Korea Auto Parts & Robotics: Risk/reward looks more attractive after 36%/37% correction from the peak; U/G Mobis/Mando to OW/N

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Korea Auto Parts & Robotics: Risk/reward looks more attractive after 36%/37% correction from the peak; U/G Mobis/Mando to OW/N

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

07 July 2026

Korea Auto Parts & Robotics

Risk/reward looks more attractive after 36%/37%

correction from the peak; U/G Mobis/Mando to OW/N

We upgrade Hyundai Mobis (Mobis; N to OW) and HL Mando (Mando; UW to N) Korea Auto, EV battery, Nuclear and

as prices now largely reflect core businesses, leaving robot actuators as Utility

incremental optionality. In our Mobis SOTP, the core auto parts business (W44tn) Sonny Lee AC

plus its stake in the robotics business (W6tn) of Hyundai Motor Group (HMG) (82-2) 758 5716

broadly explains the current market cap, with incremental upside from actuators sonny.lee@jpmorgan.com

(W13tn). For Mando, we still see limited visibility on actuator order wins and Seri Yoon

therefore assign limited benefit of the doubt, but valuation is effectively supported (82-2) 758 5704

by the implied value of the core franchise (W2.3tn), roughly in-line with the current seri.yoon@jpmorgan.com

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

market cap. Investor feedback frames both as “robot leverage” plays: actuators Branch

may not be structurally attractive, but can remain a narrative catalyst amid robotics

momentum. We expect 2Q to be a non-event: commodity headwinds and FX

tailwinds would likely offset; Mobis also has a structural A/S profit boost.

• Risk/reward more attractive after a sharp pullback; actuator upside now

more “call option”. In our Mobis SOTP, the core auto parts business (W44tn)

plus its stake in HMG’s robotics business (W6tn) broadly explains the current

market cap. Incremental upside could come from the actuator business, which