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

Mirae Asset Securities

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

Hyundai Steel Company is an electric furnace steel maker.  The Company manufactures concrete reinforcing bars, H beams, stainless steel sheets, cast steel, and other steel products.  Hyundai Steel sells its products to the domestic and overseas markets.

<ul><li>For 3Q26, we expect Hyundai Steel to report consolidated revenue of W5.64tr (-1.7% YoY, -7.7% QoQ) and operating profit of W65.2bn (-30.0% YoY, +13.0% QoQ).</li><li>Our operating profit estimate is 20% below the one-month consensus of W81.3bn but broadly in line with recently lowered estimates.</li><li>Despite higher flat product prices for major automotive and shipbuilding customers, standalone operating results were likely weighed down by: 1) lower sales volume due to seasonal factors (e.g., the Chuseok holiday) and strikes at a key customer; and 2) an unfavorable sales mix.</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.

For 3Q26, we expect Hyundai Steel to report consolidated revenue of W5.64tr (-1.7% YoY, -7.7% QoQ) and operating profit of W65.2bn (-30.0% YoY, +13.0% QoQ).Our operating profit estimate is 20% below the one-month consensus of W81.3bn but broadly in line with recently lowered estimates.Despite higher flat product prices for major automotive and shipbuilding customers, standalone operating results were likely weighed down by: 1) lower sales volume due to seasonal factors (e.g., the Chuseok holiday) and strikes at a key customer; and 2) an unfavorable sales mix.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.

Hyundai Steel (004020 KS/Buy)3Q26 Earnings Likely to Disappoint, but Recovery Remains on Track

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

<ul><li>For 3Q26, we expect POSCO Holdings to report consolidated revenue of W18tr (+4.3% YoY, -6.6% QoQ) and operating profit of W796.9bn (+24.8% YoY, -2.7% QoQ).</li><li>Our operating profit estimate is broadly in line with the consensus of W804.5bn.</li><li>The decline in the USD/KRW rate during the quarter likely weighed on consolidated results through lower export selling prices and weaker earnings at POSCO International, while the benefits of lower input costs were likely not yet fully reflected. </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.

For 3Q26, we expect POSCO Holdings to report consolidated revenue of W18tr (+4.3% YoY, -6.6% QoQ) and operating profit of W796.9bn (+24.8% YoY, -2.7% QoQ).Our operating profit estimate is broadly in line with the consensus of W804.5bn.The decline in the USD/KRW rate during the quarter likely weighed on consolidated results through lower export selling prices and weaker earnings at POSCO International, while the benefits of lower input costs were likely not yet fully reflected. 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.

POSCO Holdings (005490 KS/Buy)Steel to Provide Stability; Lithium to Drive Growth

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>FC-BGA growth and re-rating potentialRaise TP by 15%; higher FC-BGA earnings estimates and peer multiple expansion</li><li>We raise our target price for LG Innotek by 15% to W1,100,000 (from W950,000), reflecting: 1) an upward revision to our FC-BGA earnings estimates; and 2) rising valuation multiples among global FC-BGA peers</li><li>In package solutions, we continue to apply a 20% discount to global substrate peers due to the company’s still-limited track record in large-area substrates</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.

FC-BGA growth and re-rating potentialRaise TP by 15%; higher FC-BGA earnings estimates and peer multiple expansionWe raise our target price for LG Innotek by 15% to W1,100,000 (from W950,000), reflecting: 1) an upward revision to our FC-BGA earnings estimates; and 2) rising valuation multiples among global FC-BGA peersIn package solutions, we continue to apply a 20% discount to global substrate peers due to the company’s still-limited track record in large-area substratesContent 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)FC-BGA Growth and Re-Rating Potential

DL E&C Co.,Ltd. provides construction services. The Company builds industrial plants, infrastructure, high-rise residential buildings, low-rise apartments, villas, and other related areas. DL E&C offers services in Korea.

<ul><li>For 3Q26, we expect DL E&amp;C to report consolidated revenue of W1.67tr (-12.2% YoY) and operating profit of W114.1bn (-2.2% YoY), with operating profit missing the current consensus of W127.2bn by 10%.</li><li>Revenue should be weighed down by fewer working days overall and extreme summer heat, while revenue from DL E&amp;C’s plant division and subsidiary DL Construction is expected to decline by more than 20% YoY.</li><li>That said, profitability should remain resilient, supported by an improving housing cost ratio. </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.

For 3Q26, we expect DL E&amp;C to report consolidated revenue of W1.67tr (-12.2% YoY) and operating profit of W114.1bn (-2.2% YoY), with operating profit missing the current consensus of W127.2bn by 10%.Revenue should be weighed down by fewer working days overall and extreme summer heat, while revenue from DL E&amp;C’s plant division and subsidiary DL Construction is expected to decline by more than 20% YoY.That said, profitability should remain resilient, supported by an improving housing cost ratio. 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.

DL E&C (375500)OP Likely to Miss Consensus, but Business Expansion Efforts Remain on Track

SK Telecom Co., Ltd. is a Korean mobile and telecommunications operator. The Company provides cellular voice, wireless data, and wireless internet services. SK Telecom also offers fixed line services and platform services.

<ul>
<li>For 3Q26, we expect SK Telecom (SKT) to report consolidated revenue of W4.5tr (+2.8% QoQ, +12.6% YoY) and operating profit of W543.5bn (-4.6% QoQ, +1,023% YoY).</li>
<li>Our operating profit estimate is around 3% above the consensus.</li>
<li>We estimate that mobile services revenue increased around 22.5% YoY to W2.6tr, driven by the launches of new Galaxy and iPhone models and the suspension of new subscriptions for 3G services.</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.


For 3Q26, we expect SK Telecom (SKT) to report consolidated revenue of W4.5tr (+2.8% QoQ, +12.6% YoY) and operating profit of W543.5bn (-4.6% QoQ, +1,023% YoY).
Our operating profit estimate is around 3% above the consensus.
We estimate that mobile services revenue increased around 22.5% YoY to W2.6tr, driven by the launches of new Galaxy and iPhone models and the suspension of new subscriptions for 3G services.

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.

SK Telecom (017670 KS/Buy)Earnings delivery likely to remain strong

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.