"What Is the Fair Value of Boston Dynamics at IPO?"

Yuanta Securities: "At Least 30 Trillion Won Expected Based on Last Paid-In Capital Increase"
Glovis Holds Highest Proportion of BD Stake Value Relative to Market Capitalization

Yuanta Securities announced on January 13 that it is maintaining a 'neutral' outlook on the automobile sector, stating that the potential for multiple expansion among a few companies to spread across the entire sector is limited. The firm emphasized that it is an important time to increase the relative weighting of stocks with strong investment appeal within the sector, and maintained Hyundai Motor and Hyundai Mobis as its 'top picks.'

Kim Yongmin, a researcher at Yuanta Securities, said, "The stock prices of companies within the Hyundai Motor Group surged significantly around the time of the world's largest IT and technology exhibition, the Consumer Electronics Show (CES 2026)," adding, "This reflected an attempt to incorporate the fair value of Boston Dynamics (BD)."

He continued, "Naturally, the key question has become how much fair value should be recognized for BD. However, rather than focusing on the scale, we should consider which company stands to benefit the most from this."

He further analyzed, "Given that the fair value at the time of the last paid-in capital increase was considered a benchmark for the initial public offering (IPO), BD's fair value after its IPO should be at least 30 trillion won. Since this is the fair value as an unlisted company, the upside potential at the time of the IPO is unlimited."

He also stated, "It is expected that BD shareholders who need cash the most could sell existing shares. The BD shares held by Hyundai Motor, Kia, and Mobis are consolidated under HMG Global, so there are no concerns about cash." Additionally, he noted, "If Chairman Chung Euisun sells his directly held shares, it could negatively impact investor sentiment. Hyundai Glovis is the only company that directly owns BD shares, and the proportion of BD share value relative to Glovis's market capitalization is also the highest."

Kim emphasized, "Assuming BD's IPO, it is an opportune time to restructure Hyundai Motor Group's governance. The IPO of BD could serve as the financial foundation for Chairman Chung Euisun." He predicted, "If the remaining SoftBank stake is acquired for more than 30 trillion won in June this year and the IPO process begins, BD's listing next year could become the starting point for governance restructuring."

Kim added, "If existing shares are sold through BD's IPO, securing inheritance tax for Honorary Chairman Chung Mongkoo's major group holdings becomes the primary prerequisite for governance restructuring. From a long-term perspective, this could be interpreted as the beginning of Hyundai Motor Group's governance reform." He projected, "While a Mobis-Hyundai Motor-Kia governance structure is envisioned, there may be a significant time gap between inheritance and governance restructuring."

He further analyzed, "Hyundai Mobis could be spotlighted as the main beneficiary after the governance restructuring and could see a short-term surge. The market has responded swiftly, but from Chairman Chung Euisun's perspective, the timing of governance restructuring can be postponed indefinitely." He added, "Resolving the circular shareholding structure is a recommended measure to eliminate the discount, but it is not an immediate obligation following inheritance."