SK Innovation Forecast to Post Record Operating Profit This Year on High Oil Prices... Hyundai Mobis Seen as Major Beneficiary of Group's Physical AI Shift, Target Price Raised 50% [Stocktopia]

[Financial News] Here is a roundup of major brokerage reports on the morning of May 22.
SK Innovation is expected to post record operating profit this year, supported by a boom in the refining industry sparked by the Iran War and the effect of its LNG power generation business.
Hyundai Mobis was named the biggest beneficiary of Hyundai Motor Group's shift to Physical AI, thanks to its supply of autonomous-driving components and core humanoid parts. Korean Air was also viewed favorably, with analysts saying passenger demand has not disappeared but merely been delayed, and that earnings should rebound from next year as the Asiana Airlines merger adds synergy.
◆SK Innovation (096770)— Yuanta Securities Korea / Researcher Hwang Gyu-won
- Target price: 190,000 won (up 11.8% from 170,000 won) | Previous close: 118,800 won
- Investment rating: Buy (maintained)
Yuanta Securities Korea raised its target price for SK Innovation to 190,000 won, saying the company is expected to deliver record results this year on the back of strong refining conditions driven by the Iran War and the high-margin LNG power generation business.
Researcher Hwang Gyu-won said, "As the super-boom phase in the refining sector continues due to the impact of the Iran War, the value of the LNG power generation business absorbed at the end of last year is coming into focus, and an increase in corporate value is expected in the second half."
He forecast that operating profit this year will surge more than tenfold from 500 billion won last year to 5.4 trillion won, setting a new all-time high.
Hwang also analyzed that international oil prices are unlikely to fall below $100 per barrel because of supply disruptions caused by a blockade of the Strait of Hormuz, and that the shortage of refining capacity could continue until mid-2027.
◆Hyundai Mobis (012330)— NH Investment & Securities / Researcher Ha Neul
- Target price: 870,000 won (up 50% from 580,000 won) | Previous close: 670,000 won
- Investment rating: Buy (maintained)
NH Investment & Securities sharply raised its target price for Hyundai Mobis to 870,000 won, calling it the biggest beneficiary of Hyundai Motor Group's transition to Physical AI.
Researcher Ha Neul said, "Hyundai Mobis supplies not only the sensors installed in autonomous vehicles, but also the integrated controllers that process the vast amounts of data collected there and act as the brain that controls the vehicle." He added that rising adoption of autonomous-driving systems will drive structural growth in sales and improve margins.
Ha also said the company plans to supply all of the actuators, which account for about 40% to 45% of humanoid manufacturing costs. In addition to the value of its stake in group robotics affiliate Boston Dynamics, he expects direct benefits from mass production of humanoids. He said actuator sales are expected to begin in earnest next year, following the launch of a pilot line this year.※ActuatorA component that receives electrical signals and creates actual movement, it is the robot's "joints and muscles." It handles all movements that allow a humanoid to bend its arms and legs and walk, making it one of the most important parts and the largest cost item in manufacturing.
◆Korean Air (003490)— NH Investment & Securities / Researcher Yeon Seung Jung
- Target price: 34,000 won (up 17.2% from 29,000 won) | Previous close: 26,450 won
- Investment rating: Buy (maintained)
NH Investment & Securities raised its target price for Korean Air to 34,000 won, saying earnings should begin to recover in earnest from next year as passenger demand rebounds and the Asiana Airlines merger takes effect.
Researcher Yeon Seung Jung said, "The drop in passenger demand caused by the recent spike in fuel costs does not mean demand has disappeared; it has only been pushed back." He added, "Once fuel surcharges come down, bookings will rise quickly."
He also forecast that the benefits from route rationalization, increased transfer demand, and lower fixed costs from in-house maintenance will be fully reflected in earnings from 2027.

sms@fnnews.com Sung Min-seo Reporter