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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

LG Innotek Co., Ltd. develops and produces cellular phone parts such as mini vibration motors, LCD modules, light emitting diode (LED), camera modules, protection circuit modules. The Company also manufactures liquid crystal displays (LCD) and plasma display panels (PDP) parts such as inverters, intelligent power modules, multi chip modules, and tuners.

<ul><li>We lift our target price for LG Innotek to W320,000 (from W300,000), as we revised up our 2026 operating profit forecast (+30% for substrates) and reduced the discount applied to the substrate unit’s target multiple (from 30% to 20%).</li><li>As global competitors increasingly orient their product portfolios around AI, the company is gaining share in the RF-SiP market.</li><li>At the same time, in memory substrates, the company is seeing continued steep demand growth as it begins supplying substrates to big tech companies for GDDR7 applications. </li></ul>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.

We lift our target price for LG Innotek to W320,000 (from W300,000), as we revised up our 2026 operating profit forecast (+30% for substrates) and reduced the discount applied to the substrate unit’s target multiple (from 30% to 20%).As global competitors increasingly orient their product portfolios around AI, the company is gaining share in the RF-SiP market.At the same time, in memory substrates, the company is seeing continued steep demand growth as it begins supplying substrates to big tech companies for GDDR7 applications. 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.

LG Innotek (011070 KS/Buy)Raise TP on Stronger Substrate Earnings Outlook

Thematic (Sector/Industry)

<ul><li>Key themes: Rising competition, AI adoption, and app store commission cuts</li><li>With games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow only about 3% YoY in 2026</li><li>Users are increasingly seeking low-effort instant gratification, resulting in particularly high churn for titles requiring greater effort and longer-term progression</li></ul>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.

Key themes: Rising competition, AI adoption, and app store commission cutsWith games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow only about 3% YoY in 2026Users are increasingly seeking low-effort instant gratification, resulting in particularly high churn for titles requiring greater effort and longer-term progressionContent 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.

Games (Overweight/Maintain)30% App Store Commission Model Nearing Its End

<ul><li>As AI workloads increasingly move from training to inference tasks, LLM token usage continues to rise.</li><li>This is leading to sustained high growth in AI data center capex.</li><li>Several structural changes are underway: 1) a shift toward high-capacity/low-power DRAM (HBM); 2) the spread of multiarchitecture systems combining GPUs, ASICs, and NPUs; 3) a generational shift in networking from 800G to 1.6T transceivers; and 4) a sharp increase in demand for HDDs, SSDs, and NAND used in inference workloads.</li></ul>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.

As AI workloads increasingly move from training to inference tasks, LLM token usage continues to rise.This is leading to sustained high growth in AI data center capex.Several structural changes are underway: 1) a shift toward high-capacity/low-power DRAM (HBM); 2) the spread of multiarchitecture systems combining GPUs, ASICs, and NPUs; 3) a generational shift in networking from 800G to 1.6T transceivers; and 4) a sharp increase in demand for HDDs, SSDs, and NAND used in inference workloads.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.

[2026 Outlook] Electrical/Electronic ComponentsSet to enter a structural up-cycle

Misto Holdings Corporation produces sports products. The Company manufactures golf equipment and other products. Misto Holdings conducts businesses in South Korea.

<ul><li>Misto Holdings’ cumulative 1Q-3Q25 revenue was roughly flat YoY, while operating profit increased 20% YoY.</li><li>We believe these results show that the company is laying the groundwork for a turnaround.</li><li>Strong results at Acushnet have contributed to the improvement, with 1Q-3Q25 revenue and operating profit up 8% and 5% YoY respectively (operating profit: +W21.7bn YoY). </li></ul>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.

Misto Holdings’ cumulative 1Q-3Q25 revenue was roughly flat YoY, while operating profit increased 20% YoY.We believe these results show that the company is laying the groundwork for a turnaround.Strong results at Acushnet have contributed to the improvement, with 1Q-3Q25 revenue and operating profit up 8% and 5% YoY respectively (operating profit: +W21.7bn YoY). 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.

Misto Holdings (081660 KS/Buy)Turnaround Potential Coming into View

<ul><li>As ESL growth continues, restoring trust will be keyESL growth and easing governance risks</li><li>We raise our target price for SoluM to W22,000 (from W20,000), reflecting the company’s improving medium-term outlook</li><li>We expect a meaningful earnings ramp-up in the ESL business starting in 2026, while the valuation discount stemming from past governance issues is likely to fade gradually</li></ul>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.

As ESL growth continues, restoring trust will be keyESL growth and easing governance risksWe raise our target price for SoluM to W22,000 (from W20,000), reflecting the company’s improving medium-term outlookWe expect a meaningful earnings ramp-up in the ESL business starting in 2026, while the valuation discount stemming from past governance issues is likely to fade graduallyContent 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.

SoluM (248070 KS/Buy)As ESL Growth Continues, Restoring Trust Will Be Key