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.

Thematic (Sector/Industry)

<ul><li>In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.</li><li>Demand is likely to remain strong through 2027.</li><li>Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. </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.

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.Demand is likely to remain strong through 2027.Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. 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.

Mirae Asset Minutes [2025: Volume 16]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.

Equity Bottom-Up

<ul><li>Samsung Electronics reportedly posted OP of W9.1tn for 3Q24, below the market consensus of W10.7tn</li><li>One-time costs (e.g. bonus paid to DS business) and continued losses in the LSI/Foundry segment blamed</li><li>HBM3E supply to major clients and the expansion of server DRAM supply to be key going forward</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 Electronics reportedly posted OP of W9.1tn for 3Q24, below the market consensus of W10.7tnOne-time costs (e.g. bonus paid to DS business) and continued losses in the LSI/Foundry segment blamedHBM3E supply to major clients and the expansion of server DRAM supply to be key going forwardContent 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 Electronics - 3Q24: One-Time Costs and Foundry’s Continued Losses

<ul><li>3Q24 company-wide OP estimated at W10.1tn, down 3.1% from previous quarter</li><li>AI/server memory demand remains solid, but demand for IT products (smartphones/PCs) has softened</li><li>A modest outlook likely stems from one-off spending (bonuses paid to the DS segment) and write-back of memory inventory valuation losses</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.

3Q24 company-wide OP estimated at W10.1tn, down 3.1% from previous quarterAI/server memory demand remains solid, but demand for IT products (smartphones/PCs) has softenedA modest outlook likely stems from one-off spending (bonuses paid to the DS segment) and write-back of memory inventory valuation lossesContent 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 Electronics (005930 KS Sep 13, 2024)

<ul><li>Earnings beat; preliminary revenue of W7.4tn, OP of W10.4tn</li><li>Earnings surprise reportedly resulted from DRAM/NAND price increases, release of large allowances set aside against inventory loss, and SDC’s improved OPM</li><li>Memory price hikes set to prompt enhanced profitability; expectations in place for HBM3E supply in 2H24</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.

Earnings beat; preliminary revenue of W7.4tn, OP of W10.4tnEarnings surprise reportedly resulted from DRAM/NAND price increases, release of large allowances set aside against inventory loss, and SDC’s improved OPMMemory price hikes set to prompt enhanced profitability; expectations in place for HBM3E supply in 2H24Content 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 Electronics (005930 KS July 8, 2024)

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>The global foundry sales reached US$117bn in 2023, according to Counterpoint.</li><li>The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.</li><li>The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. </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.

The global foundry sales reached US$117bn in 2023, according to Counterpoint.The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. 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.

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB. Demand is likely to remain strong...

Mirae Asset Securities

Samsung Electronics - 3Q24: One-Time Costs and Foundry’s Continued Losses

Samsung Electronics (SEC) guided 3Q24 preliminary revenue at W79.0tn (+7% qoq) and OP at W9.1tn (-13% qoq). OP was far below our estimate of W10.1tn

Daishin Securities

Samsung Electronics (005930 KS Sep 13, 2024)

A modest outlook likely stems from one-off spending (bonuses paid to the DS segment) and write-back of memory inventory valuation losses

Daishin Securities

Samsung Electronics (005930 KS July 8, 2024)

Earnings surprise reportedly resulted from DRAM/NAND price increases, release of large allowances set aside against inventory loss, and SDC’s...

Daishin Securities

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector.

CMB International

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