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

<ul><li>We maintain our target price of W1,000,000 for Samsung SDI and retain the stock as our sector top pick.</li><li>We expect 3Q26 operating profit to beat the consensus and anticipate a steady stream of new orders for prismatic LFP batteries from North American ESS customers and European OEMs.</li><li>In addition, the proceeds from the partial sale of its stake in Samsung Display should enable the company to continue its aggressive market share expansion strategy, both in securing orders and expanding capacity. </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 maintain our target price of W1,000,000 for Samsung SDI and retain the stock as our sector top pick.We expect 3Q26 operating profit to beat the consensus and anticipate a steady stream of new orders for prismatic LFP batteries from North American ESS customers and European OEMs.In addition, the proceeds from the partial sale of its stake in Samsung Display should enable the company to continue its aggressive market share expansion strategy, both in securing orders and expanding capacity. 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 SDI (006400 KS/Buy)Third Consecutive Earnings Beat Expected

Thematic (Sector/Industry)

<ul><li>Strong AI demand remains the key driver supporting global equities.</li><li>US hyperscalers continue to commit substantial capex despite rising interest rates.</li><li>We remain positive on companies, sectors, and themes positioned to benefit from the spillover effects of AI capex. </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.

Strong AI demand remains the key driver supporting global equities.US hyperscalers continue to commit substantial capex despite rising interest rates.We remain positive on companies, sectors, and themes positioned to benefit from the spillover effects of AI capex. 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.

<ul><li>We maintain our target price of W1,000,000 for Samsung SDI and retain the stock as our top pick within the sector.</li><li>We forecast the company to return to operating profitability in 2Q26, earlier than the market expects.</li><li>We revised up our 2Q26 operating profit estimate to W21.2bn (vs. losses in 2Q25 and 1Q26) and our 2026 operating profit estimate to W250bn. We expect both figures to exceed the consensus.</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 maintain our target price of W1,000,000 for Samsung SDI and retain the stock as our top pick within the sector.We forecast the company to return to operating profitability in 2Q26, earlier than the market expects.We revised up our 2Q26 operating profit estimate to W21.2bn (vs. losses in 2Q25 and 1Q26) and our 2026 operating profit estimate to W250bn. We expect both figures to exceed the consensus.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 SDI (006400 KS) 2Q26 Preview: Likely to Post First Operating Profit in Seven Quarters

<ul><li>We raise our target price for Samsung SDI to W1,000,000 (from W600,000) and maintain the stock as our top pick within the sector.</li><li>We value the ESS battery unit at W48tr, the EV battery unit at W15tr, the small-sized battery unit at W13tr, and the electronic materials unit at W3tr.</li><li>While our electronic materials valuation remains unchanged, we revised up our valuations of the ESS, EV battery, and small-sized battery units, which are all entering an earnings growth phase.</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 raise our target price for Samsung SDI to W1,000,000 (from W600,000) and maintain the stock as our top pick within the sector.We value the ESS battery unit at W48tr, the EV battery unit at W15tr, the small-sized battery unit at W13tr, and the electronic materials unit at W3tr.While our electronic materials valuation remains unchanged, we revised up our valuations of the ESS, EV battery, and small-sized battery units, which are all entering an earnings growth phase.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 SDI (006400 KS/Buy)Early Stages of an Upturn

<ul><li>We maintain our Buy rating and target price of W450,000 on Samsung SDI and continue to recommend the stock as a sector top pick.</li><li>At the time of its 2025 rights offering, the company raised the possibility of selling its stake in Samsung Display.</li><li>If executed, such a sale could materially improve its relative standing vs. global peers in terms of net profit and balance sheet metrics. </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 maintain our Buy rating and target price of W450,000 on Samsung SDI and continue to recommend the stock as a sector top pick.At the time of its 2025 rights offering, the company raised the possibility of selling its stake in Samsung Display.If executed, such a sale could materially improve its relative standing vs. global peers in terms of net profit and balance sheet metrics. 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 SDI (006400 KS/Buy)Implications of a Potential Samsung Display Stake Sale

South Korea

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

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Samsung SDI (006400 KS)