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    Choi Yong Han • KB Securities

    Choi Yong Han is a Senior Analyst at KB Securities, specializing in equity research and covering leading South Korean companies within the financial and investment sectors. He is recognized for his data-driven investment analysis and has provided coverage on firms including KB Financial Group Inc., demonstrating strong performance in generating actionable investment ideas and contributing to notable client returns. Choi began his career as an analyst at DB Financial Investment before joining KB Securities, where he advanced to his current role. He holds professional credentials in investment research and maintains securities licenses in South Korea, underscoring his expertise and commitment to financial analysis.

    Choi Yong Han's questions to Posco Holdings Inc (PKX) leadership

    Choi Yong Han's questions to Posco Holdings Inc (PKX) leadership • Q2 2025

    Question

    Choi Yong Han of KB Securities asked if the company's early-year CapEx plan remains unchanged, given recent M&A activities, and questioned the possibility of a free cash flow deficit. He also inquired if there was a possibility of another capital increase for upstream businesses if current low commodity prices are sustained.

    Answer

    An executive confirmed the initial KRW 8.8 trillion CapEx plan is unchanged, as recent investments were already reflected in the plan. He also stated that while investment may exceed EBITDA, cash from divestments will cover the gap, preventing an increase in borrowing. Another executive added that the recent paid-in capital raise was intended to be the last for at least two years for POSCO Future M and PPLS. While POSCO Argentina was excluded, it has its own borrowing capacity and could potentially raise capital in the future for acquisitions.

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