External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

HD Hyundai Co.,Ltd. operates as a oil refining company. The Company provides crude oil refining, petroleum refinery, and other related products. HD Hyundai markets its products worldwide.

<ul><li>2Q24 consolidated OP exceeds market consensus and our estimate by a substantial margin</li><li>Weak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses </li><li>Core subsidiaries positioned to sustain robust performance throughout 2H24; Value-Up initiatives under consideration</li></ul>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.

2Q24 consolidated OP exceeds market consensus and our estimate by a substantial marginWeak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses Core subsidiaries positioned to sustain robust performance throughout 2H24; Value-Up initiatives under considerationContent 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 (July 26, 2024) - Shipbuilding, Marine Solution, Electrical Biz Drive Earnings Beat

<ul><li>2Q24 consolidated OP exceeds market consensus and our estimate by a substantial margin </li><li>Weak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses </li><li>Core subsidiaries positioned to sustain robust performance throughout 2H24; Value-Up initiatives under consideration</li></ul>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.

2Q24 consolidated OP exceeds market consensus and our estimate by a substantial margin Weak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses Core subsidiaries positioned to sustain robust performance throughout 2H24; Value-Up initiatives under considerationContent 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 (KS 267250) - Shipbuilding, Marine Solution, Electrical Biz Drive Earnings Beat

Kakao Corp. provides Internet portal services such as news, free e-mail, and leisure information.  The Company also offers cross-platform mobile messaging application that allows users to exchange messages.

<ul><li>Below-consensus results expected for 3Q24, largely due to softened performance from content business </li><li>Growth in ad business should come to fore to drive stock price boost </li><li>Kakao needs fresh strategies to accelerate ad revenue growth, integrating existing platforms with new AI services</li></ul>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.

Below-consensus results expected for 3Q24, largely due to softened performance from content business Growth in ad business should come to fore to drive stock price boost Kakao needs fresh strategies to accelerate ad revenue growth, integrating existing platforms with new AI servicesContent 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.

Kakao (KS 035720 Oct 10, 2024) - New Ad Growth Strategy Needed

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

<ul><li>SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%</li><li>Portfolio concentrated on high value-added HBM/DDR5/LPDDR5 products, maximizes profitability</li><li>12H HBM3E mass production set to begin in 4Q24, with full-scale supply expansion likely in 2025</li></ul>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.

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%Portfolio concentrated on high value-added HBM/DDR5/LPDDR5 products, maximizes profitability12H HBM3E mass production set to begin in 4Q24, with full-scale supply expansion likely in 2025Content 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.

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

<ul><li>Value-Up disclosure aimed at raising PBR by strengthening ROE and shareholder returns </li><li>Three implementation plans set to reach a target of ROE of 10% by 2027</li><li>Boosting shareholder returns through dividend payouts of at least W5,000 + treasury share buybacks worth 1-2% of its market cap</li></ul>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.

Value-Up disclosure aimed at raising PBR by strengthening ROE and shareholder returns Three implementation plans set to reach a target of ROE of 10% by 2027Boosting shareholder returns through dividend payouts of at least W5,000 + treasury share buybacks worth 1-2% of its market capContent 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.

SK - Towards Higher ROE, Greater Shareholder Returns