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>We maintain our Hold rating and target price of W89,000 for Lotte Chemical.</li><li>The stock has performed relatively well recently, which we attribute to policy changes in China (i.e., changes to the naphtha consumption tax system and the end of VAT export rebates for solar and battery products) as well as a deterioration in the cost competitiveness of Chinese peers.</li><li>While these factors are supportive for domestic chemical players, Lotte Chemical faces headwinds such as: 1) rising costs from the startup of Lotte Chemical Indonesia (LCI) operations; and 2) continued pressure from capacity additions in China. While earnings should improve YoY in 2026, key indicators will need to be monitored to assess whether losses can be reduced meaningfully</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>

We maintain our Hold rating and target price of W89,000 for Lotte Chemical.The stock has performed relatively well recently, which we attribute to policy changes in China (i.e., changes to the naphtha consumption tax system and the end of VAT export rebates for solar and battery products) as well as a deterioration in the cost competitiveness of Chinese peers.While these factors are supportive for domestic chemical players, Lotte Chemical faces headwinds such as: 1) rising costs from the startup of Lotte Chemical Indonesia (LCI) operations; and 2) continued pressure from capacity additions in China. While earnings should improve YoY in 2026, key indicators will need to be monitored to assess whether losses can be reduced meaningfullyContent 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.

Lotte Chemical (011170 KS/Hold)Near-Term Earnings Improvement to Remain Challenging