012330 KR · Hyundai Mobis Common StockMW GOBLIN RESEARCH

Hyundai Mobis: After-sales Earnings Power and the Benefits of the Lamp Business Sale

Analysis date

Published

Key Summaries

Neutral as of September 30, 2026. After-sales earnings power and cash capacity are positive, but losses in the manufacturing segment and slowing cash flow are a burden. The lamp business sale provides grounds for reassessment only after confirming net proceeds and post-sale earnings.

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What this report covers

  • After-sales holds up; manufacturing profitability will determine the extent of improvement
  • Assessing cash generation to support investment and shareholder returns
  • Assess the lamp business sale by net cash proceeds and remaining earnings