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>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

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.

Thematic (Sector/Industry)

<ul><li>Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth</li><li>Global liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in Sep</li><li>The ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-end</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.

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growthGlobal liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in SepThe ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-endContent 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.

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

<ul><li>Stock price sagged by 20% in 2H24 on business condition/earnings concerns; P/E and P/B fell to 4.5x and 0.5x, respectively</li><li>Top-line growth remains solid, but OP missed consensus due to engine quality costs and increased labor expenses</li><li>Dividend payout, treasury stock buyback, Palisade momentum expected postUS presidential election; Hold &amp; 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.

Stock price sagged by 20% in 2H24 on business condition/earnings concerns; P/E and P/B fell to 4.5x and 0.5x, respectivelyTop-line growth remains solid, but OP missed consensus due to engine quality costs and increased labor expensesDividend payout, treasury stock buyback, Palisade momentum expected postUS presidential election; Hold &amp; 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 Motor Company - A Calm Year-End Ahead

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>European Parliament has approved the law to effectively ban the sale of new petrol and diesel cars and vans in EU from 2035, aiming to speed up the switch to EV and combat climate change.</li><li>The law has been drafted and agreed by EU countries last October and finally legislated on 14 Feb 2022.</li><li>EU targets to reduce 100% CO2 emission produced by new cars and vans in 2035 with an intermediate goal of 55% for cars and 50% for vans in 2030.</li></ul>

European Parliament has approved the law to effectively ban the sale of new petrol and diesel cars and vans in EU from 2035, aiming to speed up the switch to EV and combat climate change.The law has been drafted and agreed by EU countries last October and finally legislated on 14 Feb 2022.EU targets to reduce 100% CO2 emission produced by new cars and vans in 2035 with an intermediate goal of 55% for cars and 50% for vans in 2030.

<ul><li>Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.</li><li>Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.</li><li>It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.</li></ul>

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.

Trade Idea - Competition Heats up in the BEV Market Globally

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 (005380 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

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth

Mirae Asset Securities

Hyundai Motor Company - A Calm Year-End Ahead

Stock price sagged by 20% in 2H24 on business condition/earnings concerns; P/E and P/B fell to 4.5x and 0.5x, respectively. Top-line growth remains...

Daishin Securities

Tactical Trade Idea – Auto Sector

EU zero-emission target by 2035 may place Chinese carmakers on the fast track. The law has been drafted and agreed by EU countries last October and...

Quam Securities

Trade Idea - Competition Heats up in the BEV Market Globally

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak. Market worries that the global EV leader cannot sustain its competitive...

Quam Securities

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