External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>1Q25 beats consensus, with revenue and OP at W3.1tn and W258.6bn, respectively</li><li>Share of low-margin orders in total revenue recognition set to decrease into 2H25, boosting margin improvement</li><li>Despite intact catalysts, short-term correction looks inevitable following Block Deal</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>

1Q25 beats consensus, with revenue and OP at W3.1tn and W258.6bn, respectivelyShare of low-margin orders in total revenue recognition set to decrease into 2H25, boosting margin improvementDespite intact catalysts, short-term correction looks inevitable following Block DealContent 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.

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