Prefer Auto OEMs with Better Visibility 3
Auto OEMs: Highly leveraged to auto demand recovery 3
Models replacement cycle promises margin expansion 6
Hyundai Motor (005380.KS) 7
Kia Motors (000270.KS) 17
Hyundai Mobis (012330.KS) 26
Hankook Tire (000240.KS) 31
Appendix: Global peer comparison & currency
sensitivity test 34
Appendix A-1 36
Analyst Certification 36