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>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.

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

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.

Thematic (Sector/Industry)

<ul>
<li>Korea’s impeachment drama hit a tipping point, with the second motion against Yoon set for a vote on the 14th, and the market pricing in a 100% chance of approval.</li>
<li>The market’s all-in on a Democratic Party win in May, as public sentiment against the president makes the ruling party’s chances virtually non-existent.</li>
<li>Target stocks impacted by corporate law changes, then focus on sector-specific plays, particularly the energy policy shift and growing support for virtual assets.</li>
</ul>


Korea’s impeachment drama hit a tipping point, with the second motion against Yoon set for a vote on the 14th, and the market pricing in a 100% chance of approval.
The market’s all-in on a Democratic Party win in May, as public sentiment against the president makes the ruling party’s chances virtually non-existent.
Target stocks impacted by corporate law changes, then focus on sector-specific plays, particularly the energy policy shift and growing support for virtual assets.


Yoon’s Impeachment a Lock, Regime Change Trade Set for May

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

NASN Intelligent Tech (Zhejiang) / Equity Capital Markets

NASN Intelligent Tech (Zhejiang) (NASN HK)

<ul>
<li>NASN Intelligent launched its Hongkong IPO aiming to raise up to HK$ 643.9M (~ US$ 82M). NASN develops intelligent driving motion control technologies, currently offering brake-by-wire solutions.</li>
<li>NASN Intelligent intends to use the IPO proceeds to enhance R&amp;D capabilities, upgrade production/manufacturing facilities, raise service capabilities, raise brand recognition and working capital.</li>
<li>Valuation that the company is seeking does seem stretched just because the company relatively is in its early stages of growth and it will slowly and steadily scale up.</li>
</ul>


NASN Intelligent launched its Hongkong IPO aiming to raise up to HK$ 643.9M (~ US$ 82M). NASN develops intelligent driving motion control technologies, currently offering brake-by-wire solutions.
NASN Intelligent intends to use the IPO proceeds to enhance R&amp;D capabilities, upgrade production/manufacturing facilities, raise service capabilities, raise brand recognition and working capital.
Valuation that the company is seeking does seem stretched just because the company relatively is in its early stages of growth and it will slowly and steadily scale up.


NASN Intelligent Tech IPO: Valuation Not Intelligent Enough To Carry It Through

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>NASN, a brake-by-wire solutions supplier, has passed the HKEX listing hearing and is seeking a Main Board listing. Haitong and BOCI are the joint sponsors.</li>
<li>We look at the company's core segments: NBC, ESC and NBS solutions.</li>
<li>We think the deal is not interesting as localisation is real, but NBC margin is too low for the growth case.</li>
</ul>


NASN, a brake-by-wire solutions supplier, has passed the HKEX listing hearing and is seeking a Main Board listing. Haitong and BOCI are the joint sponsors.
We look at the company's core segments: NBC, ESC and NBS solutions.
We think the deal is not interesting as localisation is real, but NBC margin is too low for the growth case.


NASN (拿森智能) Pre-IPO: Early Thoughts

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals made by the senior leaders at Korea Corporate Governance Forum and Uprise Co. (Heybit). </li>
<li>We think that the Save KOSPI campaign is an interesting movement that is worth paying attention since it appears to be gaining increasing traction among retail investors in Korea.</li>
<li>As more of these eight proposals are made into law in the next several years, we believe that the 'Korea Discount' could also decline as well.</li>
</ul>


In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals made by the senior leaders at Korea Corporate Governance Forum and Uprise Co. (Heybit). 
We think that the Save KOSPI campaign is an interesting movement that is worth paying attention since it appears to be gaining increasing traction among retail investors in Korea.
As more of these eight proposals are made into law in the next several years, we believe that the 'Korea Discount' could also decline as well.


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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HL Mando Corp (204320 KS)

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

The company also noted that revenue related to quadruped robots, for which it is currently supplying actuators, reached W15bn in 2025.

Mirae Asset Securities

Yoon’s Impeachment a Lock, Regime Change Trade Set for May

Yoon’s impeachment is pretty much a lock, with the market pricing in a 100% chance. We should get ready for theme trading plays aiming at the...

Sanghyun Park

NASN Intelligent Tech IPO: Valuation Not Intelligent Enough To Carry It Through

NASN Intelligent launches Hong Kong IPO to raise funds for R&D, production upgrades, and brand recognition. Valuation looks steep suited only for...

Tina Banerjee

NASN (拿森智能) Pre-IPO: Early Thoughts

NASN has passed the HKEX listing hearing and is seeking a Main Board listing. We look at its business, industry, financials, peer valuation and pre...

Ke Yan, CFA, FRM

What Is the 'Save KOSPI' Campaign?

In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals aimed at improving the corporate governance of Korean...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

The company also noted that revenue related to quadruped robots, for which it is currently supplying actuators, reached W15bn in 2025.

Mirae Asset Securities

Yoon’s Impeachment a Lock, Regime Change Trade Set for May

Yoon’s impeachment is pretty much a lock, with the market pricing in a 100% chance. We should get ready for theme trading plays aiming at the...

Sanghyun Park

NASN Intelligent Tech IPO: Valuation Not Intelligent Enough To Carry It Through

​NASN Intelligent launches Hong Kong IPO to raise funds for R&D, production upgrades, and brand recognition. Valuation looks steep suited only for...

Tina Banerjee

NASN (拿森智能) Pre-IPO: Early Thoughts

NASN has passed the HKEX listing hearing and is seeking a Main Board listing. We look at its business, industry, financials, peer valuation and pre...

Ke Yan, CFA, FRM

What Is the 'Save KOSPI' Campaign?

In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals aimed at improving the corporate governance of Korean...

Douglas Kim

NASN Intelligent launches Hong Kong IPO to raise funds for R&D, production upgrades, and brand recognition. Valuation looks steep suited only for...