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>A broad re-rating is underway across Hyundai Motor Group (HMG) stocks in January. Kia Corp. (Kia) has gained 25% YTD, significantly outperforming the broader market (+12%).</li><li>However, the stock has underperformed Hyundai Motor (HMC; +38%), while its 12-month forward P/E discount vs. HMC has widened to 35% (QuantiWise; 26% based on Bloomberg), well above the 10-year average of 22% (QuantiWise; 10% based on Bloomberg).</li><li>We believe the stock remains attractive in terms of both valuation and dividends, with the year-end dividend yield (March) likely to be around 4–5%.</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.

A broad re-rating is underway across Hyundai Motor Group (HMG) stocks in January. Kia Corp. (Kia) has gained 25% YTD, significantly outperforming the broader market (+12%).However, the stock has underperformed Hyundai Motor (HMC; +38%), while its 12-month forward P/E discount vs. HMC has widened to 35% (QuantiWise; 26% based on Bloomberg), well above the 10-year average of 22% (QuantiWise; 10% based on Bloomberg).We believe the stock remains attractive in terms of both valuation and dividends, with the year-end dividend yield (March) likely to be around 4–5%.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 Corp. (000270 KS/Buy)Attractive Valuation and Dividend Yield; Boston Dynamics Stake in Focus

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>We presented Kia as our top auto pick, but it has underperformed Hyundai Motor since October</li><li>We expect a catch-up rally, supported by group-wide benefits from new biz, dividend appeal, improving US mix</li><li>Key takeaways from Kia’s 3Q25 NDR: tariffs, powertrain profitability, shareholder returns, and 2026 outlook</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.

We presented Kia as our top auto pick, but it has underperformed Hyundai Motor since OctoberWe expect a catch-up rally, supported by group-wide benefits from new biz, dividend appeal, improving US mixKey takeaways from Kia’s 3Q25 NDR: tariffs, powertrain profitability, shareholder returns, and 2026 outlookContent 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 Nov 10, 2025) - Poised for Its Turn

<ul><li>For 3Q25, Kia Corp. (Kia) posted revenue of W28.7tr (+8.2% YoY; 3% above the consensus of W27.9tr), operating profit of W1.46tr (-49% YoY; 29% below the consensus of W2.05tr), and an OP margin of 5.1% (-5.8%p YoY, -4.3%p QoQ).</li><li>Operating profit saw positive YoY effects from FX (+W253bn), sales volume (+W160bn), and pricing (+W118bn), but incentives (-W264bn), mix (-W59bn), tariffs (-W1.2tr), and “other” costs (-W393bn) had negative effects.</li><li>The tariff impact amounted to around -W400bn per month, in line with the company’s estimate.</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, Kia Corp. (Kia) posted revenue of W28.7tr (+8.2% YoY; 3% above the consensus of W27.9tr), operating profit of W1.46tr (-49% YoY; 29% below the consensus of W2.05tr), and an OP margin of 5.1% (-5.8%p YoY, -4.3%p QoQ).Operating profit saw positive YoY effects from FX (+W253bn), sales volume (+W160bn), and pricing (+W118bn), but incentives (-W264bn), mix (-W59bn), tariffs (-W1.2tr), and “other” costs (-W393bn) had negative effects.The tariff impact amounted to around -W400bn per month, in line with the company’s estimate.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 Corp. (000270 KS/Buy)Tariffs weigh on 3Q25 earnings, but dividend appeal remains intact

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/kia-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia (000270 KS)</a> vs. <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai (005380 KS)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Kia (000270 KS) and short Hyundai (005380 KS) targets a 12% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Kia (000270 KS) vs. Hyundai (005380 KS) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Kia (000270 KS) and short Hyundai (005380 KS) targets a 12% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Long Kia (000270 KS) Vs. Short Hyundai (005380 KS): Quant Model Hits Trigger Zone in Korean Autos

Thematic (Sector/Industry)

<ul><li>Shares of Hyundai Motor (HMC) and Kia Corp. (Kia) performed well in January-February and May, driven less by earnings and more by robotics/autonomous driving momentum.</li><li>Regarding Boston Dynamics, a potential SoftBank exit in June–July could open the door to strategic investment from big tech players.</li><li>The Robot Metaplant Application Center (RMAC) is set to begin operations/training data collection in August. </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.

Shares of Hyundai Motor (HMC) and Kia Corp. (Kia) performed well in January-February and May, driven less by earnings and more by robotics/autonomous driving momentum.Regarding Boston Dynamics, a potential SoftBank exit in June–July could open the door to strategic investment from big tech players.The Robot Metaplant Application Center (RMAC) is set to begin operations/training data collection in August. 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.

[2H26 Outlook] AutosRobotics nearing an inflection point; earnings growth to resume

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)