Hyundai Mobis "All caught up on humanoid robot excitement; downgrade to Neutral"

研报英文原文证据摘录

Hyundai Mobis "All caught up on humanoid robot excitement; downgrade to Neutral"

Global Research

11 June 2026ab

Hyundai Mobis Equities

KoreaAll caught up on humanoid robot excitement;

downgrade to Neutral Auto Parts

12-month rating Neutral

Prior : Buy

12m price target Won600,000Downgrade to Neutral

Prior : Won520,000

We have been of a view that humanoid robots offer new opportunities for Mobis, such

as expansion of products/customers beyond autos and value crystallization from Boston Price (11 Jun 2026) Won576,000

Dynamics stake. Post the stock's outperformance since May (+33%, vs KOSPI +16%), RIC: 012330.KS BBG: 012330 KS

however, we believe these positives are mostly priced in. We would refrain from applying

overstretched valuation on robotics business for now, as we look for more progress on Trading data and key metrics

Atlas deployment and Mobis's component development. Broader robot thematic could 52-wk range Won768,000-280,500

remain supported near term and cause share price volatility, led by retail investors, as it Market cap. Won52,038b/US$34.0b

seems still early for any disillusionment to emerge. Focus is likely to shift towards Shares o/s 90.3m (ORD)

execution of robotics business next year. We raise our PT by 15% as more clarity on Free float 67%

Mobis's role in humanoid robot deployment unlocks value, but downgrade the stock to Avg. daily volume ('000) 592

Neutral as valuation support is now weaker at 12x 2026E P/E vs historical average of 8x. Avg. daily value (m) Won343,352.3

Headwinds for auto business (e.g., cost inflation, demand concerns) is a risk; catalysts Common s/h equity (12/26E) Won52421b

include BD's commercial success driving quicker expansion of the robotics business. P/BV (12/26E) 1.0x

Net debt to EBITDA (12/26E) NM