Hyundai WIA was up more than 4% early on the 3rd. With Hyundai Motor Group's investment in Saemangeum, North Jeolla, confirmed, buying appears to be gathering on expectations that it will benefit.
As of 10:23 a.m., Hyundai WIA was trading at 106,100 won on the Korea Exchange, up 4.74% (4,800 won) from the previous day. It rose to as high as 115,900 won intraday, setting a 52-week high.
On the 27th of last month, Hyundai Motor Group signed an investment memorandum of understanding (MOU) at the Gunsan Saemangeum Convention Center in Gunsan with the Ministry of Land, Infrastructure and Transport and other related ministries and North Jeolla Province to foster "Saemangeum's advanced robot and hydrogen industries and build a hydrogen AI city."
In a report, Yu Ji-ung, an analyst at Daol Investment & Securities, said, "With Hyundai Motor Group's Saemangeum investment announcement, momentum to expand the robot business is expected," adding, "The total investment size for this Saemangeum project amounts to 9 trillion won, including 5.8 trillion won for an artificial intelligence (AI) data center and 400 billion won for a robot manufacturing cluster."
Yu said, "Not only could Hyundai WIA's collaborative robots be deployed in large numbers on the robot production floor, but there is also the possibility that it will be used as a major new base for Hyundai WIA's robot products, which will be recognized as a new growth engine."