Hanon Systems | Asia Pacific 2Q26 Results: Steady Execution

研报英文原文证据摘录

Hanon Systems | Asia Pacific 2Q26 Results: Steady Execution

UpdateMValuation Methodology and Risks

Hyundai MOBIS (012330.KS)

We derive our price target using a P/E valuation methodology. We apply a P/E target multiple

of 10x, which is at the mid-point between its historical average and +1SD since 2015, to our

2027e EPS forecast to arrive at our price target. Given the recovery outlook for its module

business, we expect this to drive a steady re-rating of its shares.

Risks to Upside

n Improving module margins

n Accelerating EV parts mix

n HMG restructuring

Risks to Downside

n Slow module margin improvement

n Weakness in captive demand

n Strengthening of KRW/USD

Hanon Systems (018880.KS)

Despite soft auto demand and a muted top-line trajectory, the company continues to show

signs of normalization, supported by aggressive cost control and ongoing restructuring. With

our expectation that Hanon will turn profitable in 2026, we apply a target P/E multiple of 15x

(midpoint of the 10-20x historical range during profitable periods) on average of 2026/27e

EPS.

n Rapidly rising EV parts revenues

n Better-than-expected recovery of ICE parts business

n More shareholder-friendly policies

n Weakness in key customers

n Slower-than-expected customer penetration

Hankook Tire & Technology Co Ltd (161390.KS)

Base case, derived from P/E valuation: To derive our price target, we apply a target P/E mul-

tiple of 8.0x, which is the historical average since 2015, to the average of 2026/27E EPS. Given

the combination of: 1) normalization of Hanon's earnings contribution and 2) management's

intention to improve shareholder returns, we believe such a target multiple is justified vs. its

historical trading band of 3x-15x P/E since 2013.

n Better-than-expected demand growth