External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Hyundai Electric & Energy / Equity Bottom-Up

<ul><li>1Q25 OP recorded W218.2bn (+69% YoY) as business conditions in the US and Middle East remain strong</li><li>2025F OP raised to W912.1bn (+36% YoY) on potentially reduced tariff burden</li><li>Easing of three US-triggered concerns to partially lift valuation</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>

1Q25 OP recorded W218.2bn (+69% YoY) as business conditions in the US and Middle East remain strong2025F OP raised to W912.1bn (+36% YoY) on potentially reduced tariff burdenEasing of three US-triggered concerns to partially lift valuationContent 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 Electric (267260 KS Apr 23, 2025) - No Surprise, but Overcorrected