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>The worst has passedHigher ASP offsetting tariff pressures In the apparel OEM sector, tariff concerns had generated uncertainty around 3Q25 earnings, but overall results came in better than feared</li><li>At Hansae, volume declined due to softer demand, but a higher ASP (despite tariffs) allowed the company to defend its margins</li><li>In the quarter, USD-based order value was down 2% YoY, resulting in a high-single-digit percentage decline in volume, but ASP saw a mid-single-digit increase (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>

The worst has passedHigher ASP offsetting tariff pressures In the apparel OEM sector, tariff concerns had generated uncertainty around 3Q25 earnings, but overall results came in better than fearedAt Hansae, volume declined due to softer demand, but a higher ASP (despite tariffs) allowed the company to defend its marginsIn the quarter, USD-based order value was down 2% YoY, resulting in a high-single-digit percentage decline in volume, but ASP saw a mid-single-digit increase (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.

Hansae (105630 KS/Buy)The Worst Has Passed

Hansae Co Ltd

Hansae (105630 KS/Buy)The Worst Has Passed