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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

South korea Consumer discretionary / Thematic (Sector/Industry)

<ul><li>We recommend increasing exposure to Hyundai Motor (HMC) and Kia Corp. (Kia). Both stocks continue to trade at excessive discounts vs. global peers, the KOSPI, and their own historical levels.</li><li>These discounts largely reflect earnings pressure from tariffs and lingering peak-growth concerns following strong profit expansion (surpassing peer levels) in 2019-24.</li><li>However, for 2026, we see no additional YoY downside stemming from tariffs. Accordingly, attention should shift to the next earnings up-cycle driven by US market share gains. </li></ul><p><em>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.</em></p>

We recommend increasing exposure to Hyundai Motor (HMC) and Kia Corp. (Kia). Both stocks continue to trade at excessive discounts vs. global peers, the KOSPI, and their own historical levels.These discounts largely reflect earnings pressure from tariffs and lingering peak-growth concerns following strong profit expansion (surpassing peer levels) in 2019-24.However, for 2026, we see no additional YoY downside stemming from tariffs. Accordingly, attention should shift to the next earnings up-cycle driven by US market share gains. 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.

[2026 Outlook] AutosEarnings and valuation drivers: US market, robotaxis, and SDVs