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>1Q25 OP came in somewhat weak on muted FX gains and mix benefits from EVs </li><li>Price/valuation pressure seems limited, even considering the potential impact of US tariffs on OP </li><li>Limited downside, considering new EV models and shareholder return plans (buybacks/dividends)</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 came in somewhat weak on muted FX gains and mix benefits from EVs Price/valuation pressure seems limited, even considering the potential impact of US tariffs on OP Limited downside, considering new EV models and shareholder return plans (buybacks/dividends)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.

Kia (000270 KS Apr 28, 2025) - Downside Remains Muted

<ul><li>Robust profit fundamentals proved with an OP of W3.5tn (excluding one-time costs) and an OPM of 13% for 3Q24</li><li>For 4Q24, Kia expected to post estimated sales of 8,010,000 units (+11% YoY, +9% QoQ) with normalized global supply</li><li>Strong expectations for decent earnings/profit gains, and year-end dividend payouts should make the stock more compelling in the short term</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.

Robust profit fundamentals proved with an OP of W3.5tn (excluding one-time costs) and an OPM of 13% for 3Q24For 4Q24, Kia expected to post estimated sales of 8,010,000 units (+11% YoY, +9% QoQ) with normalized global supplyStrong expectations for decent earnings/profit gains, and year-end dividend payouts should make the stock more compelling in the short termContent 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.

Kia (000270 KS, Oct 28, 2024) - Moving Away from One-Off Costs Toward Decent Performance

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener">Aptiv PLC (APTV US)</a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
</ul>


For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>A high-ranking official from the local financial regulatory authority has confirmed to several local media outlets that the tax benefits for the value-up program will be unveiled this month.</li>
<li>Corporate tax cuts and separate taxation on dividend income will be included. The short-term impact at the time of the announcement will likely be more significant for corporate tax cuts.</li>
<li>Local market is focused on screening large companies within the KOSPI 200 that have substantial pre-tax profits in anticipation of the corporate tax cut momentum to be announced this month.</li>
</ul>


A high-ranking official from the local financial regulatory authority has confirmed to several local media outlets that the tax benefits for the value-up program will be unveiled this month.
Corporate tax cuts and separate taxation on dividend income will be included. The short-term impact at the time of the announcement will likely be more significant for corporate tax cuts.
Local market is focused on screening large companies within the KOSPI 200 that have substantial pre-tax profits in anticipation of the corporate tax cut momentum to be announced this month.


Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries

South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

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Kia Corp (000270 KS)

Kia (000270 KS Apr 28, 2025) - Downside Remains Muted

1Q25 OP came in somewhat weak on muted FX gains and mix benefits from EVs. Price/valuation pressure seems limited, even considering the potential...

Daishin Securities

Kia (000270 KS, Oct 28, 2024) - Moving Away from One-Off Costs Toward Decent Performance

Robust profit fundamentals proved with an OP of W3.5tn (excluding one-time costs) and an OPM of 13% for 3Q24. For 4Q24, Kia expected to post...

Daishin Securities

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries

A high-ranking official confirmed that tax cut incentives for the value-up program will be unveiled by the end of this month. This post...

Sanghyun Park

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Kia (000270 KS Apr 28, 2025) - Downside Remains Muted

1Q25 OP came in somewhat weak on muted FX gains and mix benefits from EVs. Price/valuation pressure seems limited, even considering the potential...

Daishin Securities

Kia (000270 KS, Oct 28, 2024) - Moving Away from One-Off Costs Toward Decent Performance

Robust profit fundamentals proved with an OP of W3.5tn (excluding one-time costs) and an OPM of 13% for 3Q24. For 4Q24, Kia expected to post...

Daishin Securities

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries

A high-ranking official confirmed that tax cut incentives for the value-up program will be unveiled by the end of this month. This post...

Sanghyun Park

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...