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>Our target price for Dong-A ST is based on an operating value of W869.5bn minus net debt of W248.3bn.</li><li>Imuldosa (Stelara biosimilar), previously treated as a pipeline asset and valued at W111.1bn, has now been incorporated into operating value following commercialization.</li><li>In deriving our operating value estimate, we applied an EV/EBITDA of 14x, the average multiple of top Korean pharmas (excluding Yuhan) to our 12-month forward EBITDA estimate.</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>

Our target price for Dong-A ST is based on an operating value of W869.5bn minus net debt of W248.3bn.Imuldosa (Stelara biosimilar), previously treated as a pipeline asset and valued at W111.1bn, has now been incorporated into operating value following commercialization.In deriving our operating value estimate, we applied an EV/EBITDA of 14x, the average multiple of top Korean pharmas (excluding Yuhan) to our 12-month forward EBITDA estimate.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.

Dong-A ST (170900 KS/Buy)Top-Line Growth Continues, but Margin Improvement Remains Limited

Dong A St

Dong-A ST (170900 KS/Buy)Top-Line Growth Continues, but Margin Improvement Remains Limited