External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

SK Square: Selling Its Stake in 11st to SK Planet

Equity Bottom-Up

<ul><li>Gap emerged between SK Hynix’s valuation and SK Square’s NAV discount rate</li><li>SK Hynix started trading at a premium as chips enter a supercycle</li><li>Growing appetite for SK Hynix proxies; SK Square’s discount should narrow</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>

Gap emerged between SK Hynix’s valuation and SK Square’s NAV discount rateSK Hynix started trading at a premium as chips enter a supercycleGrowing appetite for SK Hynix proxies; SK Square’s discount should narrowContent 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.

SK Square (402340 KS Oct 15, 2025) - A Backdoor into SK Hynix