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>Following an operating loss of W1.1tr in 4Q25 due to large-scale cost recognition, Daewoo E&amp;C delivered strong 1Q26 results, with consolidated revenue of W1.95tr (-6% YoY) and operating profit of W255.6bn (+68.9% YoY; 119% above the consensus of W116.5bn).</li><li>The housing cost ratio improved 10%p YoY to 79.2%, serving as the key driver of earnings growth.</li><li>The housing division benefited from a decline in the estimated total cost ratio at completion, along with around W100bn in one-off gains (contract value adjustments and settlement gains). </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>

Following an operating loss of W1.1tr in 4Q25 due to large-scale cost recognition, Daewoo E&amp;C delivered strong 1Q26 results, with consolidated revenue of W1.95tr (-6% YoY) and operating profit of W255.6bn (+68.9% YoY; 119% above the consensus of W116.5bn).The housing cost ratio improved 10%p YoY to 79.2%, serving as the key driver of earnings growth.The housing division benefited from a decline in the estimated total cost ratio at completion, along with around W100bn in one-off gains (contract value adjustments and settlement gains). 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 - Earnings Rebound After Large-Scale Cost Recognition, but Valuation Looks Demanding