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 Buy rating on Samsung Securities and lift our target price to W104,000 (from W85,000).</li><li>Our new target price implies a dividend yield of 5% (based on a 2026F DPS of W5,200) and corresponds to a 2026F P/B of 1.1x.</li><li>Given thatthe broader market’s 12-month forward P/B currently stands above 1x, we project that Samsung Securities’ forward P/B will also rise above that level. </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 on Samsung Securities and lift our target price to W104,000 (from W85,000).Our new target price implies a dividend yield of 5% (based on a 2026F DPS of W5,200) and corresponds to a 2026F P/B of 1.1x.Given thatthe broader market’s 12-month forward P/B currently stands above 1x, we project that Samsung Securities’ forward P/B will also rise above that level. 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 Securities (016360 KS/Buy)Robust Earnings to Drive Dividend Growth

Thematic (Sector/Industry)

<ul><li>Entering a new phaseDiversification into new businesses and markets needed The continued equity market rally since last year has begun to reshape the composition of household assets in Korea</li><li>Household assets have traditionally been heavily weighted toward non-financial assets and cash/deposits</li><li>Since last year, however, the share of financial investment products has increased meaningfully</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.

Entering a new phaseDiversification into new businesses and markets needed The continued equity market rally since last year has begun to reshape the composition of household assets in KoreaHousehold assets have traditionally been heavily weighted toward non-financial assets and cash/depositsSince last year, however, the share of financial investment products has increased meaningfullyContent 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>Momentum from robotics and autonomous driving remains intact.</li><li>Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division head in 1Q26.</li><li>In addition, a software-defined vehicle (SDV) prototype is set to be showcased in 3Q26. </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.

Momentum from robotics and autonomous driving remains intact.Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division head in 1Q26.In addition, a software-defined vehicle (SDV) prototype is set to be showcased in 3Q26. 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 [2026: Volume 1]Biweekly strategy meeting recap

South Korea

Samsung Securities Co.,Ltd. provides personalized asset management services. The Company provides brokerage, investment trust, underwriting services, and other services. Samsung Securities also provides cyber trading, mutual funds, asset backed securities issuing, municipal bonds trading services.

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Samsung Securities (016360 KS)