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>Amid a sharp rally across Hyundai Motor Group’s robotics value chain, HL Mando shares surged 79% from Nov. 19, 2025 to Jan. 16, 2026 (vs. +22% for the KOSPI), driven by expectations for humanoid actuator orders from a leading North American EV maker.</li><li>At its CEO Investor Day event on Dec. 11, the company unveiled its humanoid actuator roadmap, targeting: the completion of a master model in 2H26; order intake in 2027; the start of mass production in 2028; and annual revenue of W2.3tr by 2035.</li><li>The company also noted that revenue related to quadruped robots, for which it is currently supplying actuators, reached W15bn in 2025.</li></ul><p><em>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.</em></p>

Amid a sharp rally across Hyundai Motor Group’s robotics value chain, HL Mando shares surged 79% from Nov. 19, 2025 to Jan. 16, 2026 (vs. +22% for the KOSPI), driven by expectations for humanoid actuator orders from a leading North American EV maker.At its CEO Investor Day event on Dec. 11, the company unveiled its humanoid actuator roadmap, targeting: the completion of a master model in 2H26; order intake in 2027; the start of mass production in 2028; and annual revenue of W2.3tr by 2035.The company also noted that revenue related to quadruped robots, for which it is currently supplying actuators, reached W15bn in 2025.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.

HL Mando (204320 KS/Buy)Focus on Robotics/Robotaxi Upside over One-Off Costs

South Korea

HL Mando Corp manufactures and markets automotive parts and equipments.  The Company's product line includes brake systems, suspension systems, and steering systems.

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