Risk Reward Update

Research evidence excerpt

Risk Reward Update

UpdateM

RiskRisk RewardReward– Hyundai- HyundaiMOBIS (012330.KS)MOBIS (012330.KS)

Finding Its Footing: Overweight

PRICE TARGET W580,000 OVERWEIGHT THESIS

of module business: After yearsWe derive our price target using a P/E valuation methodology. We apply a P/E target multiple ▪Recovery

of 10x, which is at the mid-point between its historical average and +1SD since 2015, to our of struggle, we believe its module business

2027e EPS forecast to arrive at our price target. Given the recovery outlook for its module may have found its footing and see a path to

business, we expect this to drive a steady re-rating of its shares. gradual margin recovery.

A/S business: Benefitting from mix W697,630 ▪Steady

improvement and continued FX tailwind, we

Consensus Price Target Distribution W460,000.00 W1,200,000.00 expect its A/S business to post steady MS PT

growth with healthy margin.Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates

▪Attractive risk/reward: Equipped with

improving operational momentum and

higher shareholder returns, we find its

RISK REWARD CHART risk/reward profile attractive, especially at

the current valuation.

KRW

Consensus Rating Distribution

800000 W700,000W700,000(+51.02%)W700,000(+51.02%)(+51.02%) 91% Overweight

9% Equal-weight

0% Underweight

600000 W580,000W580,000(+25.13%)W580,000(+25.13%)(+25.13%) MS Rating

W463,500W463,500W463,500 Source: Refinitiv, Morgan Stanley Research

Risk Reward Themes

W320,000W320,000(-30.96%)W320,000(-30.96%)(-30.96%)

200000 Electric Vehicles: Positive

View descriptions of Risk Rewards Themes here

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

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research