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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 3Q25, we expect Dear U to report revenue of W23bn and operating profit of W9.3bn, missing the consensus (W24.3bn and W11.4bn, respectively).</li><li>The key earnings variables for Dear U are: 1) additional net revenue from Tencent Music Entertainment’s (TME) in-app Bubble service; and 2) the payment gateway conversion rate.</li><li>We previously shared three scenarios for potential revenue from the TME partnership and applied the base case (W1bn quarterly) to our earnings estimates. </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 3Q25, we expect Dear U to report revenue of W23bn and operating profit of W9.3bn, missing the consensus (W24.3bn and W11.4bn, respectively).The key earnings variables for Dear U are: 1) additional net revenue from Tencent Music Entertainment’s (TME) in-app Bubble service; and 2) the payment gateway conversion rate.We previously shared three scenarios for potential revenue from the TME partnership and applied the base case (W1bn quarterly) to our earnings estimates. 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.

Dear U (376300 KQ/Buy)Some Patience Required

DearU

Dear U (376300 KQ/Buy)Some Patience Required