External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Lift TP by 18% on higher NAV from share gains in strong consolidated subsidiaries</li><li>Most consolidated subsidiaries beat consensus, posting record-high quarterly results </li><li>Equity value of KSOE and Hyundai XiteSolution to rise after 2026 mergers</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>

Lift TP by 18% on higher NAV from share gains in strong consolidated subsidiariesMost consolidated subsidiaries beat consensus, posting record-high quarterly results Equity value of KSOE and Hyundai XiteSolution to rise after 2026 mergersContent 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 267250 KS Nov 4, 2025 - Record-High Quarterly Earnings