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>1Q25 earnings beat on the horizon</li><li>Such upbeat forecast attributed to PCC (Pure Car Carrier) freight rate hikes, increased proportion of non-affiliated sales, and revenue growth in the CKD (Complete Knock Down) business</li><li>Following an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a Buy</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 earnings beat on the horizonSuch upbeat forecast attributed to PCC (Pure Car Carrier) freight rate hikes, increased proportion of non-affiliated sales, and revenue growth in the CKD (Complete Knock Down) businessFollowing an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a BuyContent 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.

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