Yuanta Securities on the 16th raised its target price for Hyundai Mobis (KRX: 012330) from 560,000 won to 870,000 won, a 55.4% uplift, while maintaining a BUY recommendation. Based on the current share price of 640,000 won (as of 15th June), the implied upside is 36%.

Boston Dynamics as the Reframing Thesis

Yuanta Securities has repositioned Hyundai Mobis as a key component supplier for Boston Dynamics (BD) humanoid robots. Whereas Hyundai Motor and Kia are customers of BD, Hyundai Mobis occupies a distinct structural role: supplying critical hardware — including actuators and robot modules — directly to BD.

The report argues that Hyundai Mobis's role extends well beyond that of a conventional parts supplier. The firm could evolve into a "tier-one hardware platform supplier" for the humanoid industry. Drawing on its mass-production experience supplying components for BD's Atlas robot, Hyundai Mobis could expand its customer base beyond affiliated group companies. Should it secure orders from non-captive clients, the report contends, its addressable market would broaden to encompass the entire global humanoid robotics sector.

Valuation: BD Business Value Added for the First Time

The revised target price incorporates a newly assigned valuation for BD-related business activities. Key assumptions are as follows:

Component | Valuation Basis | Assessed Value

BD equity stake | Projected BD market cap of 50 trillion won × 11% stake × 50% discount | 2.813 trillion won

Robot parts business (BD-facing) | 2028 forecast basis | 1.125 trillion won

After-sales (AS) division | Target P/E multiple raised from 12× to 15× | Revised upward

Catalysts for Re-rating

Yuanta identifies three near-term triggers for further share price appreciation:

- SoftBank exercising its BD put option in June–July - Expansion of BD captive volumes via third-party equity investment at a potential rights offering in the second half of the year - Component orders from non-affiliated robotics firms beyond BD

Earnings Outlook

For the second quarter of 2026, Yuanta forecasts revenue of 17.305 trillion won (up 8.6% year-on-year) and operating profit of 995 billion won (up 14.4% year-on-year), beating consensus estimates by 3.4% and 8.9% respectively.

On a full-year basis, 2026 revenue is projected at 66.527 trillion won, with operating profit of 3.868 trillion won.