S. Korea Autos & Shared Mobility | Asia Pacific 2Q26 Preview: Putting Tough 1H26 Behind

研报英文原文证据摘录

S. Korea Autos & Shared Mobility | Asia Pacific 2Q26 Preview: Putting Tough 1H26 Behind

Idea

July 9, 2026 01:20 PM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MS. Korea Autos & Shared Mobility | Asia Pacific Young Suk Shin

Equity Analyst

2Q26 Preview: Putting Tough Young.Shin@morganstanley.comChan Park +82 2 399-4994

Research Associate

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

1H26 Behind

We expect softer volumes and rising input costs to weigh on

2Q26 Korea auto earnings. However, we remain more

constructive on the 2H26 outlook as volume disruptions begin S. Korea Autos & Shared Mobility

to stabilize. Asia Pacific

Industry View In-Line

What’s Changed

Key Takeaways

Hyundai Motor (005380.KS) From To

Despite supportive FX, we expect softer volume deliveries, higher input costs, Price Target W700,000 W570,000

and warranty provisions to weigh on Korea auto industry 2Q26 earnings. Kia Corp. (000270.KS) From To

Price Target W210,000 W200,000

We are cautiously optimistic auto OEMs can enjoy a better 2H26 as Middle East

volume disruptions and supply chain issues normalize. Hyundai MOBIS (012330.KS) From To

Price Target W600,000 W570,000

Kia and Hankook Tire remain our preferred picks on valuation merit and resilient

Hanon Systems (018880.KS) From To

earnings profiles. Price Target W3,000 W3,200

2Q26 preview – mixed outlook: Despite FX tailwinds, we see volume disruptions Mando (204320.KS) From To

Price Target W61,000 W55,000

(the Middle East conflict and supplier issues) and rising input costs as key

Hankook Tire & Technology Co

headwinds for the industry. On auto OEMs, HMC underperformed Kia, with volume Ltd (161390.KS) From To

up 1.4% QoQ vs. Kia's +9.2% QoQ in 2Q26 due to 1) weaker Middle East shipments, Price Target W83,000 W93,000