External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 10 November, it was announced that Ki-Sun Chung was promoted to Vice Chairman which could signal more positive news flow on HD Hyundai in the coming months.</li>
<li>The consensus expects DPS of 4,200 won for HD Hyundai in 2023, which suggests a dividend yield of 7.1%. HD Hyundai has one of the highest dividend yields in KOSPI200.</li>
<li>According to our NAV analysis, it suggests a base case valuation of 71,970 won per share for HD Hyundai, representing a 22% upside from current levels.</li>
</ul>


On 10 November, it was announced that Ki-Sun Chung was promoted to Vice Chairman which could signal more positive news flow on HD Hyundai in the coming months.
The consensus expects DPS of 4,200 won for HD Hyundai in 2023, which suggests a dividend yield of 7.1%. HD Hyundai has one of the highest dividend yields in KOSPI200.
According to our NAV analysis, it suggests a base case valuation of 71,970 won per share for HD Hyundai, representing a 22% upside from current levels.


Douglas Research Advisory

<ul>
<li>According to our NAV analysis, it suggests a base case valuation of 122,473 won per share for HD Hyundai, representing a 50% upside from current levels.</li>
<li>The combined value of HD Korea Shipbuilding &amp; Offshore Engineering, HD Hyundai Electric &amp; Energy, and HD Hyundai Marine Solution is 11.4 trillion won.</li>
<li>We estimate HD Hyundai's 73.85% stake in Hyundai Oilbank to be 7.0 trillion won. We also applied a 5x OP of its core business and a 50% holdco discount.</li>
</ul>


According to our NAV analysis, it suggests a base case valuation of 122,473 won per share for HD Hyundai, representing a 50% upside from current levels.
The combined value of HD Korea Shipbuilding &amp; Offshore Engineering, HD Hyundai Electric &amp; Energy, and HD Hyundai Marine Solution is 11.4 trillion won.
We estimate HD Hyundai's 73.85% stake in Hyundai Oilbank to be 7.0 trillion won. We also applied a 5x OP of its core business and a 50% holdco discount.


Cross Asset Strategy

<ul>
<li>There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. </li>
<li>In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.</li>
<li>There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).</li>
</ul>


There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. 
In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.
There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).


Korea Value Up Index - Surprising Inclusions and Exclusions

South Korea

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.

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HD Hyundai (267250 KS)

HD Hyundai (July 26, 2024) - Shipbuilding, Marine Solution, Electrical Biz Drive Earnings Beat

Weak performance in oil refining was more than offset by strong gains in shipbuilding, marine solution and electrical businesses

Daishin Securities

HD Hyundai (KS 267250) - Shipbuilding, Marine Solution, Electrical Biz Drive Earnings Beat

2Q24 consolidated OP exceeds market consensus and our estimate by a substantial margin. Weak performance in oil refining was more than offset by...

Daishin Securities

Asian Dividend Gems: HD Hyundai

FTC decided to conditionally approve the acquisition of STX Heavy Industries by HD Korea Shipbuilding & Marine Engineering. With this business...

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HD Hyundai: Updated NAV Analysis

According to our NAV analysis, it suggests a base case valuation of 122,473 won per share for HD Hyundai, representing a 50% upside from current...

Douglas Kim

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

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