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.

Equity Bottom-Up

<ul><li>In the apparel OEM sector, tariff concerns had generated uncertainty around 3Q25 earnings, but overall results came in better than feared.</li><li>At Youngone Corp. (Youngone), ASP declined due to the impact of tariffs, but sharp volume growth (USD-based order value: +11% YoY) drove earnings improvement (OEM division’s OP margin: 23.6%).</li><li>Notably, Youngone has seen surging orders from Arc’teryx, whose share of total orders is anticipated to surpass 10% this year—just two years after it was added as a customer. </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.

In the apparel OEM sector, tariff concerns had generated uncertainty around 3Q25 earnings, but overall results came in better than feared.At Youngone Corp. (Youngone), ASP declined due to the impact of tariffs, but sharp volume growth (USD-based order value: +11% YoY) drove earnings improvement (OEM division’s OP margin: 23.6%).Notably, Youngone has seen surging orders from Arc’teryx, whose share of total orders is anticipated to surpass 10% this year—just two years after it was added as a customer. 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.

Youngone Corp. (111770 KS/Buy)Strength of Key Customers Stands Out

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.

<ul><li>2Q25 OEM growth on track, although workforce expansion weighed on margins</li><li>Scott still losing money but at a predictable level; inventory fell 6% YoY (ex-FX)</li><li>Plenty of catalysts ahead for 2H25-2026, despite challenging external conditions</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.

2Q25 OEM growth on track, although workforce expansion weighed on marginsScott still losing money but at a predictable level; inventory fell 6% YoY (ex-FX)Plenty of catalysts ahead for 2H25-2026, despite challenging external conditionsContent 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.

Youngone Corp (111770 KS) - Earnings Solid Despite Margin Hit from Increased Overseas Staffing

Youngone Corp (111770) - Earnings Solid Despite Margin Hit from Increased Overseas Staffing

South Korea

Youngone Corporation sells and exports clothes, outdoor sports wear, shoes and bags using Original Equipment Manufacturer(OEM) located in Bangladesh, China, Vietnam and Thailand.  The company distributes products to global clothing and shoes companies.  The company also sells their own brands in Korea market through Youngone Plaza stores.

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Youngone Corp (111770 KS)