Risk Reward Update

Research evidence excerpt

Risk Reward Update

UpdateM

RiskRisk RewardReward– Kia Corp.- Kia(000270.KS)Corp. (000270.KS)

Still Room to Run; OW

PRICE TARGET W180,000 OVERWEIGHT THESIS

operational outlook: With the USBase case, P/E methodology. We apply a target P/E multiple of 8x, which is slightly below ▪Strong

+1SD above its average since 2015, on our 2027e EPS forecast. We expect normalization of tariff overhang now behind, we expect Kia to

operations and earnings/margins to support a further re-rating of its shares. focus on its core operation and leverage its

healthy profitability, strong model cycle and W226,423

HEV line ups to capture additional market

Consensus Price Target Distribution W180,000 W300,000.00 share in key markets including the US.

MS PT optionality: Along with HMC, KiaSource: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates ▪LT

appears to be uniquely positioned to capture

potential growth opportunities in the

humanoid/robotics market given its

RISK REWARD CHART ownership of Boston Dynamics.

▪Compelling risk/reward profile: At 6.0x

P/E vs. 14% ROE on 2026e, we believe Kia KRW W225,000W225,000(+72.55%)W225,000(+72.55%)(+72.55%)

continues to offer an attractive risk/reward

profile..

W180,000W180,000(+38.04%)W180,000(+38.04%)(+38.04%) Consensus Rating Distribution

150000 100%Overweight

W130,400W130,400W130,400 0% Equal-weight

0% Underweight

MS Rating

W100,000W100,000(-23.31%)W100,000(-23.31%)(-23.31%)

Source: Refinitiv, Morgan Stanley Research

Risk Reward Themes

0 Electric Vehicles: Positive

JUL '25 JAN '26 JUL '26 JUL '27

Self-help: Positive

Key: Historical Stock Performance Current Stock Price Price Target View descriptions of Risk Rewards Themes here

BULL CASE W225,000 BASE CASE W180,000 BEAR CASE W100,000

10.0x 2027e EPS 8.0x 2027E EPS 4.5x 2027e EPS