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>For 1Q26, we expect Doosan Enerbility to post consolidated revenue of W4.15tr (+10.7% YoY) and operating profit of W210.5bn (+47.7% YoY; OP margin of 5.1%), slightly exceeding consensus estimates.</li><li>The Enerbility unit likely achieved meaningful top-line growth, with revenue of W1.88tr (+19.3% YoY) and operating profit of W108.4bn (turning to a profit YoY).</li><li>Key drivers likely included: 1) equipment orders secured in 4Q25 in relation to the Dukovany nuclear power project (order value: W5.6tr); and 2) the expanding H-class gas turbine order backlog (17 units since 2025).</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 1Q26, we expect Doosan Enerbility to post consolidated revenue of W4.15tr (+10.7% YoY) and operating profit of W210.5bn (+47.7% YoY; OP margin of 5.1%), slightly exceeding consensus estimates.The Enerbility unit likely achieved meaningful top-line growth, with revenue of W1.88tr (+19.3% YoY) and operating profit of W108.4bn (turning to a profit YoY).Key drivers likely included: 1) equipment orders secured in 4Q25 in relation to the Dukovany nuclear power project (order value: W5.6tr); and 2) the expanding H-class gas turbine order backlog (17 units since 2025).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.

Doosan Enerbility (034020 KS/Buy)Order Wins Starting to Translate into Revenue