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.July 4,2025 08:21 AM GMTM Foundation2Executive Summary-S.Korea AutosHMC(OW,PT W270,000)Amid late auto cycle concerns and tariff uncertai

5、nties,it may be challenging to expect material re-rating of auto share in the near-term.That being said,at current valuation of 4.0 x on 2025e vs 11%ROE,we believe a lot of negatives are also factored in and find appealing risk/reward profile.Kia(OW,PT W130,000)Amid late auto cycle concerns and tari

6、ff uncertainties,it may be challenging to expect material re-rating of auto share in the near term.That being said,at current valuation of 3.7x on 2025e vs 17%ROE,we believe a lot of negatives are also factored in and find appealing risk/reward profile.Hyundai MOBIS(OW,PT W360,000)After years of str