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>3Q25 revenue forecast at W4.0tn, OP at W500bn, OPM at 12.4%</li><li>Thanks to enhanced productivity, margins remain solid despite fewer working days due to summer holidays</li><li>Meaningful Offshore earnings anticipated as FPU revenue recognition starts</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>

3Q25 revenue forecast at W4.0tn, OP at W500bn, OPM at 12.4%Thanks to enhanced productivity, margins remain solid despite fewer working days due to summer holidaysMeaningful Offshore earnings anticipated as FPU revenue recognition startsContent 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) - Every Segment Strong; Outlook Brightens