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>While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity expansions.</li><li>In addition, HBM is continuing to eat into commodity wafer capacity.</li><li>Forecasts for 4Q25 memory contract price growth have recently been raised (by up to +13%p for DRAM applications and +9%p for NAND applications). </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.

While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity expansions.In addition, HBM is continuing to eat into commodity wafer capacity.Forecasts for 4Q25 memory contract price growth have recently been raised (by up to +13%p for DRAM applications and +9%p for NAND applications). 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 19]Biweekly strategy meeting recap

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </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 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. 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.

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

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>After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.</li><li>As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.</li><li>We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.</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.

After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.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.

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

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>SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%</li><li>Portfolio concentrated on high value-added HBM/DDR5/LPDDR5 products, maximizes profitability</li><li>12H HBM3E mass production set to begin in 4Q24, with full-scale supply expansion likely in 2025</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.

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%Portfolio concentrated on high value-added HBM/DDR5/LPDDR5 products, maximizes profitability12H HBM3E mass production set to begin in 4Q24, with full-scale supply expansion likely in 2025Content 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>SK hynix estimated to post revenue of W18.3tn (+11% QoQ), OP of W7.0tn (+27% QoQ) for 3Q24</li><li>Value-added HBM/DDR5/LPDDR5 likely drove revenue growth; further gains expected in 2H24</li><li>Earnings growth poised to continue through 4Q24 supported by HBM3E mass production</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.

SK hynix estimated to post revenue of W18.3tn (+11% QoQ), OP of W7.0tn (+27% QoQ) for 3Q24Value-added HBM/DDR5/LPDDR5 likely drove revenue growth; further gains expected in 2H24Earnings growth poised to continue through 4Q24 supported by HBM3E mass productionContent 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.

SK Hynix (000660 KS Oct 17, 2024) - HBM Effect Expected once More

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

Mirae Asset Minutes [2025: Volume 19]Biweekly strategy meeting recap

While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity...

Mirae Asset Securities

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

The 3Q25 earnings season is set to kick off following the Chuseok holiday. The consensus for Korean companies’ aggregate operating profit stands at...

Mirae Asset Securities

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

SK Hynix - Solely Shining

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%. Portfolio concentrated on high value...

Daishin Securities

SK Hynix (000660 KS Oct 17, 2024) - HBM Effect Expected once More

SK hynix estimated to post revenue of W18.3tn (+11% QoQ), OP of W7.0tn (+27% QoQ) for 3Q24. Value-added HBM/DDR5/LPDDR5 likely drove revenue...

Daishin Securities

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