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

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)