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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>For 3Q25, Hyundai Mobis reported revenue of W15tr (+7.4% YoY; 1% below the consensus of W15.2tr), operating profit of W780.3bn (-14.1% YoY; 9% below the consensus of W860.4bn), and an OP margin of 5.2% (-1.3%p YoY, -0.3%p QoQ).</li><li>The module/core parts division posted revenue growth of 6.7% YoY but swung to an operating loss of W37bn (swinging to red YoY and QoQ).</li><li>We estimate the division’s operating profit saw a positive YoY effect from higher AMPC recognition (+W25bn), but this was outweighed by negative effects from tariffs (-W82bn), new plant ramp-up costs (-W35bn), and “other” factors (-W38bn; reflecting a high base from settlement gains in 3Q24, margin improvement efforts, etc.). </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 3Q25, Hyundai Mobis reported revenue of W15tr (+7.4% YoY; 1% below the consensus of W15.2tr), operating profit of W780.3bn (-14.1% YoY; 9% below the consensus of W860.4bn), and an OP margin of 5.2% (-1.3%p YoY, -0.3%p QoQ).The module/core parts division posted revenue growth of 6.7% YoY but swung to an operating loss of W37bn (swinging to red YoY and QoQ).We estimate the division’s operating profit saw a positive YoY effect from higher AMPC recognition (+W25bn), but this was outweighed by negative effects from tariffs (-W82bn), new plant ramp-up costs (-W35bn), and “other” factors (-W38bn; reflecting a high base from settlement gains in 3Q24, margin improvement efforts, etc.). 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)Tariff cost-sharing will be key

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Modest modules/parts performance offset by strong AS earnings </li><li>Inventory build-up as a short-term response against tariffs should lead to limited tariff impact through 1H25 </li><li>Stock remains attractive, given expectations for non-captive andBoston Dynamics parts orders in 2H25</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.

Modest modules/parts performance offset by strong AS earnings Inventory build-up as a short-term response against tariffs should lead to limited tariff impact through 1H25 Stock remains attractive, given expectations for non-captive andBoston Dynamics parts orders in 2H25Content 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 Apr 28, 2025) - Solid AS Performance, Anticipated Momentum

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)