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>In-line results expected, with 3Q25 growth remaining solid</li><li>PCC margins to continue improving on increased non-affiliated shipments, freight rate hikes, and lower charter rates</li><li>Rising profit contribution from overseas logistics to lower corporate tax rate, eventually lifting both ROE and 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.

In-line results expected, with 3Q25 growth remaining solidPCC margins to continue improving on increased non-affiliated shipments, freight rate hikes, and lower charter ratesRising profit contribution from overseas logistics to lower corporate tax rate, eventually lifting both ROE and dividendsContent 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.

Hyundai Glovis (086280 KS Sep 17, 2025) - Expanding Overseas Logistics Margins to Lift ROE...

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 2Q25, Hyundai Glovis reported above-consensus results, led by record-high shipping operating profit (W200.2bn; OP margin of 14.7%).</li><li>The shipping division was supported by: 1) cost savings stemming from a reduction in short-term chartered vessels (amid easing port congestion); and 2) higher freight rates for affiliate volume (negotiated last year), which began to have a positive impact from 1Q25.</li><li>However, the biggest driver of margin improvement was an increased mix of higher-priced nonaffiliate volume within the PCTC business.</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 2Q25, Hyundai Glovis reported above-consensus results, led by record-high shipping operating profit (W200.2bn; OP margin of 14.7%).The shipping division was supported by: 1) cost savings stemming from a reduction in short-term chartered vessels (amid easing port congestion); and 2) higher freight rates for affiliate volume (negotiated last year), which began to have a positive impact from 1Q25.However, the biggest driver of margin improvement was an increased mix of higher-priced nonaffiliate volume within the PCTC business.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.

Hyundai Glovis (086280 KS/Buy)Turning Adversity into Opportunity

<ul><li>1Q25 earnings beat on the horizon</li><li>Such upbeat forecast attributed to PCC (Pure Car Carrier) freight rate hikes, increased proportion of non-affiliated sales, and revenue growth in the CKD (Complete Knock Down) business</li><li>Following an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a Buy</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 earnings beat on the horizonSuch upbeat forecast attributed to PCC (Pure Car Carrier) freight rate hikes, increased proportion of non-affiliated sales, and revenue growth in the CKD (Complete Knock Down) businessFollowing an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a BuyContent 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.

Hyundai Glovis (086280 KS Apr 1, 2025) - Tariff Fears Excessively Priced In

Thematic (Sector/Industry)

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </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.

The 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. 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.

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

<ul>
<li>The CEO Investor Day scheduled to be held this Friday (June 28).</li>
<li>Long-term strategies for existing/new businesses, financial goals, shareholder return policy likely to be announced.</li>
<li>2H24 earnings to meet expectations. Earnings should steadily improve through 2H24 and FY2025.</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.


The CEO Investor Day scheduled to be held this Friday (June 28).
Long-term strategies for existing/new businesses, financial goals, shareholder return policy likely to be announced.
2H24 earnings to meet expectations. Earnings should steadily improve through 2H24 and FY2025.

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.

Hyundai Glovis: Anticipating CEO Investor Day

South Korea

Hyundai Glovis Co., Ltd. provides domestic and international logistic services. The Company's services include domestic transportation, storage, packaging, vehicle logistic, and logistic consulting.  GLOVIS also runs automobile auction market for used vehicle.

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Hyundai Glovis (086280 KS)