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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 3Q26, we expect HD Hyundai Electric to report revenue of W1.14tr (+14.1% YoY; 3.7% below the consensus) and operating profit of W287.2bn (+16.2% YoY; 7.9% below the consensus).</li><li>The USD/KRW rate has fallen more than 14% since end-2Q26, weighing on revenue.</li><li>The company partially hedges anticipated foreign currency cash flows rather than matching its currency hedges to individual project delivery schedules. </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 3Q26, we expect HD Hyundai Electric to report revenue of W1.14tr (+14.1% YoY; 3.7% below the consensus) and operating profit of W287.2bn (+16.2% YoY; 7.9% below the consensus).The USD/KRW rate has fallen more than 14% since end-2Q26, weighing on revenue.The company partially hedges anticipated foreign currency cash flows rather than matching its currency hedges to individual project delivery schedules. 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.

HD Hyundai Electric (267260 KS/Buy)Awaiting purchase orders from big tech customers

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

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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.

<ul><li>1Q25 OP recorded W218.2bn (+69% YoY) as business conditions in the US and Middle East remain strong</li><li>2025F OP raised to W912.1bn (+36% YoY) on potentially reduced tariff burden</li><li>Easing of three US-triggered concerns to partially lift valuation</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 recorded W218.2bn (+69% YoY) as business conditions in the US and Middle East remain strong2025F OP raised to W912.1bn (+36% YoY) on potentially reduced tariff burdenEasing of three US-triggered concerns to partially lift valuationContent 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 Electric (267260 KS Apr 23, 2025) - No Surprise, but Overcorrected

South Korea

HD Hyundai Electric Co., Ltd. manufactures and distributes electrical machinery. The Company produces power transformer, gas insulated switchgear, high and low voltage motor, generator, distribution transformer, circuit breaker, and other related products. HD Hyundai Electric markets its products worldwide.

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HD Hyundai Electric (267260 KS)