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>Lift TP by 18% on higher NAV from share gains in strong consolidated subsidiaries</li><li>Most consolidated subsidiaries beat consensus, posting record-high quarterly results </li><li>Equity value of KSOE and Hyundai XiteSolution to rise after 2026 mergers</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.

Lift TP by 18% on higher NAV from share gains in strong consolidated subsidiariesMost consolidated subsidiaries beat consensus, posting record-high quarterly results Equity value of KSOE and Hyundai XiteSolution to rise after 2026 mergersContent 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.

HD Hyundai 267250 KS Nov 4, 2025 - Record-High Quarterly Earnings

<ul><li>2Q24 consolidated OP exceeds market consensus and our estimate by a substantial margin</li><li>Weak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses </li><li>Core subsidiaries positioned to sustain robust performance throughout 2H24; Value-Up initiatives under consideration</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.

2Q24 consolidated OP exceeds market consensus and our estimate by a substantial marginWeak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses Core subsidiaries positioned to sustain robust performance throughout 2H24; Value-Up initiatives under considerationContent 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.

HD Hyundai (July 26, 2024) - Shipbuilding, Marine Solution, Electrical Biz Drive Earnings Beat

<ul><li>2Q24 consolidated OP exceeds market consensus and our estimate by a substantial margin </li><li>Weak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses </li><li>Core subsidiaries positioned to sustain robust performance throughout 2H24; Value-Up initiatives under consideration</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.

2Q24 consolidated OP exceeds market consensus and our estimate by a substantial margin Weak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses Core subsidiaries positioned to sustain robust performance throughout 2H24; Value-Up initiatives under considerationContent 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.

HD Hyundai (KS 267250) - Shipbuilding, Marine Solution, Electrical Biz Drive Earnings Beat

South Korea

HD Hyundai Co.,Ltd. operates as a oil refining company. The Company provides crude oil refining, petroleum refinery, and other related products. HD Hyundai markets its products worldwide.

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HD Hyundai (267250 KS)