External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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.

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 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