KB Securities said on the 28th that Hyundai Glovis needs to reflect the 14 trillion won equity value of Boston Dynamics. It raised its target price to 360,000 won from 200,000 won while maintaining a "buy" rating. The previous trading day's closing price of Hyundai Glovis was 241,000 won.
KB Securities raised the target price by first reflecting the 11.3% equity in Boston Dynamics that Hyundai Glovis holds. The equity value is 14 trillion won, or about 190,000 won per share.
Kang Seong-jin, an analyst at KB Securities, said, "Hyundai Glovis is a key data supplier in Hyundai Motor Group's humanoid development and the most direct beneficiary." That is because in logistics, the initial commercialization field for humanoids, it can provide large-scale data essential for artificial intelligence (AI) training and can also serve as a demand source for Boston Dynamics robots.
If the adoption of humanoids by Hyundai Motor and Kia connects to the Autonomous Driving foundry business, Hyundai Glovis could see expanded structural growth potential in logistics and finished-vehicle ocean transport.
Kang said, "If Hyundai Motor Group's adoption of humanoids at the group level gains full steam, robot production capacity will expand fourfold from the current level," adding, "It could be a turning point that structurally grows both the scale and profitability of Hyundai Glovis' logistics business."
The share price impact from an unfavorable short-term profit environment appears limited. Kang said, "We judge that Hyundai Motor Group will prioritize shareholder support and understanding during the governance restructuring process, and the ongoing concurrent revaluation of listed Hyundai Motor Group affiliates is likely to ultimately intersect with governance changes at the group over the mid to long term."
He added, "In particular, Hyundai Glovis is Chair Chung Eui-sun's core asset and a direct shareholder of Boston Dynamics, so it will play an important role alongside Hyundai Mobis in the coming phase of governance changes."