External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 2Q26, Hyundai Mobis reported revenue of W16.3tr (+2.4% YoY; 2% below the consensus of W16.6tr) and operating profit of W975.2bn (+12.1% YoY; 8% above the consensus of W907.5bn).</li><li>The manufacturing segment swung to a profit QoQ, while the A/S unit posted a robust OP margin of 27.8% on favorable FX effects and tariff refunds.</li><li>Manufacturing operating profit came in at W21.8bn, which is encouraging given that manufacturing costs are typically higher in 1H.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q26, Hyundai Mobis reported revenue of W16.3tr (+2.4% YoY; 2% below the consensus of W16.6tr) and operating profit of W975.2bn (+12.1% YoY; 8% above the consensus of W907.5bn).The manufacturing segment swung to a profit QoQ, while the A/S unit posted a robust OP margin of 27.8% on favorable FX effects and tariff refunds.Manufacturing operating profit came in at W21.8bn, which is encouraging given that manufacturing costs are typically higher in 1H.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Mobis (012330 KS/Buy)Solid Earnings Despite Cost Headwinds; Robotics Back in Focus

<ul><li>Hyundai Mobis is scheduled to release its 2Q26 results on Jul. 24.</li><li>We estimate revenue at W16.9tr (+6.2% YoY; 1% above the consensus of W16.7tr) and operating profit at W931.5bn (+7.1% YoY; 3% above the consensus of W908.8bn), better than previously feared. Losses in the manufacturing segment likely narrowed significantly.</li><li>We estimate that the impact of tariffs remained limited, while higher EV sales by major customers and favorable FX likely provided support. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Mobis is scheduled to release its 2Q26 results on Jul. 24.We estimate revenue at W16.9tr (+6.2% YoY; 1% above the consensus of W16.7tr) and operating profit at W931.5bn (+7.1% YoY; 3% above the consensus of W908.8bn), better than previously feared. Losses in the manufacturing segment likely narrowed significantly.We estimate that the impact of tariffs remained limited, while higher EV sales by major customers and favorable FX likely provided support. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Mobis (012330 KS/Buy)2Q26 preview: Robotics to regain focus after strong earnings

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take place on 13 June.</li>
<li>Korea Exchange plans to reduce the constituents to 100 (from 105 currently) and change 30% of the included stocks in this index to better reflect the Value Up program incentives. </li>
<li>In this insight, we provide a list of 20 potential exclusion candidates and 20 inclusion candidates in the Value Up index rebalance. </li>
</ul>


Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take place on 13 June.
Korea Exchange plans to reduce the constituents to 100 (from 105 currently) and change 30% of the included stocks in this index to better reflect the Value Up program incentives. 
In this insight, we provide a list of 20 potential exclusion candidates and 20 inclusion candidates in the Value Up index rebalance. 


Korea Value Up Index Rebalance Announcement Next Week

<ul>
<li>We have a Positive view of KT Corp (030200 KS) due to three main reasons.</li>
<li>First, KT has started to implement aggressive capital return policy (returning 50% of net income through dividends and share buybacks/cancellations). Two other reasons include Corporate Value Up and higher Smartscore.</li>
<li>KT Corp has been the best performing stock among the three major Korean telcos in the past one year. KT Corp's shares are up 27.9% in the past one year.</li>
</ul>


We have a Positive view of KT Corp (030200 KS) due to three main reasons.
First, KT has started to implement aggressive capital return policy (returning 50% of net income through dividends and share buybacks/cancellations). Two other reasons include Corporate Value Up and higher Smartscore.
KT Corp has been the best performing stock among the three major Korean telcos in the past one year. KT Corp's shares are up 27.9% in the past one year.


Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>A high-ranking official from the local financial regulatory authority has confirmed to several local media outlets that the tax benefits for the value-up program will be unveiled this month.</li>
<li>Corporate tax cuts and separate taxation on dividend income will be included. The short-term impact at the time of the announcement will likely be more significant for corporate tax cuts.</li>
<li>Local market is focused on screening large companies within the KOSPI 200 that have substantial pre-tax profits in anticipation of the corporate tax cut momentum to be announced this month.</li>
</ul>


A high-ranking official from the local financial regulatory authority has confirmed to several local media outlets that the tax benefits for the value-up program will be unveiled this month.
Corporate tax cuts and separate taxation on dividend income will be included. The short-term impact at the time of the announcement will likely be more significant for corporate tax cuts.
Local market is focused on screening large companies within the KOSPI 200 that have substantial pre-tax profits in anticipation of the corporate tax cut momentum to be announced this month.


Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries

South Korea

Hyundai Mobis Co., Ltd. manufactures and markets automotive parts and equipment, such as  automotive service components, modules, and systems. The Company also contractsenvironmental projects, including sewage treatment plant and industrial waste water treatment plant construction.

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Hyundai Mobis (012330 KS)