Author: ksb220805@gmail.com

[Research] LIG D&A (079550) – Hanwha Investment & Securities | 4Q25 Review · Ghost Robotics Impairment Cleared · Margin Expansion / 2026-02-23

February 23, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Hanwha Investment & Securities Analyst : Seongjo Bae Investment Rating : Buy (Maintain) Target Price : KRW 740,000 (Maintain) Core Momentum : Reducing non-operating overhang through proactive KRW 140B Ghost Robotics impairment, supported by expanding export mix (23.4% in 2026) and robotics profitability turnaround by 2027 1. [Valuation & Key Financial Metrics] 2….

Research, Defense

[Research] Alteogen (196170) – Shinhan Securities | First UK Patent Ruling Favors Merck · Positive Read-across to Global Disputes · Pipeline Out-Licensing Ahead / 2026-02-23

February 23, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : Shinhan Securities Analyst : Minyong Eom, Seokhyeon Yoon Investment Rating : BUY (Maintained) Target Price : KRW 570,000 (Maintained) Core Momentum : The UK High Court’s favorable initial ruling against Halozyme’s infringement counterclaims sets a positive precedent for European and US patent proceedings, while multiple upcoming out-licensing deals are expected to outweigh Keytruda…

Research, Bio & Healthcare

[Research] SK hynix (000660 / SKHY) – Daishin | Legacy Memory Pricing · LTA · ADR / 2026-02-23

February 23, 2026August 24, 2026 ksb220805@gmail.com

Market: KOSPI (000660) Brokerage : Daishin Securities Analysts : Hyungkeun Ryu, RA: Jiwon Seo Investment Rating : BUY (Maintained) Target Price : 1,450,000 KRW (Upgraded) Core Momentum : Sharp legacy DRAM and NAND price increases and broad HBM supply tightness are driving record earnings expectations, while the shift toward LTAs and prepayment-based contracts alongside planned…

Research, Semiconductors

[Research] LIG D&A (079550) – Shinhan Securities | 4Q25 One-off Shock · KRW 26.2T Backlog · Long-term Structural Growth / 2026-02-20

February 20, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Shinhan Securities Analyst : Dong-heon Lee, Jihan Lee Investment Rating : BUY (Maintain) Target Price : KRW 550,000 (Downward) Core Momentum : Temporary pause from 4Q25 one-offs and KRW 140B impairments overshadowed by robust medium-to-long-term growth anchored by KRW 10.3T in annual new orders and a KRW 26.2T backlog 1. [Valuation & Key…

Research, Defense

[Research] Samsung SDI (006400) – Mirae Asset Securities | SDC Stake Monetization · Tesla ESS Business Expansion · Earnings Trough / 2026-02-20

February 20, 2026August 22, 2026 ksb220805@gmail.com

Brokerage : Mirae Asset Securities Analyst : Chul-joong Kim, Min-hui Kang Investment Rating : BUY (Maintained) Target Price : KRW 600,000 (Raised) Core Momentum : Passing an earnings trough in 1Q26 alongside newly commenced Tesla ESS supply, while removing valuation discounts relative to top global peers backed by SDC stake monetization. 📊 1. [Valuation &…

Research, EV & Battery

[Research] Samsung SDI (006400) – Hana Securities | SDC Stake Monetization Pursuit · Up to KRW 11T Liquidity · Valuation Multiples Re-rating / 2026-02-20

February 20, 2026August 22, 2026 ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Hyun-soo Kim, Ji-won Hong (RA) Investment Rating : BUY (Maintained) Target Price : KRW 469,000 (Raised) Core Momentum : Pursuing the monetization of its Samsung Display (SDC) stake to secure up to KRW 11 Trillion in liquidity, restoring the current ratio and eliminating valuation discounts driven by past capital…

Research, EV & Battery

[Research] LIG D&A (079550) – Kiwoom Securities | Defense Export Expansion · GR Turnaround · 2026E Upward / 2026-02-19

February 19, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Kiwoom Securities Analyst : Hangyeol Lee Investment Rating : BUY (Maintain) Target Price : KRW 700,000 (Upward) Core Momentum : Overcoming 4Q25 one-off provisions, supported by the acceleration of UAE Cheongung-II mass-production exports and potential profitability turnaround at Ghost Robotics 1. [Valuation & Key Financial Metrics] 2. [Market Opportunities & Business Outlook] Editor’s…

Research, Defense

[Research] LIG D&A (079550) – Yuanta Securities | 4Q25 Review · Conservative 2026E Guidance · Long-term Structural Growth / 2026-02-19

February 19, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Yuanta Securities Analyst : Jongmin Baik Investment Rating : BUY (Maintain) Target Price : KRW 690,000 (Maintain) Core Momentum : Short-term earnings miss from one-off provisions and impairments cleared in 4Q25, with potential to beat conservative 2026 guidance supported by a KRW 26.2T backlog and expanding defense programs 1. [Valuation & Key Financial…

Research, Defense

[Research] LIG D&A (079550) – Hana Securities | 4Q25 Miss · Solid Order Backlog · Medium-to-Long-term Fundamentals / 2026-02-19

February 19, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Woonsam Chae Investment Rating : BUY (Maintain) Target Price : KRW 562,000 (Maintain) Core Momentum : Short-term earnings miss from R&D loss provisions and one-off impairments (KRW 140B) overshadowed by a KRW 26.2T order backlog (6.1 years of revenue) securing growth through 2028 1. [Valuation & Key Financial Metrics]…

Research, Defense

[Research] Alteogen (196170) – Hana Securities | Core Business on Track · Favorable Deal Outlook · Keytruda Royalty Impact Reflected / 2026-02-19

February 19, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Seona Kim (RA: Changkeun Yoo) Investment Rating : BUY (Maintained) Target Price : KRW 580,000 (Maintained) Core Momentum : Robust pipeline execution led by AZ rilvegostomig Phase 1 entry and Enhertu progress, with Keytruda royalty adjustments sufficiently reflected in the valuation and expectations for new large-scale out-licensing deals maintaining…

Research, Bio & Healthcare