[Click eStock] "Vessel, Key Beneficiary in Autonomous Flight Personal Aircraft Development"

[Asia Economy Reporter Hyunseok Yoo] KTB Investment & Securities analyzed on the 2nd that Vesel is a key beneficiary stock in the development of autonomous personal aircraft. No investment opinion or target price was provided.

Vesel is a specialized manufacturer of inline systems and process equipment (Grinder, Oven, etc.) for OLED and LCD production, securing nine major Chinese panel companies as its main clients.

Jae-yoon Kim, a researcher at KTB Investment & Securities, said, "Vesel is participating in the government-led autonomous personal aircraft (OPPAV) national project together with KAI and Hyundai Motor," adding, "It is emerging as a key beneficiary stock in the upcoming UAM era by developing from two-seater light aircraft to unmanned aircraft (drone-type aircraft)."

He explained, "Vesel has expanded into the aviation business beyond its core display equipment business, and was selected as a developer for the light aircraft national project in 2013, successfully developing the KLA`100, a lightweight two-seater aircraft, as the first private company," and analyzed, "It is the only KOSDAQ company participating in the government-led autonomous personal aircraft (OPPAV) national project together with KAI and Hyundai Motor."

Hyundai Motor Group has established a UAM division and is preparing for the commercialization of PAV, a future air mobility. Additionally, it is accelerating its efforts to secure a leading position in the UAM market by forming a flying car investment fund worth 74.5 billion KRW in cooperation with the Korea Development Bank the day before. This is expected to benefit Vesel.

Researcher Kim stated, "Since Vesel is jointly conducting the autonomous personal aircraft national project consortium with Hyundai Motor, it is expected to be a core beneficiary of the UAM market growth," and explained, "Vesel Aerospace is understood to be preparing for an IPO with the goal of listing in 2023, following its own development roadmap from light aircraft to unmanned aircraft."