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

Daewoo Engineering & Construction / Equity Bottom-Up

Daewoo Engineering & Construction (047040 KS)

<ul><li>For 2Q26, we expect Daewoo E&amp;C to report consolidated revenue of W2.03tr (-10.5% YoY) and operating profit of W168.4bn (+104.9% YoY), with operating profit coming in 19% above the consensus.</li><li>Revenue likely continued to fall YoY, mainly due to weakness in overseas projects and the domestic housing business.</li><li>Following the large-scale cost recognition in 4Q25, our estimates assume no additional one-off costs related to overseas civil engineering/plant projects or bad debt expenses/reversals in housing. </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>

For 2Q26, we expect Daewoo E&amp;C to report consolidated revenue of W2.03tr (-10.5% YoY) and operating profit of W168.4bn (+104.9% YoY), with operating profit coming in 19% above the consensus.Revenue likely continued to fall YoY, mainly due to weakness in overseas projects and the domestic housing business.Following the large-scale cost recognition in 4Q25, our estimates assume no additional one-off costs related to overseas civil engineering/plant projects or bad debt expenses/reversals in housing. 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.

Daewoo E&C (047040 KS/Buy)Earnings and Momentum Poised to Rebound; Upgrade to Buy