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  "documentTitle": "Hyundai Motor Group",
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      "text": "Mobis's OP margin",
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      "text": "Operating cash flow as a % of operating assets",
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      "text": "Notes: 1. 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. For Denso and Aisin Seiki, 2016 represents financial year ended March 2017 and 2017 represents calendarized year ended December 2017.",
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      "text": "Mobis's strong operating margins and cash flows are primarily generated by the highly profitable after-sales services (\"A/S\") business division, which has topped 25% margin in recent quarters in 2017. Mobis is also uniquely placed to benefit from Hyundai Motor Group's increasing production of eco-friendly cars and adoption of advanced driver-assistance systems (ADAS). The Company currently supplies c. 30% of Hyundai Motor Group's ADAS needs, a figure that is likely to rise as the ADAS adoption rate increases in non-premium cars. Mobis is also the exclusive supplier of Hyundai Motor Group's four core electric vehicle components (battery management system, driving motor, inverter and converter)",
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      "text": "Source: Company website, company filings, Automotive News Data Center",
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      "text": "Mobis is the 7th largest auto parts supplier in the world by sales with an extensive distribution network and production facilities strategically located worldwide to support a streamlined manufacturing process not only for the Hyundai Motor Group, but also for its growing global client base",
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