[E-Daily Reporter KIM YOON-JEONG ] DaishinSecurities assessed that HL Mando(204320)is expected to benefit from the full-scale mass production of humanoid robots by a leading North American battery electric vehicle (BEV) manufacturer in the third quarter, as well as from the shift toward non-Chinese supply chains amid U.S.-China supply chain tensions. The firm maintained its “Buy” rating and set a target price of 80,000 won, a 20% reduction from the previous target.

On the 14th, Kim Gwi-yeon, an analyst at DaishinSecurities, stated, “As a leading North American BEV manufacturer begins full-scale mass production of humanoid robots in the U.S. in the third quarter, it is necessary to increase focus on the related value chain.” She added, “Considering the recent tightening of sanctions between the U.S. and China targeting defense and robotics companies, the appeal of this company—which operates within a non-Chinese value chain—is bound to increase.”
She continued, “As market leadership shifts from BD to the Tesla value chain, we believe there is a high likelihood that HyundaiMobis will become the sector leader following HyundaiMotor,” adding, “This is a time to buy again.”
The target price of 80,000 won was calculated by applying a target price-to-earnings ratio (PER) of 14.5 times to the 2026 estimated earnings per share (EPS) of 5,439 won. DaishinSecurities applied the same valuation as HyundaiMobis, taking into account the growth story of robotic actuators. It projected an upside potential of 61% relative to the current stock price.
The firm also projected that second-quarter earnings would generally meet market expectations. DaishinSecurities forecast HL Mando’s second-quarter revenue at 2.5 trillion won, a 3% increase year-over-year, while operating profit is expected to decline by 2% to 102.2 billion won. The operating profit margin is projected at 4.1%.
Analyst Kim explained, “Although there were concerns regarding the fire at an HMG parts supplier and the fire at HyundaiMobis’s Indian plant, we expect the company to have maintained solid revenue growth thanks to HyundaiMotor Group’s alternative supply of chassis parts in India, a recovery in orders from Chinese premium brands (such as NIO, Voyah, and Geely), and a recovery in orders from European premium brands.”
He added, “Regarding costs, including semiconductor chips, we expect to offset a significant portion of these costs within the year through compensation from clients and foreign exchange compensation payments.”