[Click e-Stock] "Hyundai AutoEver: From Robotics to Autonomous Driving Next Year... Target Price Maintained"

On December 4, Daishin Securities maintained a "Buy" investment opinion and a target price of 250,000 won for Hyundai AutoEver, stating, "Following the momentum from robotics in the first half of next year, there is a high possibility that autonomous driving will continue to drive growth in the second half."

On this day, Kim Gwiyeon, a researcher at Daishin Securities, commented, "Although the valuation premium is persisting, leading to inevitable short-term volatility, continued attention is necessary."

Hyundai AutoEver's stock price surged by nearly 40% after October 30, following a meeting between Hyundai Motor Group Chairman Chung Euisun, Samsung Electronics Chairman Lee Jae-yong, and Nvidia CEO Jensen Huang, which fueled expectations for AI factory and robotics. Kim noted, "After the meeting, the stock price soared due to anticipated benefits from data center investments and optimism surrounding robotics."

Market interest in Hyundai AutoEver centers on: ▲ its role and performance impact from Hyundai Motor Group's purchase of Nvidia GPUs; ▲ its role in the full-scale expansion of Boston Dynamics' robotics business; and ▲ its role in the advancement of software-defined vehicles (SDV).

Kim emphasized, "The key is Hyundai AutoEver's actual role and performance as Hyundai Motor Group expands into new businesses such as autonomous driving, robotics, and data centers. While it is true that specific business models are currently limited due to ongoing decision-making and changes within the group, considering the group's future business content and investment direction, attention should be paid to Hyundai AutoEver's capabilities rather than short-term business models."

Currently, Hyundai AutoEver possesses cloud and data center references for Hyundai Motor Group, smart factory technology, and vehicle controller (semiconductor) software technology, all based on its existing system integration (SI) and automotive software (SW) businesses.

Kim added, "The purchase of 50,000 Nvidia GPUs is not an area in which Hyundai AutoEver is directly involved. While various business models can be considered, nothing has been definitively decided at this point." He continued, "Ownership of AI, autonomous driving, and SDV strategies fundamentally belongs to the automaker. As the group's dedicated information technology (IT) affiliate, Hyundai AutoEver is fulfilling its role in line with the automaker's strategy and serves as the group's SI specialist in robotics and smart factory fields."