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>Shinsegae posted above-consensus 4Q25 results, with net revenue of W1.93tr (+6% YoY) and operating profit of W172.5bn (+66% YoY).</li><li>Strong revenue growth at department stores was the main driver of profit growth, while the duty-free business delivered an unexpected return to profitability.</li><li>Looking ahead, structural drivers of department store growth should remain intact, and the firm’s exit from the DF2 zone at Incheon International Airport (IIA) should enhance duty-free earnings visibility.</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>

Shinsegae posted above-consensus 4Q25 results, with net revenue of W1.93tr (+6% YoY) and operating profit of W172.5bn (+66% YoY).Strong revenue growth at department stores was the main driver of profit growth, while the duty-free business delivered an unexpected return to profitability.Looking ahead, structural drivers of department store growth should remain intact, and the firm’s exit from the DF2 zone at Incheon International Airport (IIA) should enhance duty-free earnings visibility.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.

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