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

Thematic (Sector/Industry)

<ul><li>Strong AI demand remains the key driver supporting global equities.</li><li>US hyperscalers continue to commit substantial capex despite rising interest rates.</li><li>We remain positive on companies, sectors, and themes positioned to benefit from the spillover effects of AI capex. </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 AI demand remains the key driver supporting global equities.US hyperscalers continue to commit substantial capex despite rising interest rates.We remain positive on companies, sectors, and themes positioned to benefit from the spillover effects of AI capex. 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.

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.

Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul><li>4Q25 revenue forecast at W4.7tn, and OP at W716.8bn</li><li>LNGCs and offshore projects set to account for larger share of 2026E orders</li><li>Set to actively bid for US-bound naval vessel projects in partnership with US shipyards</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.

4Q25 revenue forecast at W4.7tn, and OP at W716.8bnLNGCs and offshore projects set to account for larger share of 2026E ordersSet to actively bid for US-bound naval vessel projects in partnership with US shipyardsContent 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 HHI (329180 KS Jan 22, 2026) - Synergies with HD Hyundai Mipo and Huntington Ingalls

<ul><li>For 3Q25, HD Hyundai Heavy Industries (HD HHI) posted revenue of W4.4tr (+22.4% YoY; 10.1% above the consensus), operating profit of W557.3bn (+170.3% YoY; 15.5% above the consensus), and an OP margin of 12.6%. The consensus beat was mainly driven by: 1) a 2.1% QoQ increase in revenue despite fewer working days;</li><li>2) higher shipbuilding prices and productivity gains; and</li><li>3) strong engine/machinery earnings (OP margin of 20.8%). </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, HD Hyundai Heavy Industries (HD HHI) posted revenue of W4.4tr (+22.4% YoY; 10.1% above the consensus), operating profit of W557.3bn (+170.3% YoY; 15.5% above the consensus), and an OP margin of 12.6%. The consensus beat was mainly driven by: 1) a 2.1% QoQ increase in revenue despite fewer working days;2) higher shipbuilding prices and productivity gains; and3) strong engine/machinery earnings (OP margin of 20.8%). 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 Heavy Industries (329180 KS/Buy)Solid Commercial Ship and Engine Margins

<ul><li>For 3Q25, we expect HD Hyundai Heavy Industries (HD HHI) to post revenue of W4tr (+11.9% YoY; in line with the consensus), operating profit of W496bn (+140.6% YoY; 2.8% above the consensus), and an OP margin of 12.3%.</li><li>We believe additional shifts by foreign workers during the holidays partially offset the impact of fewer working days, supporting earnings.</li><li>In addition, despite one-off costs related to the conclusion of wage negotiations and post-merger bonuses, mix improvements (in terms of both pricing and vessel type) likely supported solid earnings.</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, we expect HD Hyundai Heavy Industries (HD HHI) to post revenue of W4tr (+11.9% YoY; in line with the consensus), operating profit of W496bn (+140.6% YoY; 2.8% above the consensus), and an OP margin of 12.3%.We believe additional shifts by foreign workers during the holidays partially offset the impact of fewer working days, supporting earnings.In addition, despite one-off costs related to the conclusion of wage negotiations and post-merger bonuses, mix improvements (in terms of both pricing and vessel type) likely supported solid earnings.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 Heavy Industries (329180 KS/Buy)Earnings Growth Remains on Track

<ul><li>3Q25 revenue forecast at W4.0tn, OP at W500bn, OPM at 12.4%</li><li>Thanks to enhanced productivity, margins remain solid despite fewer working days due to summer holidays</li><li>Meaningful Offshore earnings anticipated as FPU revenue recognition starts</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.

3Q25 revenue forecast at W4.0tn, OP at W500bn, OPM at 12.4%Thanks to enhanced productivity, margins remain solid despite fewer working days due to summer holidaysMeaningful Offshore earnings anticipated as FPU revenue recognition startsContent 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 Heavy Industries (329180 KS) - Every Segment Strong; Outlook Brightens

South Korea

HD Hyundai Heavy Industries Co., Ltd. operates as a shipbuilding company. The Company provides naval shipbuilding, industrial shipbuilding, crude oil tanker, bulk carrier, container carrier, and other related services. HD Hyundai Heavy Industries also offers offshore and engineering, engine and machinery, offshore, industrial, and marine plant services.

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HD Hyundai Heavy Industries (329180 KS)

Mirae Asset PlaybookOctober 2026

Strong AI demand remains the key driver supporting global equities. US hyperscalers continue to commit substantial capex despite rising interest...

Mirae Asset Securities

HD HHI (329180 KS Jan 22, 2026) - Synergies with HD Hyundai Mipo and Huntington Ingalls

Q25 revenue forecast at W4.7tn, and OP at W716.8bn. LNGCs and offshore projects set to account for larger share of 2026E orders

Daishin Securities