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

Equity Bottom-Up

Samsung Life Insurance / Equity Bottom-Up

<ul><li>We lift our target price for Samsung Life to W193,000 (from W166,000), based on a projected 2026 dividend yield of 3%.</li><li>While our previous target price was derived using a P/B of 0.80x, the reclassification of policyholder equity adjustments from liabilities to equity has reduced the usefulness of a P/B-based valuation.</li><li>Accordingly, we now shift to a dividend yield-based valuation. With our target price implying 8.7% downside, we maintain our Hold rating.</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 lift our target price for Samsung Life to W193,000 (from W166,000), based on a projected 2026 dividend yield of 3%.While our previous target price was derived using a P/B of 0.80x, the reclassification of policyholder equity adjustments from liabilities to equity has reduced the usefulness of a P/B-based valuation.Accordingly, we now shift to a dividend yield-based valuation. With our target price implying 8.7% downside, we maintain our Hold rating.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 Life (032830 KS/Hold)2026 Dividend Yield Forecast at 2.7%

<ul><li>We lift our target price for Samsung Life to W166,000 (from W131,000), which we derived by applying a P/B of 0.8x to our 2026F BPS.</li><li>We kept our target multiple unchanged because, while the company has set a medium/long-term dividend payout target of 50%, it has yet to announce a corporate value enhancement plan.</li><li>With our target price implying slight downside (-1.4%), we retain our Hold rating.</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 lift our target price for Samsung Life to W166,000 (from W131,000), which we derived by applying a P/B of 0.8x to our 2026F BPS.We kept our target multiple unchanged because, while the company has set a medium/long-term dividend payout target of 50%, it has yet to announce a corporate value enhancement plan.With our target price implying slight downside (-1.4%), we retain our Hold rating.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 Life (032830 KS/Hold)Dividend Yield to Remain in the 3% Range

South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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