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>Down-cycle nearing an endCut TP to W520,000 We cut our target price for LG Energy Solution (LGES) to W520,000 (from W610,000), as we revised down our estimates for North American EV earnings and AMPC recognition, reflecting uncertainty surrounding Ultium Cells operations in 1H</li><li>That said, we think the sharp share price pullback seen heading into 2026 (driven by negative news related to EVs) should be viewed as a buying opportunity for several reasons</li><li>First, the two contract terminations disclosed in December (with Ford and Freudenberg Battery Power Systems), which triggered the recent sell-off, should have only a limited impact on short and medium/long-term fundamentals, as the deals represented only 3% of LGES’s total order backlog</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>

Down-cycle nearing an endCut TP to W520,000 We cut our target price for LG Energy Solution (LGES) to W520,000 (from W610,000), as we revised down our estimates for North American EV earnings and AMPC recognition, reflecting uncertainty surrounding Ultium Cells operations in 1HThat said, we think the sharp share price pullback seen heading into 2026 (driven by negative news related to EVs) should be viewed as a buying opportunity for several reasonsFirst, the two contract terminations disclosed in December (with Ford and Freudenberg Battery Power Systems), which triggered the recent sell-off, should have only a limited impact on short and medium/long-term fundamentals, as the deals represented only 3% of LGES’s total order backlogContent 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.

LGエネルギーソリューション（373220 KS/買い）ダウンサイクルの終焉が近づいている