2Q26 OP beat on aftermarket resiliency: BD call option and August CID likely to drive re-rating

研报英文原文证据摘录

2Q26 OP beat on aftermarket resiliency: BD call option and August CID likely to drive re-rating

Global Markets Research

Hyundai Mobis 012330.KS 012330 KS 24 July 2026

EQUITY: AUTOS & AUTO PARTS

Rating2Q26 OP beat on aftermarket resiliency Remains Buy

Target price

Increased fromBD call option and August CID likely to drive re-rating KRW 560,000 KRW 520,000

Action: Maintain Buy; raise TP to KRW560,000 Closing24 July 2026price KRW 482,000

We reiterate Buy and raise our SOTP-based TP by 8% to KRW560,000. Our TP revision is

driven by the assumption that Hyundai Motor Group (HMG) exercises a call option to buy a Implied upside +16.2%

9.65% stake from SoftBank (9434 JP, Buy), thereby increasing Mobis’s effective ownership

in Boston Dynamics (unlisted) to 12.5% from 11.3% previously. We reaffirm Buy on Mobis Market Cap (USD mn) 29,815.2

as we expect: (1) ramp-up of key new models in 2H26F (i.e. the EV2, Ioniq 3, Tucson, ADT (USD mn) 276.2

Seltos, Avante) to normalize Mobis’s plant utilization; and (2) Mobis’s strategic evolution as

a core robot component supplier to HMG. By supplying critical actuators and sensors, Mobis Relative performance chart

is transitioning from being a traditional hardware provider to a high-margin tech leader in the

robotics ecosystem, in our view. A key downside risk is KRW appreciation.

2Q26 review: OP beat consensus by 7% as aftermarket margins offset module weakness

Mobis’s 2Q26 OP beat the Bloomberg consensus estimate by 7%. The module division’s

OP turned around sequentially but fell y-y due to lower BEV production (-10% y-y; EV3

not supplied by Mobis), KRW24bn in charges related to the India plant fire, and a

KRW61bn memory price hike impact. However, this drag was strongly offset by the

aftermarket segment, which recorded strong OPM of 27.8%.