The 720: KBFG & Shinhan, India Auto Parts II, China Value Retailers, Baycurrent, Samsung Biologics, Indigo, DISCO, Global Market Views, Oil

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The 720: KBFG & Shinhan, India Auto Parts II, China Value Retailers, Baycurrent, Samsung Biologics, Indigo, DISCO, Global Market Views, Oil

ss Korean telcos, with subdued underlying wireless

trends offset by enterprise and data-center (AIDC) operations acting as the principal

incremental growth drivers. We raise our 12m TPs for Buy-rated KT to W74,000 and

Neutral-rated LGU to W17,000, as we see KT offering the most favorable risk-reward for

its capital-light AIDC capacity expansion, while LGU’s improving earnings quality is

balanced by valuation. We maintain our Sell rating and W58,000 12m TP on SKT, as its

sharp expected 2Q operating profit rebound largely reflects the absence of prior

data-breach costs, and its consortium-led AIDC roadmap lacks visibility on funding and

returns. Eric Cha

Life360 – 2Q26 Preview Highlights MAU Upside – Buy. Ahead of the 2Q26 results on

August 11, we leave our estimates unchanged and maintain our A$32.85 12m TP, seeing

potential upside risks to both monthly active users (MAUs) and Paying Circles. Sensor

Tower data indicates record Q2 net MAU additions of 9.4 million, implying a

re-acceleration in year-over-year growth to over 20% and presenting upside to our 4.8

million estimate. However, we note potential downside risks to profitability if this

top-of-funnel growth required higher-than-expected sales and marketing spend, and

we will also monitor the trajectory of the digital advertising business. Lindsay Bettiol

Results | Samsung Biologics, Indigo, DISCO, Newmont, United Spirits, Hyundai

Motor, Thailand Banks

Samsung Biologics – 2Q26 In Line; FY26 Revenue Tracking to Upper End – Buy. We

continue to see an attractive risk-reward profile following 2Q26 results, where revenue