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. 

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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><p><em>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.</em></p>

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

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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