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

<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

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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.

<ul><li>For 3Q25, Kia Corp. (Kia) posted revenue of W28.7tr (+8.2% YoY; 3% above the consensus of W27.9tr), operating profit of W1.46tr (-49% YoY; 29% below the consensus of W2.05tr), and an OP margin of 5.1% (-5.8%p YoY, -4.3%p QoQ).</li><li>Operating profit saw positive YoY effects from FX (+W253bn), sales volume (+W160bn), and pricing (+W118bn), but incentives (-W264bn), mix (-W59bn), tariffs (-W1.2tr), and “other” costs (-W393bn) had negative effects.</li><li>The tariff impact amounted to around -W400bn per month, in line with the company’s estimate.</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.

For 3Q25, Kia Corp. (Kia) posted revenue of W28.7tr (+8.2% YoY; 3% above the consensus of W27.9tr), operating profit of W1.46tr (-49% YoY; 29% below the consensus of W2.05tr), and an OP margin of 5.1% (-5.8%p YoY, -4.3%p QoQ).Operating profit saw positive YoY effects from FX (+W253bn), sales volume (+W160bn), and pricing (+W118bn), but incentives (-W264bn), mix (-W59bn), tariffs (-W1.2tr), and “other” costs (-W393bn) had negative effects.The tariff impact amounted to around -W400bn per month, in line with the company’s estimate.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.

Kia Corp. (000270 KS/Buy)Tariffs weigh on 3Q25 earnings, but dividend appeal remains intact

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/kia-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia (000270 KS)</a> vs. <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai (005380 KS)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Kia (000270 KS) and short Hyundai (005380 KS) targets a 12% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Kia (000270 KS) vs. Hyundai (005380 KS) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Kia (000270 KS) and short Hyundai (005380 KS) targets a 12% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Long Kia (000270 KS) Vs. Short Hyundai (005380 KS): Quant Model Hits Trigger Zone in Korean Autos

<ul><li>1Q25 OP came in somewhat weak on muted FX gains and mix benefits from EVs </li><li>Price/valuation pressure seems limited, even considering the potential impact of US tariffs on OP </li><li>Limited downside, considering new EV models and shareholder return plans (buybacks/dividends)</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.

1Q25 OP came in somewhat weak on muted FX gains and mix benefits from EVs Price/valuation pressure seems limited, even considering the potential impact of US tariffs on OP Limited downside, considering new EV models and shareholder return plans (buybacks/dividends)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.

Kia (000270 KS Apr 28, 2025) - Downside Remains Muted

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MSCI South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.</li>
</ul>


We analysed the earning revision of component stocks of MSCI South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.


MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

South Korea

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.

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Kia Corp (000270 KS)

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

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...

Daishin Securities