External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Misto Holdings Corporation produces sports products. The Company manufactures golf equipment and other products. Misto Holdings conducts businesses in South Korea.

<ul><li>3Q25 OP jump 41% YoY after the US FILA wind-down</li><li>On track for expanding distribution of brands popular with global consumers</li><li>That said, domestic brand power recovery remains a pending task</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.

3Q25 OP jump 41% YoY after the US FILA wind-downOn track for expanding distribution of brands popular with global consumersThat said, domestic brand power recovery remains a pending taskContent 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.

Misto Holdings (081660 KS) - Margins See Broad Recovery After US Operation Wind-Down

Korea Investment Holdings Co, Ltd. / Equity Bottom-Up

Korea Investment Holdings Co., Ltd. is a financial holding company. The Company operates and controls its financial subsidiaries such as Korea Investment & Securities, Korea Investment Partners, and Korea Investment Mutual Savings Bank.

Korea Investment Holdings Co, Ltd. (071050 KS)

<ul><li>Full-year streak of quarterly beats in 2025; 3Q results came in 50% above consensus </li><li>Large valuation gains from investment assets at Securities and Partners arms; Value Asset Management unit also strong</li><li>KIH proves how much leverage effect a well-capitalized securities house can generate</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.

Full-year streak of quarterly beats in 2025; 3Q results came in 50% above consensus Large valuation gains from investment assets at Securities and Partners arms; Value Asset Management unit also strongKIH proves how much leverage effect a well-capitalized securities house can generateContent 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.

Korea Investment Holdings (071050 KS) - Nothing Short of Extraordinary

Classys Inc. operates as a medical equipment manufacturing company. The Company develops and sells non surgical painless fat reduction instruments, fat freezing fat reduction instruments, and other products. Classys markets its products worldwide.

<ul><li>Full-year guidance intact despite weak Brazil; 4Q25 revenue growth expected to exceed 15% QoQ</li><li>Quadessy and Reepot both strong, steady installments in Europe and the Americas, ongoing cost control</li><li>Global direct-sales network now in place, improving longer-term growth visibility</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.

Full-year guidance intact despite weak Brazil; 4Q25 revenue growth expected to exceed 15% QoQQuadessy and Reepot both strong, steady installments in Europe and the Americas, ongoing cost controlGlobal direct-sales network now in place, improving longer-term growth visibilityContent 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.

Classys (214150 KQ Nov 11, 2025) - V-Shape Rebound Begins

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

<ul><li>We presented Kia as our top auto pick, but it has underperformed Hyundai Motor since October</li><li>We expect a catch-up rally, supported by group-wide benefits from new biz, dividend appeal, improving US mix</li><li>Key takeaways from Kia’s 3Q25 NDR: tariffs, powertrain profitability, shareholder returns, and 2026 outlook</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.

We presented Kia as our top auto pick, but it has underperformed Hyundai Motor since OctoberWe expect a catch-up rally, supported by group-wide benefits from new biz, dividend appeal, improving US mixKey takeaways from Kia’s 3Q25 NDR: tariffs, powertrain profitability, shareholder returns, and 2026 outlookContent 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.

Kia (000270 KS Nov 10, 2025) - Poised for Its Turn

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

<ul><li>3Q25 earnings meet consensus largely driven by expanded commerce biz, albeit with heavier cost burden</li><li>Commerce expansion tailwinds to subside from 2026; Naver appears to lag behind peers in the pace of AI business</li><li>Dunamu inclusion should help improve margins; focus more on long-term growth and structural shift, rather than short-term events</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.

3Q25 earnings meet consensus largely driven by expanded commerce biz, albeit with heavier cost burdenCommerce expansion tailwinds to subside from 2026; Naver appears to lag behind peers in the pace of AI businessDunamu inclusion should help improve margins; focus more on long-term growth and structural shift, rather than short-term eventsContent 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.

Naver (035420 KS Nov 6, 2025) - Longer-Term Growth Visibility over Short-Term Event-Driven Noise