Goldman Sachs: Hyundai Mobis (012330.KS): 2026 Asia Leadership Conference Takeaways: Management Stresses After-Sales, Electronics and Electrification Margin Resilience

Goldman Sachs hosted Hyundai Mobis management at an investor meeting and reiterates Buy with a 12-month target of KRW710,000—56.6% above the August 31, 2026 close of KRW453,500—based on 15.0x target P/E applied to 2035E EPS and discounted to June 2027. Management stressed structural stability in the after-sales (A/S) business, guiding to 23–25% operating margin despite near-term currency headwinds, with rigid replacement-parts demand providing a reliable cash-flow buffer. In core components, electronics would have achieved mid-single-digit OPM excluding temporary raw-material inflation, while content per vehicle rises with next-generation cockpit AI across Hyundai Motor Group line-ups and the Avante/Elantra facelift delivers a full electronics upgrade in one step. Electrification, pressured by slower-than-expected global EV adoption, should recover gradually quarter by quarter, driven by Waymo vehicle components, the Europe-bound Ioniq 3, and potential supply of key subsystems for the group's 2027 US EREV platform. Robotics actuator supply chains are integrated, with a prototype due in Q4; the business targets roughly 70% of long-term BOM cost coverage at mid-to-high single-digit OPM in a capital-light model. Goldman forecasts revenue rising from KRW61,118.1bn (2025) to KRW74,879.9bn (2028E) and EPS from KRW40,993 to KRW66,031. Key risks include India plant-fire cost inflation and disruption, and slower Boston Dynamics/HMG autonomy execution.