External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain our Buy rating on OCI Holdings and raise our target price to W146,000 (from W131,000), as we revised up both our 12-month forward target P/B (from 0.6x to 0.66x) and 12-month forward BPS estimate.</li><li>Our target multiple revision reflects a roughly 10% rise in the average P/B of global polysilicon peers, driven by growing expectations for industry restructuring in China.</li><li>We retain the stock as our top pick. While 3Q25 results were disappointing, expectations for 4Q25 and 2026 remain high. </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 Buy rating on OCI Holdings and raise our target price to W146,000 (from W131,000), as we revised up both our 12-month forward target P/B (from 0.6x to 0.66x) and 12-month forward BPS estimate.Our target multiple revision reflects a roughly 10% rise in the average P/B of global polysilicon peers, driven by growing expectations for industry restructuring in China.We retain the stock as our top pick. While 3Q25 results were disappointing, expectations for 4Q25 and 2026 remain high. 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.

OCI Holdings (010060 KS/Buy)Outlook Remains Solid Despite Disappointing 3Q25 Results