External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

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><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>

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.

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