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 2Q26, we expect Samsung E&amp;A to report consolidated revenue of W2.72tr (+24.9% YoY) and operating profit of W238.8bn (+32.1% YoY), with the latter exceeding the current consensus (W219.4bn) by 9%.</li><li>The Saudi Fadhili project, which is driving hydrocarbon earnings, appears to have seen only a limited impact from the closure of the Strait of Hormuz thanks to early procurement of major equipment and adjustments to the construction schedule.</li><li>We estimate that earnings improved YoY on a recovery in advanced tech revenue following the resumption of affiliate projects, favorable FX effects from the rise in the USD/KRW rate, and a lower SG&amp;A ratio (estimated at 5.5%; vs. 6.1% in 2Q25) on revenue growth. </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 2Q26, we expect Samsung E&amp;A to report consolidated revenue of W2.72tr (+24.9% YoY) and operating profit of W238.8bn (+32.1% YoY), with the latter exceeding the current consensus (W219.4bn) by 9%.The Saudi Fadhili project, which is driving hydrocarbon earnings, appears to have seen only a limited impact from the closure of the Strait of Hormuz thanks to early procurement of major equipment and adjustments to the construction schedule.We estimate that earnings improved YoY on a recovery in advanced tech revenue following the resumption of affiliate projects, favorable FX effects from the rise in the USD/KRW rate, and a lower SG&amp;A ratio (estimated at 5.5%; vs. 6.1% in 2Q25) on revenue growth. 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.

Samsung E&A (028050 KS/Buy)Solid Earnings; Order Expectations Likely to Rise Again