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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

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><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>

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