Mirae Asset Securities said on the 12th that Hyundai GLOVIS is likely to see a faster pace of earnings improvement as cost structure improvements are joined by a spotlight on the value of its equity in Boston Dynamics (BD). It maintained its investment opinion of Buy and raised its target price to 290,000 won from 210,000 won. Hyundai GLOVIS closed the previous trading day at 226,500 won.
Ryu Je-hyun, a Mirae Asset Securities researcher, analyzed, "If the recent share price rise was the process of resolving a discount, going forward, rapid cost declines and the highlighted value of BD equity are expected to allow for a premium."
Mirae Asset Securities forecast Hyundai GLOVIS' fourth-quarter 2025 revenue at 7.5593 trillion won and operating profit at 531.7 billion won. That would be up 3.7% and 15.7%, respectively, from a year earlier.
By segment, it expected revenue in the distribution segment to rise 4.9% on-year on exchange-rate effects. It projected the shipping segment to increase 1.9% as production disruptions at Chinese OEMs recover. However, it projected the logistics segment's revenue growth rate to be relatively low at 3.2% due to weakness in the forwarding segment.
It expected full-year operating profit to come in at 2.2404 trillion won. That is 11.6% higher than the previous estimate.
Ryu said, "In addition to the planned introduction of long-term charters increasing from the original six vessels to as many as seven, the removal of tariff uncertainty is expected to sustain strong automobile export volumes," adding, "Accordingly, margin improvement in the shipping segment is anticipated."
It also assessed that if the strong-dollar trend continues, the exchange-rate effect is likely to persist through the first half of 2026, which would be positive for earnings.
In tandem with improving earnings, it projected that market expectations for the value of BD equity (11.25% stake) held by Hyundai GLOVIS will also expand. Ryu said, "Considering BD's production plan to manufacture 30,000 units by 2028, the equity value could be set at more than 3 trillion won even under a conservative assessment."