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Tone is unusually collaborative for an Elliott deck: opens by 'welcoming' HMG's own 28-March-2018 restructuring initiative before arguing it is suboptimal, then proposes a 4-step alternative (Merger / Demerger / Tender offer / Optimization). Cites Elliott's 2016 Samsung Electronics Value Enhancement campaign as Korean-market track-record proof point. Page 20 stacks third-party critic quotes (Reuters, FT, Morgan Stanley, JPM, Breakingviews, Mirae, CIMB) that echo Elliott's Glovis-merger critique — functions as a CEO-quote-contradiction surrogate. No named villain: the critique stays institutional/structural and does not attack the Chung founding family by name. Stake disclosed as 'over 1.5%' in each of Mobis/HMC/Kia (recorded as 1.5). Target is a group so target_ticker left null; primary target is Hyundai Mobis (012330.KS). Presentation_date inferred from 20-April-2018 data cutoff in disclaimer and 4/19/2018 chart x-axis; filename month is 'April 2018' with no day. Peer-gap chart sequence on pages 24-29 is a 6-slide TSR/multiples gap spine.", "kpisCited": [ { "detail": "Forward EV/EBITDA 2.8x vs peers ~6.5x — 57% discount; ex-cash P/E 5.3x — 51% discount", "metric": "Mobis EV/EBITDA discount to peers" }, { "detail": "Forward EV/EBITDA 2.0x — 26% discount; ex-cash P/E 2.9x — 24% discount", "metric": "HMC EV/EBITDA discount to peers" }, { "detail": "Forward EV/EBITDA 0.7x — 73% discount; ex-cash P/E 1.4x — 63% discount", "metric": "Kia EV/EBITDA discount to peers" }, { "detail": "8.5x FY17 vs 16.4x for remaining Mobis, despite 24% ROE (spun-off) vs 10% (remaining)", "metric": "Implied P/E on Mobis spun-off business" }, { "detail": "KRW 1.8tn (~US$1.7bn) PV on HMC/Kia dividends — 7% of pre-announcement Mobis market cap", "metric": "Tax leakage NPV under HMG plan" }, { "detail": "Net cash KRW 16.5tn = 17.5% of assets vs peers' 11.1%; ~KRW 6.0tn excess = 18% of market cap", "metric": "HMC excess cash" }, { "detail": "Net cash 14.3% of assets vs peers' -9.0%; ~KRW 6.0tn excess = 26% of market cap", "metric": "Mobis excess cash" }, { "detail": "Mobis 21%, HMC 25%, Kia 17% of net income — 19-34pts below global auto peers", "metric": "Dividend payout ratio (2017)" }, { "detail": "Mobis -169%, HMC -76%, Kia -105%", "metric": "5-year relative dollarized TSR vs peers" }, { "detail": "HMC 44% / Kia 33% / Mobis 33% independent directors vs Daimler 100%, GM 90%, Ford 79%; all-Korean boards, no gender diversity", "metric": "Board independence" }, { "detail": "27% uplift to 6.8% pro forma — in line with 6.8% peer average; implies 15% valuation upside", "metric": "Pro forma OP margin from Mobis-HMC merger" }, { "detail": "Mobis -8.4%, HMC -5.3%, Kia -6.1%", "metric": "Share-price reaction to HMG plan (2 days)" }, { "detail": "Consistently >25% — division being handed to Glovis at a stingy implied multiple", "metric": "Mobis A/S operating margin" }, { "detail": "Doubled from 4% to 8% (2001-2017) at 7% unit-sales CAGR; 4th-largest OEM by unit sales", "metric": "HMG global market share & scale" } ], "closingAsk": "Adopt the Accelerate Hyundai Proposals by recasting HMG's restructuring plan into a true holding-company structure, returning excess cash, committing to a 40-50% dividend policy, and upgrading board governance to global standards.", "extraction": { "at": "2026-04-23 01:25:37+00", "model": "unknown-legacy", "runId": null, "seconds": 300.3705, "promptVersion": null }, "scqaReward": "A holding-company structure plus after-sales margin uplift delivers a 15% re-rating on the combined HMC-Mobis alone, closes Mobis's 57% and Kia's 73% EV/EBITDA discounts to peers, and unlocks trapped value across the group.", "thesisTypes": [ "breakup_spinoff", "capital_return", "governance_board", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "HMG's spin-off values Mobis's A/S business at 8.5x P/E vs 16.4x for residual Mobis", "Mobis trades at 57% EV/EBITDA discount and Kia at 73% to global auto peers", "Mobis+HMC merger plus holdco re-rating delivers 15% upside on the combined entity alone" ], "scqaSituation": "Hyundai Motor Group is a top-tier global automaker — 4th-largest OEM, 8% global market share doubled from 4%, 7% unit CAGR 2001-2017 — organized through opaque circular shareholdings across Mobis, HMC and Kia.", "thesisSummary": "Elliott, holding over 1.5% of each Hyundai Motor Group affiliate (Mobis, HMC, Kia), argues that HMG's March 2018 restructuring plan — spinning Mobis's module and after-sales parts businesses into Glovis — is suboptimal because it creates an inefficient four-layer structure, undervalues the spun-off business at 8.5x P/E versus 16.4x for residual Mobis, and leaves KRW 1.8 trillion of tax leakage on the table. Mobis, HMC and Kia trade at 51-73% discounts to global peers, reflecting persistent underperformance, overcapitalized balance sheets, weak payouts, and opaque governance. Elliott's 'Accelerate Hyundai Proposals' demand a true holding-company structure (merge Mobis+HMC, then demerge into Holdco/Opco), KRW 6 trillion of capital returns at both HMC and Mobis, a 40-50% payout policy, and three new independent directors per board — generating at least 15% re-rating on the combined HMC-Mobis entity alone.", "primaryDemands": [ "Recast the HMG Restructuring Plan into a true holding-company structure: merge Mobis + HMC into 'Hyundai Mergeco', then demerge into Hyundai Motor Holdco and Hyundai Motor Opco", "Return up to KRW 6.0 trillion of excess cash at each of Mobis and HMC and cancel all existing and future treasury shares", "Commit to a clear 40-50% of net income payout policy (cash dividends + buybacks) at Mobis, HMC and Kia", "Add three independent directors with international/sector-diverse backgrounds at each board and amend articles of incorporation (cumulative voting, independent M&A review committee, Director Compensation Committee)", "Ensure a transparent process and fair-value realization for Kia's stake in Mobis" ], "scqaResolution": "Adopt the Accelerate Hyundai Proposals: merge Mobis+HMC then demerge into Holdco/Opco, return KRW 6 trillion of excess cash at each of HMC and Mobis, commit to a 40-50% payout policy, and add three independent directors per board.", "thesisOneLiner": "HMG's Mobis-Glovis spinoff is suboptimal; a true holding-company structure plus KRW 6tn buybacks, a 40-50% payout, and independent boards close peer discounts and deliver 15%+ upside.", "precedentsCited": [ "Samsung Electronics Value Enhancement Proposal (Elliott, October 2016)" ], "scqaComplication": "HMG's March 2018 plan spins Mobis's profitable module and after-sales parts businesses into Glovis at a stingy 8.5x P/E, keeps four subsidiary layers, leaks KRW 1.8 trillion in tax, and ignores balance-sheet, payout, and governance failings.", "narrativeInterest": 5, "notableSlidePages": [ 6, 15, 17, 20, 35, 42 ], "peerCompaniesCited": [ "Toyota", 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Increased dividend distribution by 30% to KRW 4.0 trillion for 2016, and more recently decided to increase its dividend distribution again to KRW 5.8 trillion in 2017.\n2. Committed to improve dividend distribution by 100% for 2018 to KRW 9.6 trillion.\n3. Initiated a share repurchase program of KRW 9.3 trillion in January 2017.\n4. 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Operating cash flow excludes changes in financial assets. Operating assets is defined as: total assets - total cash & equivalents - book value of equity-accounted investments. 2. Korean Peers' average includes Mando Corporation (\"Mando\") and Hanon Systems (\"Hanon\"). Peers' average includes Korean peers and Denso, Aisin Seiki, Continental, Brembo, Valeo, Magna, Autoliv and Tenneco. Mando's financials are based on Halla Holdings Corp (\"Halla\") prior to 2014, and based on annualized pro forma financials of Mando and Halla in 2014. 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Setting aside the fact that non-strategic shareholders have stakes in Hyundai Card and Hyundai Capital, HMG could seek an appropriate waiver. Alternatively, a further demerger within the two-year grace period can separate financial capital from industrial capital. Regardless of the final transaction structure, a transparent process and fair value must be achieved for Kia’s stake in Mobis.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:10.227+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18553817-1a8e-4ce7-a920-0f2ad82f2293", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.1 }, "kind": "paragraph", "text": "Elliott calls on HMG and all stakeholders to do the following:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:10.227+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0583240-296a-4b96-b733-f569caca0352", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "Source: Company filings. Notes: 1. Two special purpose companies own 20% of Hyundai Capital and a private equity consortium owns 24% of Hyundai Card as of 31 December 2017. 2. Subject to Fair Trade Act Articles 8-2(3)(2) and (3).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:10.227+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b19fc765-f6c7-4075-8e55-a6352c04f058", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "table", "text": "Step I. 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Holding company structure encourages increases in cash dividend at subsidiaries. We disagree with the company's claim that a holding company structure limits opportunities for future business expansion. We disagree with the company's claim that future large scale M&A will require joint investments from Mobis, HMC and Kia. There are different methods to deal with HMG's interests in financial subsidiaries.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:14.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "468aeac6-00d3-45e7-b180-6ccd733c7c80", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "paragraph", "text": "The Accelerate Hyundai Proposals, if adopted, will result in a truly streamlined holding company structure for the Hyundai Motor Group:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:14.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c23c73e-cdfa-4d6b-8866-63088a6dc53c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: Company IR materials. 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We anticipate margin uplift by 27% on a pro forma forward basis, resulting in estimated operating margin of 6.7%. For the purpose of illustrating the merger between Mobis and HMC, we assume: A theoretical merger ratio of 1 : 1.52 for HMC to Mobis based on current share prices of HMC and Mobis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:11.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de6d1c00-7988-4775-83fd-bab6a0ea4deb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating margin: 6.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:37:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b65-734e-a98a-a0ff4fc384ec", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.048, "y": 0.83 }, "kind": "source-note", "text": "Source: Company filings. 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