"Hyundai Motor's Robot Value to Be Fully Reflected... Earnings to Rebound in the Second Half" - IBK Securities

[Financial News] Hyundai Motor's core business performance is expected to enter a rebound phase in the second half of the year, while the company's valuation from its humanoid robot business is set to be reflected more fully, according to an analysis.
On the 26th, IBK Securities said Hyundai Motor is building an end-to-end industrial platform that combines Boston Dynamics' technology, the manufacturing site at Hyundai Motor Group Metaplant America (HMGMA), Hyundai Mobis' core components, and Hyundai Glovis' logistics capabilities. It added that the company is one of the firms with the highest potential to commercialize physical AI, as it has secured both manufacturing sites and a production base outside China.
The restructuring of the U.S. robot supply chain was also cited as a favorable factor. Lee Seung-hoon, a researcher at IBK Securities, said that the bipartisan GUARD Act introduced by the U.S. House China Select Committee and tighter regulations from the Federal Communications Commission (FCC) are expected to reshape the U.S. humanoid market around companies that can exclude Chinese products and produce locally. He added that through the planned Robotics America, the group aims to expand sales not only to internal demand but also to other original equipment manufacturers (OEMs).
The roadmap for robot mass production is also becoming more concrete, the report said. After the Robot Metaplant Application Center (RMAC) begins operation in August 2026, the company plans to collect, train, verify, and simulate data based on real work environments. It will then move through a pilot phase in 2027 and introduce Atlas starting in 2028. Boston Dynamics is projected to generate combined sales of 1.0876 trillion won by 2030.
Annual sales in 2026 are forecast to rise 3.9% from the previous year to 193.44 trillion won, while operating profit is expected to fall 1.0% to 11.358 trillion won. By segment, automotive sales are projected at 148.635 trillion won, up 2.5%; finance at 33.75 trillion won, up 11.4%; and other businesses at 11.055 trillion won, up 1.3%. Operating profit in the third and fourth quarters is expected to reach 3.117 trillion won, up 22.8% from a year earlier and slightly above the consensus estimate of 3.114 trillion won.
[email protected] Kim Dong-chan Reporter