1、M FoundationInvestor Presentation|Asia PacificS.Korea Autos,EV Batteries and Energy&MaterialsMorgan Stanley&Co.International plc,Seoul Branch+Young Suk ShinEquity Analyst Young.S +82 2 399-4994 S.Korea Autos&Shared MobilityAsia PacificIndustry ViewIn-LineS.Korea Energy&MaterialsAsia PacificIndustry

2、ViewIn-LineMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research

3、 as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member

4、 and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.January 20,2026 04:49 AM GMTM Foundation2Executive Summary-S.Korea AutosHMC(OW,PT W430,000)With the US tariff overhang resolved,we expec

5、t HMC to leverage its healthy profitability,model cycle and HEV strength to capture additional US market share while FX remains a tailwind.A normalization of earnings/margin,and our thesis of market share gains,should continue to support a case for further re-rating of multiples,in our view.Kia(OW,P

6、T W165,000)Similarly,with the US tariff overhang resolved,we expect Kia to leverage its healthy profitability,model cycle and HEV strength to capture additional US market share while FX remains a tailwind.Hyundai MOBIS(OW,PT W500,000)After years of struggles on its module business,we see Hyundai Mob