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 SK Innovation with a target price of W156,000.</li><li>While near-term earnings improvement may be limited, we view the company’s medium/long-term business direction positively.</li><li>Key drivers include: 1) growth potential in the electrification value chain, where subsidiary SK Innovation E&amp;S’s gas sourcing capabilities can be leveraged; 2) the rebalancing of non-core assets, including the divestment of overseas chemical-related assets; 3) the transition to normal operations for the CB gas field project in 1Q26; and 4) a continued decline in net debt (from W28.5tr at end-2024 to W22.5tr at end-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.

We maintain our Buy rating on SK Innovation with a target price of W156,000.While near-term earnings improvement may be limited, we view the company’s medium/long-term business direction positively.Key drivers include: 1) growth potential in the electrification value chain, where subsidiary SK Innovation E&amp;S’s gas sourcing capabilities can be leveraged; 2) the rebalancing of non-core assets, including the divestment of overseas chemical-related assets; 3) the transition to normal operations for the CB gas field project in 1Q26; and 4) a continued decline in net debt (from W28.5tr at end-2024 to W22.5tr at end-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.

SK Innovation (096770 KS/Buy)New Growth Strategy Taking Shape

<ul><li>We maintain our Buy rating on SK Innovation and raise our target price to W156,000 (from W116,000), reflecting upward revisions to our earnings forecasts for both the refining and battery businesses as well as a decline in net debt.</li><li>Refining margins have been showing notable strength, reaching their highest level since Sep. 2023, and are expected to remain strong through the winter heating season.</li><li>Meanwhile, we expect the battery business to strengthen its overall business portfolio through ESS order wins. </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 SK Innovation and raise our target price to W156,000 (from W116,000), reflecting upward revisions to our earnings forecasts for both the refining and battery businesses as well as a decline in net debt.Refining margins have been showing notable strength, reaching their highest level since Sep. 2023, and are expected to remain strong through the winter heating season.Meanwhile, we expect the battery business to strengthen its overall business portfolio through ESS order wins. 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 Innovation (096770 KS/Buy)Battery portfolio to strengthen on ESS orders

South Korea

SK Innovation Co., Ltd. refines, markets, and distributes oil.  The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil.  SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

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SK Innovation (096770 KS)