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 1Q26, Hyundai Steel reported consolidated revenue of W5.74tr (+3.2% YoY, +4.6% QoQ) and operating profit of W16.4bn (swinging to black YoY, -63.7% QoQ; well below the consensus of W44.3bn).</li><li>Sales volume expanded 6% QoQ (+9% QoQ for flat products; -1% QoQ for long products) on improved supply/demand dynamics and increased exports, contributing to top-line growth.</li><li>In contrast, operating profit declined sharply QoQ due to higher raw material costs, a weaker won, and increased logistics costs. </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 1Q26, Hyundai Steel reported consolidated revenue of W5.74tr (+3.2% YoY, +4.6% QoQ) and operating profit of W16.4bn (swinging to black YoY, -63.7% QoQ; well below the consensus of W44.3bn).Sales volume expanded 6% QoQ (+9% QoQ for flat products; -1% QoQ for long products) on improved supply/demand dynamics and increased exports, contributing to top-line growth.In contrast, operating profit declined sharply QoQ due to higher raw material costs, a weaker won, and increased logistics costs. 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 KS/Buy)1Q26 Results Disappoint, but Price Uptrend Remains Intact