External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>In-line results expected, while slightly missing our previous estimates</li><li>1H25 sees range-bound movement on no clear signs of bullish or bearish catalysts in the dry bulker market</li><li>BDI poised to remain range-bound between 1,300–1,900pt in 2H25</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>

In-line results expected, while slightly missing our previous estimates1H25 sees range-bound movement on no clear signs of bullish or bearish catalysts in the dry bulker marketBDI poised to remain range-bound between 1,300–1,900pt in 2H25Content 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 Jul 17, 2025) - Stable Outlook Amid Market Calm