><li>However, since May, the sector has entered a correction phase amid capital flows toward semiconductors and a lack of tangible progress on overseas nuclear projects.</li><li>In 2H26, we expect sector momentum to reaccelerate amid concrete developments in overseas nuclear 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.

Earlier in 2026, shares of major Korean construction companies rallied on expectations for participation in overseas nuclear power projects and Middle East reconstruction activities.However, since May, the sector has entered a correction phase amid capital flows toward semiconductors and a lack of tangible progress on overseas nuclear projects.In 2H26, we expect sector momentum to reaccelerate amid concrete developments in overseas nuclear 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.

[2H26 Outlook] ConstructionNuclear Momentum: Time to Deliver

<ul><li>We anticipate only a modest recovery for the construction sector in 2026.</li><li>Within the sector, we expect share performances to diverge depending on momentum in non-housing segments (such as overseas nuclear power projects) and overall earnings trajectories.</li><li>The construction sector’s P/B discount vs. the KOSPI has widened to 58%. We see room for the valuation gap to narrow.</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.

We anticipate only a modest recovery for the construction sector in 2026.Within the sector, we expect share performances to diverge depending on momentum in non-housing segments (such as overseas nuclear power projects) and overall earnings trajectories.The construction sector’s P/B discount vs. the KOSPI has widened to 58%. We see room for the valuation gap to narrow.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.

[2026 Outlook] Construction/Building MaterialsA time for selective positioning

Equity Bottom-Up

<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

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)

[2H26 Outlook] ConstructionNuclear Momentum: Time to Deliver

Earlier in 2026, shares of major Korean construction companies rallied on expectations for participation in overseas nuclear power projects and...

Mirae Asset Securities

[2026 Outlook] Construction/Building MaterialsA time for selective positioning

Within the sector, we expect share performances to diverge depending on momentum in non-housing segments (such as overseas nuclear power projects)...

Mirae Asset Securities

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

Against this backdrop, we believe the company is on track to achieve its fullyear new order guidance of W11.5tr (including W4tr in non-hydrocarbon...

Mirae Asset Securities

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