Samsung Securities analyzed on the 12th that the surge in LIG Nex1's stock price the previous day cannot be simply dismissed as irrational overheating.
Han Young-su, a researcher at Samsung Securities, said, "LIG Nex1's stock price reached the upper limit due to the news of acquiring the US robotics company Ghost Robotics (GRC), achieving the existing target price."
He continued, "The acquisition of the US robotics company is not an excessive investment compared to the company's financial strength" and "it is a field that can seek synergy with existing industries."
He added, "Considering that domestic robotics companies have very high valuations, a positive impact on the stock price was expected" and "the stock price the previous day reflected the related effects faster than expected."
Researcher Han analyzed, "Most information including governance and profit and loss of GRC remains undisclosed," and "it is difficult to analyze the impact on LIG Nex1's consolidated accounting." He also emphasized, "Although approval within the US is required for the acquisition, it is hard to simply attribute the stock price surge to irrational overheating."
He said, "It is necessary to consider the high valuation investors assign to the Korean robotics industry," and "for reference, Doosan Robotics has not yet reached its break-even point but is recognized with a market capitalization equivalent to 50 times its expected sales next year."
Researcher Han stated, "Considering GRC's technological capabilities in quadruped robots and actual delivery records to the US military, the stock price surge the previous day is not inexplicable," and "there is also buying demand for LIG Nex1 from investors who missed the early robotics theme."
He explained, "Regardless of the robotics business, the target price is raised to 150,000 won," adding, "This reflects momentum in the existing defense sector and the resulting reduction in discount, as well as the effect of moving the valuation base year to 2024."
He added, "They are promoting a large export project with Saudi Arabia," and "export orders will help ease valuation discounts."
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