External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul><li>Maintain Buy rating and raise target price by 25% to W450,000</li><li>1Q25 OP came in at W433.7bn, beating market consensus by a mile</li><li>Earnings growth solely achieved through productivity enhancement, without any one-off factors</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>

Maintain Buy rating and raise target price by 25% to W450,0001Q25 OP came in at W433.7bn, beating market consensus by a mileEarnings growth solely achieved through productivity enhancement, without any one-off factorsContent 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 Heavy Industries (329180 KS Apr 25, 2025) - Above Already-High Forecasts