External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Hanon Systems - A Rights Offering of 900 Billion Won

Equity Bottom-Up

<ul><li>For 2Q25, revenue was W2.86tr (+11.7% YoY, +7.5% vs. consensus of W2.66tr), while operating profit came in at W64.1bn (-10.2% YoY), well above consensus of W21.7bn.</li><li>OP margin was 2.2% (-0.5%p YoY, +1.4%p QoQ). There were negative impacts from tariffs (W50.5bn), depreciation (W23.1bn), and narrower scope of R&amp;D capitalization (W42.4bn).</li><li>Even so, profitability improvement activities and client compensation effects helped deliver results that were stronger than feared.</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 2Q25, revenue was W2.86tr (+11.7% YoY, +7.5% vs. consensus of W2.66tr), while operating profit came in at W64.1bn (-10.2% YoY), well above consensus of W21.7bn.OP margin was 2.2% (-0.5%p YoY, +1.4%p QoQ). There were negative impacts from tariffs (W50.5bn), depreciation (W23.1bn), and narrower scope of R&amp;D capitalization (W42.4bn).Even so, profitability improvement activities and client compensation effects helped deliver results that were stronger than feared.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.

하논시스템(018880 KS/보류) 우려보다 나은 실적, 실망스러운 증자 계획