"Samsung Electronics Seen Rising to 570,000 Won" Bold Forecast Despite Union Risks... Hyundai Motor Accelerates Physical AI to Leap from 'Leader' to 'Pioneer' [Stocktopia]

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[Financial News] Here is a roundup of major brokerage reports on the morning of May 20.
Samsung Electronics received a 570,000-won target price upgrade on the back of stronger earnings momentum from surging memory prices and a clear shareholder return policy, alongside a sharp increase in the average selling price of general-purpose DRAM in the second quarter and the spread of long-term agreements.
Hyundai Motor was viewed as likely to see a full-scale re-rating as its physical AI strategy in robotics and autonomous driving becomes more visible. Hanwha Aerospace is emerging as a key player in the future ground warfare market, benefiting from growth in the unmanned ground vehicle segment as militaries at home and abroad accelerate their shift toward automation.
\r\n\r\n◆Samsung Electronics (005930)― Korea Investment & Securities / Analyst Chae Min-suk
- Target price: 570,000 won (up 54% from 370,000 won) | Previous close: 275,500 won
- Investment opinion: Buy
Korea Investment & Securities sharply raised its target price for Samsung Electronics to 570,000 won, citing earnings momentum from surging memory prices and a clear shareholder return policy.
Analyst Chae Min-suk said, "As the 2026 ASP increase is led by general-purpose DRAM and NAND, Samsung Electronics, which has an edge in general-purpose memory production capacity, will likely see stronger earnings growth momentum than its peers." He added, "Samsung Electronics' operating margin in high-bandwidth memory is lower than that of general-purpose DRAM, but the company is expected to lift HBM operating margins as HBM ASP rises in 2027."
He also said that "even non-LTA customers are requesting extra allocations, as well as LTA customers," and predicted that as LTAs expand, Samsung Electronics will benefit more than its rivals thanks to its capacity advantage.
Chae noted that this year is the final year of the three-year shareholder return policy. "Given record free cash flow from expanding profits, shareholder returns are likely to increase," he said. "In addition to earnings momentum, the clear shareholder return policy is expected to drive the stock higher."※ ASP (Average Selling Price)This is a key profitability indicator showing the average price at which a product is sold. It is calculated by dividing revenue by sales volume. In industries with large price swings, such as memory semiconductors, the rate of increase in ASP is one of the most important variables in earnings estimates.※ LTA (Long-Term Agreement)This is a contract in which a supplier and a buyer agree in advance to trade a set volume over a long period, such as one to three years, at a prearranged price. It is widely used in sectors with high price volatility and a need for stable supply, such as the memory industry, where it provides revenue visibility for suppliers and stable procurement for buyers.
\r\n\r\n◆Hyundai Motor Company (005380)― HYUNDAI MOTOR SECURITIES CO., LTD. / Researcher Jang Moon-soo
- Target price: 950,000 won (up 43.9% from 660,000 won) | Previous close: 604,000 won
- Investment opinion: Buy
HYUNDAI MOTOR SECURITIES CO., LTD. sharply raised its target price for Hyundai Motor Company to 950,000 won, saying that as results from physical AI become more visible, including the concrete development of its robotics business and advances in autonomous driving technology, the stock is expected to be re-rated from a leader to a pioneer.
Researcher Jang Moon-soo said, "Hyundai Motor Group is one of the few legacy OEMs capable of responding to the vertical integration, hyper-localization, and tech-company transformation of Chinese OEMs." He added, "The more convincingly the company pushes ahead with its physical AI strategy in a timely, visible, and efficient way, the more likely it is to earn a re-rating from a leader to a pioneer."※ Leader vs. Pioneer"Leader" is a quantitative term referring to the top group in market share. By contrast, "pioneer" is a qualitative term for a company that defines a new market paradigm and leads its direction. In the auto industry, a company like Hyundai Motor Company, which ranks near the top in sales, would be considered a leader, while a company like Tesla that opened up a new market in electric vehicles and autonomous driving would be considered a pioneer.※ Physical AIThis refers to AI that perceives and acts in the physical world. It includes fields such as autonomous vehicles, humanoid robots, and drones that move and perform tasks directly in real-world spaces, and it is regarded as the next AI paradigm after text-based generative AI such as ChatGPT.※ Legacy OEMThis refers to established automakers with a long history and mass-production systems. Toyota Motor Corporation, Hyundai Motor Company, Volkswagen, and General Motors (GM) are representative examples. The term is used to distinguish them from new EV makers such as Tesla and emerging Chinese companies such as BYD.
\r\n\r\n◆Hanwha Aerospace (012450)― iM Securities / Researcher Byun Yong-jin
- Target price: 1.83 million won (up 8.9% from 1.68 million won) | Previous close: 1.286 million won
- Investment opinion: Not provided
iM Securities described Hanwha Aerospace as "a company leading future ground warfare" and set a target price of 1.83 million won after it closed up 4.81% on the 19th, the only stock among the top 10 by market capitalization to rise on a day when the KOSPI plunged.
Researcher Byun Yong-jin said, "Hanwha Aerospace's UGV, Arion Smet, became the first defense company in South Korea to successfully complete a foreign comparative performance test for the U.S. Department of Defense." He added that this "proved its global competitiveness in unmanned systems technology."
He also said, "Based on its competitiveness in ground weapons, Hanwha Aerospace is emerging as a key player in the future ground warfare market." He added, "In particular, as the shift toward unmanned systems accelerates among militaries at home and abroad, growth benefits in the UGV segment are expected to begin in earnest." The analysis suggests that Hanwha Aerospace is emerging as the biggest beneficiary as the battlefield of the future shifts toward drones, robots, and unmanned vehicles fighting in place of people.※ UGV (Unmanned Ground Vehicle)This is an unmanned vehicle that operates on the ground remotely or autonomously without a human onboard. It carries out reconnaissance, logistics transport, and combat support on the battlefield. It is emerging as a core weapon system for next-generation ground warfare because it can reduce troop casualties and take on dangerous missions.
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sms@fnnews.com Sung Min-seo Reporter