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>We maintain our Hold rating and target price of W117,000 for Kumho Petrochemical.</li><li>The competitive landscape in the NBL (nitrile butadiene latex) market remains challenging, limiting near-term profitability improvement, while the phenol derivatives business is likely to post a loss for a third consecutive quarter.</li><li>On a positive note, the synthetic rubber segment demonstrated cost-driven margin improvement in 2Q25, and the precision chemicals/energy/others division continues to deliver solid margins in the 20% range despite declining SMP prices. <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></li></ul>

We maintain our Hold rating and target price of W117,000 for Kumho Petrochemical.The competitive landscape in the NBL (nitrile butadiene latex) market remains challenging, limiting near-term profitability improvement, while the phenol derivatives business is likely to post a loss for a third consecutive quarter.On a positive note, the synthetic rubber segment demonstrated cost-driven margin improvement in 2Q25, and the precision chemicals/energy/others division continues to deliver solid margins in the 20% range despite declining SMP prices. 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.

Kumho Petrochemical (011780 KS/Hold)Solid 3Q25 Results, Entering a Seasonally Weak 4Q25

Kumho Petro Chemical

Kumho Petrochemical (011780 KS/Hold)Solid 3Q25 Results, Entering a Seasonally Weak 4Q25