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Investing.com - Goldman Sachs has initiated coverage on Hyundai Mobis Co Ltd. (KS:012330) with a Neutral rating and a price target of KRW330,000.00, according to a recent research note.
The South Korean auto parts supplier has outperformed the broader Kospi index by showing stronger results than its affiliates Hyundai Motor Company and Kia since the second half of 2024, despite underperforming them in the first half of the year.
Goldman Sachs notes that Hyundai Mobis delivered an earnings surprise in the second half of 2024, with a 12% increase in one-year forward operating profit, along with a significant jump in total shareholder return following its first CEO Investor Day in November 2024.
Year-to-date, Hyundai Mobis has seen its one-year forward operating profit increase by 9%, while its share price has risen 25% after experiencing multiple re-ratings, outperforming Hyundai Motor and Kia by 45 and 39 percentage points respectively since the second half of 2024.
Goldman Sachs’ operating profit estimates for Hyundai Mobis for 2025, 2026, and 2027 are currently 6%, 8%, and 9% lower than consensus forecasts, respectively.
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