External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tn</li><li>For 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM partnership, and (4) BD (robotics) mass-production strategy </li><li>Less about 2H25 performance; more about how the recovery builds into 1H26</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>

Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tnFor 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM partnership, and (4) BD (robotics) mass-production strategy Less about 2H25 performance; more about how the recovery builds into 1H26Content 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.

Hyundai Motor Company (005380 Oct 31, 2025) - Stronger from the Setback