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

<ul><li>For 1Q26, Hyundai Mobis reported revenue of W15.6tr (+5.5% YoY; in line with the consensus of W15.6tr), operating profit of W802.6bn (+3.3% YoY; 5% below the consensus of W843bn), and an OP margin of 5.2% (-0.1%p).</li><li>Losses in the manufacturing segment widened, while the A/S business delivered solid earnings.</li><li>In manufacturing, the company posted an operating loss of W121.3bn, widening by W21.4bn YoY (vs. -W99.9bn in 1Q25), mainly due to higher semiconductor prices (roughly -W30bn impact). </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 1Q26, Hyundai Mobis reported revenue of W15.6tr (+5.5% YoY; in line with the consensus of W15.6tr), operating profit of W802.6bn (+3.3% YoY; 5% below the consensus of W843bn), and an OP margin of 5.2% (-0.1%p).Losses in the manufacturing segment widened, while the A/S business delivered solid earnings.In manufacturing, the company posted an operating loss of W121.3bn, widening by W21.4bn YoY (vs. -W99.9bn in 1Q25), mainly due to higher semiconductor prices (roughly -W30bn impact). 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)1Q26 Review: Tariff Cost Recovery and Solid A/S Earnings

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>Earnings improving steadily as robot valuechain appeal is set to remain intact in 2026 and business streamlining efforts move into full swing</li><li>Key is whether parts will remain profitable on a sustained basis</li><li>Upbeat on official announcement of Lamp business disposal (Jan 27) and clearer business streamlining initiative</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.

Earnings improving steadily as robot valuechain appeal is set to remain intact in 2026 and business streamlining efforts move into full swingKey is whether parts will remain profitable on a sustained basisUpbeat on official announcement of Lamp business disposal (Jan 27) and clearer business streamlining initiativeContent 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 Jan 29, 2026) - Moving in a Clear Direction

<ul><li>For 4Q25, Hyundai Mobis reported revenue of W15.4tr (+4.7% YoY; in line with the consensus of W15.5tr), operating profit of W930.5bn (-5.6% YoY; in line with the consensus of W931.7bn), and an OP margin of 6% (-0.7%p YoY, +0.8%p QoQ).</li><li>In the module/core parts unit, revenue grew 4% YoY, and operating profit reached W170.6bn (-2.0% YoY), returning to profitability on a QoQ basis.</li><li>Earnings were supported by tariff cost recovery, compensation tied to lower-than-expected EV production volumes, favorable FX, AMPC recognition, and base effects arising from new US plant costs. </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 4Q25, Hyundai Mobis reported revenue of W15.4tr (+4.7% YoY; in line with the consensus of W15.5tr), operating profit of W930.5bn (-5.6% YoY; in line with the consensus of W931.7bn), and an OP margin of 6% (-0.7%p YoY, +0.8%p QoQ).In the module/core parts unit, revenue grew 4% YoY, and operating profit reached W170.6bn (-2.0% YoY), returning to profitability on a QoQ basis.Earnings were supported by tariff cost recovery, compensation tied to lower-than-expected EV production volumes, favorable FX, AMPC recognition, and base effects arising from new US plant costs. 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)4Q25 Review: Visible Cost Recovery

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)