South Korea Industrials Robotics Metamorphosis

This report initiates coverage on South Korean robotics companies, highlighting the country's potential to become a key global supply-chain hub for humanoid robots. Analysts recommend Robotis, HL Mando, and Hyundai Mobis based on their roles as critical actuator suppliers.

Key Takeaways

• 1.South Korea is well-positioned to become a global hub for humanoid robotics due to its strong automotive parts ecosystem and existing industrial robotics foundation.
• 2.Robotis and HL Mando are initiated at Buy as key beneficiaries of the humanoid actuator supply chain demand from US and other ex-China players.

Table of Contents

• Thesis in charts
• 1. In the evolving Robotics race, Korea will play a key role for ex-China humanoid players
• 2. How to position within Korea Robotics?
• 3. New initiation: Robotis (Buy) - Semi-humanoids & Action data the next catalysts
• 4. New Initiation: HL Mando (Buy) - Hidden robotics value not fully captured
• 5. New initiation: Doosan Robotics (Neutral) - Eyeing further cobot applications including semi-humanoids
• 6. Stocks in focus: Hyundai Mobis (Upgrade to Buy) - Transforming into a humanoid actuator supplier
• 7. Stocks in focus: Hyundai Motor (Neutral) - Robotics premium largely in the share price.
• 8. Stocks in focus: Kia (Buy) - Strongest fundamentals among HMG names and similar robotics exposure

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