J.P. Morgan South Korea FTM 22 Jun 26 Korea Auto Parts & Robotics; Korea Defense; Korea Utilities & Nuclear EPC; Korea Economics and More

研报英文原文证据摘录

J.P. Morgan South Korea FTM 22 Jun 26 Korea Auto Parts & Robotics; Korea Defense; Korea Utilities & Nuclear EPC; Korea Economics and More

Asia Pacific Equity Research

South Korea First to Market 22 June 2026

Top Stories

| Init | Korea Auto Parts & Robotics (Sonny Lee)

Navigating the world of SDVs and robotics; initiate coverage of Mobis (N) and Mando (UW),u/g

Autoever to N

The shift to software-defined vehicle (SDV) architecture is reallocating value toward auto OEMs, which are increasingly

orchestrating hardware/software integration and owning the software layer, taking parts suppliers’ addressable profit pools in

legacy hardware categories. We expect Hyundai Mobis’ (Mobis) and HL Mando’s (Mando) OE parts margins to remain

lackluster, while Hyundai Autoever’s (Autoever) in-vehicle software is better positioned given its role in software-stack

development and upgrades. Robotics will drive exponential supply chain growth, but while actuators (~50% of BOM) may see

near-term tightness, longer-term risks include OEMs building a commoditized component ecosystem and Chinese competition

- we prefer software (robot fleet management, etc.) as a more durable profit pool where Autoever should benefit. We upgrade

Autoever to Neutral and initiate on Mobis (Neutral) and Mando (Underweight). We prefer auto OEMs Hyundai Motor (HMC)/Kia

(both OW) over parts suppliers as OEM discretion rises across autos and robotics.

Korea Defense (Simon Han)

What’s new in Korea defense? Order visibility heightening for missile systems and navy; all eyes on

Canada submarine deal

Korea defense names’ share prices were muted this week (Hanwha Aerospace +2%, Hyundai Rotem -1%, KAI +3%, LIG D&A