Core Viewpoint - Alaska LNG and POSCO International have finalized their strategic partnership through definitive agreements [1] Company Summary - Alaska LNG has entered into a strategic partnership with POSCO International, indicating a significant collaboration in the energy sector [1] - The partnership is expected to enhance the operational capabilities and market reach of both companies [1] Industry Summary - The agreement reflects ongoing trends in the energy industry towards strategic partnerships to leverage resources and expertise [1] - Such collaborations are crucial for large-scale projects like LNG, which require substantial investment and technological innovation [1]

Core Insights - POSCO Holdings Inc.'s unit POSCO Future M and Factorial Inc. have signed a Memorandum of Understanding (MOU) to collaborate on the development of all-solid-state battery materials, aiming to enhance next-generation industries such as electric vehicles and energy storage systems [1][9] Partnership Details - The partnership emerged after Factorial evaluated cathode material samples from various suppliers, with POSCO Future M's materials showing strong rate capability [2] - The collaboration will focus on developing materials for all-solid-state batteries that utilize solid electrolytes, which offer improved safety, higher energy density, and better charging performance compared to traditional lithium-ion batteries [3][9] Research and Development - POSCO Future M is actively engaged in R&D for cathode materials and silicon anode materials, while the broader POSCO Group is researching lithium metal anodes and sulfide-based solid electrolytes [4] - Factorial is also conducting pilot manufacturing operations in South Korea [4] Strategic Goals - POSCO Future M intends to utilize POSCO Holdings N.EX.T Hub to expedite the development of next-generation mobility materials, focusing on innovation, supply chain enhancement, and cost reduction [5] Market Performance - PKX's shares have increased by 14.9% over the past year, while the industry has seen a growth of 23.7% [7]

Core Insights - POSCO Future M and Factorial Inc. signed a Memorandum of Understanding (MOU) to develop all-solid-state battery technology, aiming to enhance competitiveness in the battery materials sector [1] - The collaboration focuses on developing materials for all-solid-state batteries, which offer higher safety, superior energy density, and excellent charging performance compared to conventional lithium-ion batteries [1] - Factorial's testing of POSCO Future M's cathode material samples showed good rate capability, leading to the MOU signing [1] Company Overview - POSCO Future M is a Korea-based battery materials supplier, producing both cathode and anode materials, and supplying to global customers like Ultium Cells and LG Energy Solution [1] - The company is engaged in R&D for cathode materials for all-solid-state batteries and silicon anode materials, while also exploring lithium metal anode materials and sulfide-based solid electrolytes [1] - Factorial, headquartered in the USA, specializes in solid-state battery development, offering alternatives to traditional lithium-ion technologies with its proprietary FEST® and Solstice™ platforms [1] Strategic Goals - The MOU aims to create synergies in the all-solid-state battery business, leveraging Factorial's technology and market presence alongside POSCO Future M's material capabilities [1] - POSCO Future M plans to build a diverse product portfolio for electric vehicles, focusing on customized solutions through continuous R&D [1] - Factorial's partnerships with global automotive leaders like Mercedes-Benz and Hyundai Motor Company highlight its strategic positioning in the market [1]

Core Viewpoint - Brazil Potash Corp. has appointed Sergio Leite as President of its wholly-owned subsidiary, Potássio do Brasil Ltda., to advance the development of the Autazes Potash Project, which is crucial for Brazil's agricultural sector and food security [1][5]. Group 1: Appointment and Experience - Sergio Leite brings approximately 40 years of executive experience in delivering large-scale projects in steel, mining, and infrastructure, having raised billions in capital through negotiations with key stakeholders [2][3]. - His previous roles include CEO of Companhia Siderúrgica do Pecém, where he secured a US$2.9 billion loan for project financing, and CEO of BAFER, focusing on railway infrastructure funding [3][4]. Group 2: Project Significance - The Autazes Project aims to supply sustainable fertilizers to Brazil, which is a major agricultural exporter but heavily reliant on potash imports, having imported over 95% of its potash fertilizer in 2021 [5]. - The project plans to produce up to 2.4 million tons of potash annually, potentially meeting approximately 20% of Brazil's current potash demand, while also reducing greenhouse gas emissions by about 1.4 million tons per year [5]. Group 3: Strategic Partnerships - Brazil Potash will transport the produced potash primarily using low-cost river barges in partnership with Amaggi, a leading agricultural logistics operator in Brazil [5].

Table of Contents Exhibit 99.1 QUARTERLY REPORT (From January 1, 2025 to September 30, 2025) THIS IS AN ENGLISH TRANSLATION OF THE BUSINESS REPORT ORIGINALLY PREPARED IN THE KOREAN LANGUAGE (IN SUCH FORM AS REQUIRED BY THE KOREAN FINANCIAL SERVICES COMMISSION). THIS ENGLISH TRANSLATION IS NOT OFFICIAL AND IS PROVIDED FOR INFORMATION PURPOSES ONLY. UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON BOTH CONSOLIDATED AND NON-CONSOLIDATED BASIS IN ACCORDANCE WITH THE KOREAN-INT ...

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The investment strategy involves seeking deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) ratio stocks [1] - The strategy also includes identifying wide moat stocks, which are high-quality businesses with sustainable competitive advantages [1] Group 2: Research Service - The research service, Asia Value & Moat Stocks, provides value investors with ideas and monthly updates on potential investment opportunities in the Asian equity market [1] - The service is led by an analyst with over a decade of experience in both buy and sell sides of the market, focusing on the Hong Kong market [1]

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The research service aims to identify deep value stocks, such as net cash stocks and low price-to-book (P/B) ratio stocks, which are available at a discount [1] - It also seeks wide moat stocks, which are high-quality businesses with sustainable competitive advantages, often referred to as "Magic Formula" stocks [1] - Monthly updates and watch lists are provided to keep investors informed about potential investment opportunities [1] Group 2: Market Focus - The primary focus is on the Asian equity market, with a particular emphasis on Hong Kong-listed stocks [1] - The service is designed for value investors looking for unique investment opportunities in the region [1]

Core Insights - POSCO Holdings, Inc.'s unit POSCO International has established a fully integrated palm oil value chain, enhancing its agro-business operations [1] - The acquisition of Sampoerna Agro marks a significant expansion in POSCO's palm plantation footprint, increasing its total area to approximately 150,000 hectares [2][5] - The new palm oil refinery in East Kalimantan, Indonesia, will process 500,000 tons annually, bolstering POSCO's operational capacity [4][5] Expansion of Plantation Footprint - The acquisition of Sampoerna Agro adds 128,000 hectares to POSCO's palm plantation area, which is more than twice the size of Seoul [2] - The newly acquired plantations are fully mature and already producing fruit, allowing for immediate profit generation [2][5] Upstream Capabilities - Sampoerna Agro operates its own palm-seed subsidiary and research institute, holding the second-largest share in Indonesia's palm-seed development market [3] Refinery Development - A new palm oil refinery has been launched in East Kalimantan through a joint venture with GS Caltex, with POSCO holding a 60% stake [4] - The refinery's annual processing capacity of 500,000 tons is comparable to nearly 80% of South Korea's yearly refined palm oil imports [4] Strategic Alignment - The end-to-end integration from seed development to refining positions POSCO as a fully integrated palm oil operator, enhancing competitiveness and supporting national food security [5] - The production of refined palm oil for biodiesel aligns with POSCO's long-term growth strategy under its "Two Core + New Engine" roadmap [5]

Core Insights - POSCO Holdings, Inc. is investing KRW 1.1 trillion to secure premium lithium resources in Australia and Argentina, enhancing its supply chain for the secondary battery materials sector [1][8] - The company aims to rapidly secure high-grade global lithium assets to improve cost efficiency and ensure a reliable supply chain for future production [1] Investment Details - On November 11, POSCO approved a plan to acquire a 30% stake in a newly formed intermediate holding company under Mineral Resources, valued at approximately $765 million (around KRW 1 trillion) [2] - This investment will provide stable annual access to 270,000 tons of lithium concentrate from Mineral Resources' Wodgina and Mt. Marion mines, convertible to roughly 37,000 tons of lithium hydroxide, sufficient for batteries for about 860,000 electric vehicles [3] Strategic Expansion - The equity investment secures long-term supply and allows POSCO involvement in mine operations and future dividend income [4] - POSCO is also expanding its brine-based lithium portfolio, committing $65 million (approximately KRW 95 billion) to acquire all shares of Lithium South's Argentine subsidiary, enhancing its mining rights in the Hombre Muerto salt lake [5] Competitive Positioning - The company emphasizes the importance of strong raw-material competitiveness to achieve its goal of becoming a global leader in lithium, with plans to broaden and diversify its international lithium supply chain [6] - The partnership with Mineral Resources has evolved from the Onslow iron ore project into the lithium sector, indicating a successful collaboration [6] Market Performance - Shares of POSCO Holdings (PKX) have increased by 24% year to date, compared to a 33.3% rise in the industry [7]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The LGFV space remained stable, with higher-yielding issues tightening due to HF demand, and overall two-way flows skewed towards buying from RMs, especially for onshore AAA-guaranteed CNH issues [3] - BTSDF is on track to achieve its FY25 revised revenue target based on the 9M25 run-rate. The conviction level of BTSDF 9.125 07/24/28 is now lower, so the recommendation changes to neutral, and the switch is made to FOSUNI 8.5 05/19/28 for better carry [4] - Bangkok Bank's new BBLTB 30s and BBLTB 35s are expected to have FVs of T+80 - 85bps and T+95 - 100bps, respectively [4][8] - H&H's credit profile is improving, and it is on track to achieve its FY25 revised revenue target. Its near-term refinancing risk is manageable [16][17][21] Summary by Directory Trading Desk Comments - Yesterday, the MEITUA curve and TW lifer NSINTW/FUBON widened by 2 - 5bps. There were two-way flows on CCAMCL Perp and block two-way trading on CDBFLC 35. Chinese and global funds sold HK bank SHCMBK/DAHSIN/BNKEA/NANYAN T2s [2] - The NWDEVL complex rose 1.4 - 2.9pts. BTSDF 9.125 07/24/28 was 0.1pt lower. In Chinese properties, VNKRLE 27 - 29 were down by 0.4 - 1.0pt, and FUTLAN 28/FTLNHD 26 - 27 were 0.1pt lower [2] - Japanese/Korean IG spaces were up to 5bps wider on financial and corporate bonds, but flows were balanced on JP bank FRNs. SOFTBK and RAKUTN bonds were down by 0.9 - 1.3pts. Yankee AT1s and insurance subs dropped by 0.3 - 0.5pt. In SEA, OCBCSP/BBLTB T2s traded 3 - 5bps wider, and ACPM 5 1/8 Perp lowered by 1.3pts. There were two-way flows on BSFR 35 in the Middle Eastern space [2] Macro News Recap - On Tuesday, S&P (-0.83%), Dow (-1.07%), and Nasdaq (-1.21%) were lower. The latest initial jobless claims were +232k, higher than the market expectation of +223k. UST yield was lower, with 2/5/10/30 year yields at 3.58%/3.70%/4.12%/4.74% [7] Desk Analyst Comments - Bangkok Bank plans to issue 5yr and 10yr Reg S/144A senior unsecured USD bonds. The FV of the new BBLTB 30s and BBLTB 35s is expected to be T+80 - 85bps and T+95 - 100bps, respectively, considering its existing curve [8] BBLTB Analysis - Bangkok Bank is the largest bank in Thailand by total assets as of Sep'25, with a presence in 14 international markets. Its loan book is more diversified geographically than local peers, and it has the largest exposure to corporate and lowest to SME and retail [11] - In 9M25, Bangkok Bank showed resilient profitability, stable asset quality, and strong capital adequacy. NIM declined to 2.81% from 3.05% in 9M24, and the cost-to-income ratio fell to 44.7% from 46.3%. ROA/ROE increased to 1.12%/8.99% from 1.03%/8.54% in 9M24 [12] - In 3Q25, Bangkok Bank's asset quality stabilized, with credit costs down to c1.5% from c1.6% in 2Q25. The gross NPL ratio rose to 3.3% as of Sep'25 from 3.2% as of Jun'25, mainly due to a shrink in the loan book. NPL coverage ratio was 294% as of Sep'25 [13] - Bangkok Bank's capital buffers remain ample, with a standalone CET1 ratio of 19.6% as of Sep'25, well above the 8.0% regulatory minimum. The net reduction in CAR from redeeming USD750mn AT1 was mitigated by issuing USD1bn T2 bonds in Mar'25 [15] BTSDF Analysis - Based on the 9M25 run-rate, BTSDF is on track to achieve its FY25 revised revenue target. The conviction level of BTSDF 9.125 07/24/28 is now lower after moving up c5pts since the buy recommendation in Jan'25, so the switch is made to FOSUNI 8.5 05/19/28 [4][16] H&H Analysis - H&H's 9M25 revenue increased by 12.0% yoy to RMB10.8bn, with all business segments growing. Mainland China remained the largest market, contributing 71.0% of revenue in 9M25, up from 65.9% in 9M24 [17] - The ANC segment grew 5.2% yoy in 9M25, driven by Swisse's performance in mainland China, especially in cross-border e-commerce and Douyin channels [18] - The BNC segment grew 24.0% yoy in 9M25, mainly due to a 35.2% yoy increase in mainland China IMF sales, reaching a market share of 16.4% as of Sep'25. The decline in pediatric probiotic and nutritional supplements narrowed [19] - The PNC segment grew 8.2% yoy in 9M25, due to Zesty Paws' growth in North America, partially offset by Solid Gold's decline in North America [20] - As of Sep'25, H&H held RMB1.7bn of cash, up from RMB1.6bn as of Dec'24. It has been proactive in debt management, and its near-term refinancing risk is manageable, with no major debt maturities until 2027 [21] - H&H targets to reduce net debt/adj. EBITDA to 3.7x by Dec'25 from 3.9x as of Jun'25 and considers an 80% RMB share of total debt as an optimal currency mix [22] Offshore Asia New Issues - New issued: The Hong Kong Mortgage Corporation issued USD1000mn 5yr bonds with a 3.875% coupon at T+20 [25] - In the pipeline: Bangkok Bank plans to issue 5yr and 10yr bonds at T+115 and T+130; the Government of Indonesia plans 5yr and 10yr bonds at 4.8% and 5.3%; SMBC Aviation Capital Finance plans a 10yr bond at T+145 [26] News and Market Color - There were 161 credit bonds issued onshore yesterday with an amount of RMB193bn. Month-to-date, 1,188 credit bonds were issued with a total amount of RMB1,299bn, a 35.4% yoy increase [27] - S&P upgraded Marubeni Corp by one notch to A- from BBB+ with a stable outlook [27] Company News - NWD increased the cap on exchange offers to USD1.79bn from USD1.6bn, added an early tender date on 25 Nov'25 and an extra early payment date on 1 Dec'25 [33] - PDD Holdings 9M25 revenue was up 8.7% yoy to RMB307.9bn (cUSD43.4bn) [33] - POSCO's trading arm will acquire KRW1.3tn (cUSD860mn) worth of shares in Singapore's AGPA [33] - SoftBank's USD6.5bn bid for Ampere secured HSR early termination [33] - A former TSMC executive was probed by Taiwan over potential technology transfer and received TWD147bn (cUSD4.7bn) in government subsidies over 21 months [33] - Moody's placed West China Cement under review for upgrade following a bond deal and tender offer [33] - Xiaomi 3Q25 revenue was up 22.3% yoy to RMB113.1bn (cUSD16bn) [33]