JP Industrial Electronic Preview; KR Auto/Parts Preview; U/G Mobis (OW)/ Mando (N), India Auto Preview, SpaceX Initiation, Key News - Nato, EU Tire Tariff, India-Indo Missile Deal: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment + Machinery + E&C + A&D

研报英文原文证据摘录

JP Industrial Electronic Preview; KR Auto/Parts Preview; U/G Mobis (OW)/ Mando (N), India Auto Preview, SpaceX Initiation, Key News - Nato, EU Tire Tariff, India-Indo Missile Deal: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment + Machinery + E&C + A&D

r initiatives serving as narrative

catalysts amid robotics momentum. After a sharp pullback (Mobis/Mando –36%/–37% from peaks), risk/reward is more

attractive, and robotics/actuator upside is now more of a call option. 2Q is likely a non-event, with commodity headwinds and

FX tailwinds offsetting, and Mobis benefiting from a structural A/S profit boost. We continue to prefer OEMs (HMC/Kia,

both OW) over parts suppliers, as OEMs have increasing value chain discretion in both autos and robotics.

• Investor Feedback: Investor sentiment on HMC has turned softer, as HMC is expected to be the only company missing

consensus in 2Q26 earnings while the rest of the KR Auto & Auto parts sector is expected to deliver in-line results. During

Sonny Lee’s marketing in Asia last week, investor discussions focused on the long-term robotics upside for KR auto/auto

parts makers, but attention has shifted to near-term catalysts—such as HMG’s upcoming robotics training center launch

(summer this year) and the expected finalization of detailed robotics investment plans and subsidiary roles by year-end. Kia is

currently preferred for its attractive valuation (6x 2027E P/E) and >4% dividend yield, but sentiment could shift to HMC if the

robotics narrative gains momentum. In auto parts, investors view Mobis and Mando as “robot leverage” plays; while entering

the actuator segment may not be highly profitable, these initiatives could serve as narrative catalysts. After significant