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>For 3Q25, we expect Pan Ocean to report revenue of W1.38tr (+7.8% YoY).</li><li>We estimate that dry bulk revenue edged up only 3.3% YoY to W815.2bn due to limited fleet expansion, while container revenue likely contracted 10% YoY to W97.5bn amid deteriorating market conditions.</li><li>We believe that the LNG unit drove overall top-line growth, with revenue surging 238% YoY to W83.2bn as fleet expansion continued (one vessel added in June).</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 3Q25, we expect Pan Ocean to report revenue of W1.38tr (+7.8% YoY).We estimate that dry bulk revenue edged up only 3.3% YoY to W815.2bn due to limited fleet expansion, while container revenue likely contracted 10% YoY to W97.5bn amid deteriorating market conditions.We believe that the LNG unit drove overall top-line growth, with revenue surging 238% YoY to W83.2bn as fleet expansion continued (one vessel added in June).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 Stability Supported by Long-Term Charter Contracts