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>Sale-related uncertainty likely to be resolved soonMaintain Buy and TP of W25,000 We maintain our Buy rating and target price of W25,000 on SK Oceanplant</li><li>The most important near-term issue for the company is the outcome of its potential sale</li><li>Our base-case scenario assumes that the deal will not proceed, in which case the stock should recover from its recent pullback</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.

Sale-related uncertainty likely to be resolved soonMaintain Buy and TP of W25,000 We maintain our Buy rating and target price of W25,000 on SK OceanplantThe most important near-term issue for the company is the outcome of its potential saleOur base-case scenario assumes that the deal will not proceed, in which case the stock should recover from its recent pullbackContent 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 Oceanplant (100090 KS/Buy)Sale-Related Uncertainty Likely to Be Resolved Soon

<ul><li>We maintain our Buy rating on SK Oceanplant and lift our target price to W25,000 (from W23,000).</li><li>We revised up our 12-month forward target P/E to 27.5x, applying a 10% premium to the peer group average (25x) to reflect the company’s relatively steady earnings.</li><li>While major wind power equipment suppliers are struggling with deteriorating profitability in the US and Europe, SK Oceanplant has a healthy order backlog and is seeing stable order intake in Korea, Taiwan, and other Asian markets; new orders in 1H25 totaled W600bn, and the order backlog stood at W900bn at end2Q25. </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 Oceanplant and lift our target price to W25,000 (from W23,000).We revised up our 12-month forward target P/E to 27.5x, applying a 10% premium to the peer group average (25x) to reflect the company’s relatively steady earnings.While major wind power equipment suppliers are struggling with deteriorating profitability in the US and Europe, SK Oceanplant has a healthy order backlog and is seeing stable order intake in Korea, Taiwan, and other Asian markets; new orders in 1H25 totaled W600bn, and the order backlog stood at W900bn at end2Q25. 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 Oceanplant (100090 KS/Buy)Relatively Stable Order Flow

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 7th. The aggregated short interest was USD11.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in NAVER, SAMSUNG SDS, L&amp;F, Samsung SDI, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 7th. The aggregated short interest was USD11.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in NAVER, SAMSUNG SDS, L&amp;F, Samsung SDI, Alteogen.


KRX Short Interest Weekly (Nov 7th): NAVER, SAMSUNG SDS, L&F, Samsung SDI, Alteogen

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 17th. The aggregated short interest was USD11.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 17th. The aggregated short interest was USD11.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM.


KRX Short Interest Weekly (Oct 17th): KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM

Thematic (Sector/Industry)

<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

South Korea

Sam Kang M&T Co., Ltd. manufactures special steel pipes used for petroleum refining and ocean floor exploration.  Sam Kang also produces steel blocks for ship building, and cranes that is used in industry area.

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SK Oceanplant (100090 KS)