External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tn</li><li>For 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM partnership, and (4) BD (robotics) mass-production strategy </li><li>Less about 2H25 performance; more about how the recovery builds into 1H26</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.

Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tnFor 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM partnership, and (4) BD (robotics) mass-production strategy Less about 2H25 performance; more about how the recovery builds into 1H26Content 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 Motor Company (005380 Oct 31, 2025) - Stronger from the Setback

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai Motor and Kia Corp.</li>
<li>Sanae Takaichi is a firm advocate of the late Prime Minister Shinzo Abe's "Abenomics" strategy to boost the economy with aggressive spending and easing monetary policy.</li>
<li>The weakening JPY combined with existing tariff rate advantage versus the South Korea could further positively impact the Japanese auto makers versus the Korean auto makers. </li>
</ul>


Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai Motor and Kia Corp.
Sanae Takaichi is a firm advocate of the late Prime Minister Shinzo Abe's "Abenomics" strategy to boost the economy with aggressive spending and easing monetary policy.
The weakening JPY combined with existing tariff rate advantage versus the South Korea could further positively impact the Japanese auto makers versus the Korean auto makers. 


Sanae Takaichi To Become Prime Minister of Japan - Negative Impact on Korean Auto Makers

<ul>
<li>One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.</li>
<li>On top of this, it was reported on 9 September that the US tariffs on Japanese goods including cars and auto parts will be lowered to 15% by 16 September.</li>
<li>If Lee's approval rating falls to about 45% to 50% range, then there could be a greater urgency by the Korean government to finalize a trade deal with the US. </li>
</ul>


One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.
On top of this, it was reported on 9 September that the US tariffs on Japanese goods including cars and auto parts will be lowered to 15% by 16 September.
If Lee's approval rating falls to about 45% to 50% range, then there could be a greater urgency by the Korean government to finalize a trade deal with the US. 


US Tariffs on Imports from Japan Lowered to 15% but Imports from Korea Are Unchanged at 25% - Why?

Equity Capital Markets

<ul>
<li>There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks. </li>
<li>All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.</li>
<li>The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.</li>
</ul>


There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks. 
All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.
The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.


Boston Dynamics - Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.</li><li>Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.</li><li>BOE secures half of Apple's MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.</li></ul>

Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.BOE secures half of Apple's MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.

Tech Supply Chain Tracker (01-Aug-2025): Hyundai chief joins Samsung, Hanwha in US tariff blitz.

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005387 KS)

Hyundai Motor Company (005380 Oct 31, 2025) - Stronger from the Setback

Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tnFor 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM...

Daishin Securities

Sanae Takaichi To Become Prime Minister of Japan - Negative Impact on Korean Auto Makers

Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai...

Douglas Kim

US Tariffs on Imports from Japan Lowered to 15% but Imports from Korea Are Unchanged at 25% - Why?

One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.

Douglas Kim

Boston Dynamics - Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won...

Douglas Kim

Tech Supply Chain Tracker (01-Aug-2025): Hyundai chief joins Samsung, Hanwha in US tariff blitz.

Hyundai, Samsung, and Hanwha team up on US tariffs. Arm CEO looks at making own chips. BOE wins Apple MacBook screen orders. MediaTek surpasses Q2...

Tech Supply Chain Tracker

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