A landmark hyperscaler agreement

Research evidence excerpt

A landmark hyperscaler agreement

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

HD Hyundai Electric (267260 KS) None

Outperform

12-month target: KRW1,600,000 - PER

Valuation: KRW 1,600,000 - PER

Price: KRW1,012,000

LS Electric (010120 KS) None

Underperform

12-month target:KRW150,000 - PER

Valuation: KRW 150,000 - PER

Price:KRW263,500

Hyosung Heavy None

Industries (298040 KS)

12-month target:KRW4,700,000 - PER

Valuation: KRW 4,700,000 - PER

Price:KRW3,718,000

Target Price Risk Disclosures

Company Name Risk Disclosure

Any unexpected slowdown in grid investment amid macro headwinds. Hyosung Heavy Industries (298040 • KS)

Weak recovery of profitability in the construction business. •

Stronger-than-expected US order intake, retail participation supporting further re-rating. LS Electric (010120 KS) •