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>For 1Q26, we expect Pan Ocean to report operating profit of W134.4bn, meaningfully exceeding the consensus of W128.5bn.</li><li>Long-term shipping contracts structurally allow for the pass-through of fuel costs, while the impact of oil price volatility on chartering operations likely remained limited.</li><li>We believe the tanker and LNG segments outperformed initial expectations, and the container business appears to have partially offset the impact of higher oil prices through the imposition of bunker surcharges.</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>

For 1Q26, we expect Pan Ocean to report operating profit of W134.4bn, meaningfully exceeding the consensus of W128.5bn.Long-term shipping contracts structurally allow for the pass-through of fuel costs, while the impact of oil price volatility on chartering operations likely remained limited.We believe the tanker and LNG segments outperformed initial expectations, and the container business appears to have partially offset the impact of higher oil prices through the imposition of bunker surcharges.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.

Pan Ocean (028670 KS/Buy)Earnings Resilience Strengthening Despite Headwinds