Hyundai MOBIS: Key Takeaways from K-Talk

研报英文原文证据摘录

Hyundai MOBIS: Key Takeaways from K-Talk

Update

June 22, 2026 08:53 AM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MHyundai MOBIS | Asia Pacific Young Suk Shin

Equity Analyst

Key Takeaways from K-Talk Young.Shin@morganstanley.comChan Park +82 2 399-4994

Research Associate

Chan.Park1@morganstanley.com +82 2 399-9920

Following our K-Talk webcast and a subsequent company visit

with Mobis, we highlight key takeaways and our thoughts on 2Q

trends and the company's evolving robotics opportunity.

Key Takeaways

Hyundai MOBIS (012330.KS, 012330 KP)

Management indicated that 2Q26 operational trends are tracking broadly in line S. Korea Autos & Shared Mobility | S. Korea

with 1Q26, with module losses largely offset by healthy A/S profitability. Stock Rating Overweight

Industry View In-Line

Actuator economics remain volume-dependent, but Mobis targets at least MSD Price target W600,000

operating margins and sees a mid- to long-term opportunity from humanoid Up/downside to price target (%) 5

Shr price, close (Jun 22, 2026) W569,000

robotics. 52-Week Range W822,000-278,000

Sh out, dil, curr (mn) 89

Mkt cap, curr (bn) W50,742

Mid-2Q26 update: Management indicated the 2Q setup is tracking broadly in line EV, curr (bn) W24,199

with 1Q26. The pace of its module margin recovery remains slow, reflecting weak Avg daily trading value (bn) W147

captive volumes (link), ongoing European EV ramp-up costs and higher chip prices, Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

implying its module margins are likely to remain loss-making. On the positive side, EPS (W)** 40,995 57,520 63,318 65,447

Prior EPS (W)** - - - -

the company expects the A/S business to provide healthy buffer, with AS margins EPS (W)§ 43,700 46,885 53,053 56,731