External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

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.

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 and target price of W74,000 on CS Wind.</li><li>Although there are market concerns over a potential gap in substructure orders in 4Q26 and the expiration of AMPC benefits after 2027, we expect substructure incentives and an improving US business environment to support earnings going forward.</li><li>Earnings from 2028 onward will depend on: 1) improvement in the US subsidiary’s margin excluding AMPC benefits (currently around 3%); and 2) stronger ASP bargaining power as industry supply contracts. </li></ul><p><em>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.</em></p>

We maintain our Buy rating and target price of W74,000 on CS Wind.Although there are market concerns over a potential gap in substructure orders in 4Q26 and the expiration of AMPC benefits after 2027, we expect substructure incentives and an improving US business environment to support earnings going forward.Earnings from 2028 onward will depend on: 1) improvement in the US subsidiary’s margin excluding AMPC benefits (currently around 3%); and 2) stronger ASP bargaining power as industry supply contracts. 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.

CS Wind (112610 KS/Buy)Policy Support, Stronger Demand, and Tighter Supply

CS Wind Corp

CS Wind (112610 KS/Buy)Policy Support, Stronger Demand, and Tighter Supply