Ac t i o n | 24 Jul 2026 06:25:47 ET │ 17 pages Hyundai Mobis (012330.KS) Challenging Operating Environment Ahead; D/G to Neutral CITI'S TAKE We downgrade Hyundai Mobis (Mobis) to Neutral, given: 1) likely sequentially lower A/S biz OPM in 2H26; 2) several headwinds in core part & module biz in 2H26; and 3) likely OP miss in upcoming 3Q. While we lower FY26-28E NP estimates 4-5%, we slightly raise our 12-m TP to W500,000. OP beat in 2Q — Mobis reported W16tr revenue (+2% y/y) and W975bn OP (+12% y/y) in 2Q, ...