External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 2Q26, we expect Hyundai Steel to report consolidated revenue of W6.08tr (+2.3% YoY, +6.0% QoQ) and operating profit of W66.7bn (-34.5% YoY, +324.8% QoQ; 12% below the consensus of W75.4bn).</li><li>We estimate spreads improved QoQ, as higher selling prices likely more than offset cost pressures from key raw materials (coking coal, steel scrap, etc.).</li><li>Sales volume likely continued to increase, supported by the start of the peak season and the impact of long product exports to the US. </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>

For 2Q26, we expect Hyundai Steel to report consolidated revenue of W6.08tr (+2.3% YoY, +6.0% QoQ) and operating profit of W66.7bn (-34.5% YoY, +324.8% QoQ; 12% below the consensus of W75.4bn).We estimate spreads improved QoQ, as higher selling prices likely more than offset cost pressures from key raw materials (coking coal, steel scrap, etc.).Sales volume likely continued to increase, supported by the start of the peak season and the impact of long product exports to the US. 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.

Hyundai Steel (004020) Earnings to Improve in 2H; Visibility on New Demand Drivers to Increase