Korea autos and batteries: Key takeaways from our Asia marketing trip

研报英文原文证据摘录

Korea autos and batteries: Key takeaways from our Asia marketing trip

J P M O R G A N Asia Pacific Equity Research

05 July 2026

Korea autos and batteries

Key takeaways from our Asia marketing trip

For auto OEMs, sentiment likely needs the next robotics milestones: HMG’s Korea Auto, EV battery, Nuclear and

(Hyundai Motor Group) robotics training center opening this summer and clearer Utility

investment plans/subsidiaries’ role alignment by the year-end. Kia remains Sonny Lee AC

fundamentally preferred (6x 2027E P/E; >4% dividend yield, on our estimates), (82-2) 758 5716

but Hyundai Motor (HMC) could re-rate if the robotics narrative re-heats. Auto sonny.lee@jpmorgan.com

parts are increasingly treated as “robot leverage” trades; we have seen many Seri Yoon

investors doubt actuator economics, yet actuator headlines could still drive flows/ (82-2) 758 5704

positioning, making Mobis/Mando tough shorts. In batteries, investors are more seri.yoon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

conservative than our US ESS framework (~300GWh by 2030E incl. ~140GWh Branch

AIDC), but Samsung SDI (SDI) continues to draw selective buying on BBU/ESS

strength and narrowing EV losses, while materials stay broadly disliked. We

remain OW on HMC/Kia and SDI; remain sidelined on battery materials and auto

parts.

• Auto OEMs: eyeing the next catalysts. While investors broadly agree that the

robotics upside is valid, the focus has shifted to what could reignite sentiment.

In our view, key watch items include HMG’s planned opening of the robotics

training center this summer and expectations that the Group will finalize

detailed investment plans and subsidiaries’ role alignment within the robotics

business by the year-end. Fundamentally, Kia is preferred on valuation (6x