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>SL set to look increasingly appealing in 1H25 despite lukewarm 4Q24 performance, aligning with the strong-1H weak-2H trend</li><li>P/E remains low at 3.8x, despite solid profit fundamentals, Palisade momentum, expansion in North America and India, and expectations for new business</li><li>Set aside past earnings misses and focus on long-term growth potential; SL remains our top pick among auto parts makers</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>

SL set to look increasingly appealing in 1H25 despite lukewarm 4Q24 performance, aligning with the strong-1H weak-2H trendP/E remains low at 3.8x, despite solid profit fundamentals, Palisade momentum, expansion in North America and India, and expectations for new businessSet aside past earnings misses and focus on long-term growth potential; SL remains our top pick among auto parts makersContent 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.

SL (005850 KS Mar 19, 2025) - Shock Is the Past, SL Is the Future

SL Corp

SL (005850 KS Mar 19, 2025) - Shock Is the Past, SL Is the Future