Hyundai Motor Rejected Google's Investment... Drawing a Grand Plan for Robot Hegemony. / Exchange Rate... 'This Sector' Is Ready to Jump in Q3 | Director Lee Ju-yeon

Summary

Director Lee Ju-yeon explains that high exchange rates will boost Q2 earnings for Korean export sectors but sees momentum shifting to semiconductors and especially robots in Q3. The main story is Hyundai Motor's rejection of Google's investment in Boston Dynamics, which signals big tech interest and triggers a revaluation of Hyundai Motor Group and its robot parts suppliers, particularly in actuators, heat management, and MLCC capacitors.

• Q2 earnings expectations are rising for Korean export sectors that benefited from a strong high exchange rate: shipbuilding, defense, nuclear, and power equipment.
• Petrochemical stocks like Daehan Oil and Kumho Petrochemical are attractive for Q2 on post-war oil price stabilization and margin improvement.
• Korean semiconductors remain a sustained long-term hold with continuous earnings strength and Q3 momentum.
• In Q3, the exchange rate tailwind fades, but robots emerge as the only pure momentum sector alongside semiconductors.
• Hyundai Motor Group turned down Google's investment in Boston Dynamics to preserve dilution and capture higher future value after 2028 mass production.
• Securities firms are sharply upgrading Hyundai Motor Group target prices as the group transforms into a robot powerhouse.
• Korean robotics parts suppliers (actuator/thermal management and MLCC makers) will benefit from the robot mega-cycle, similar to semiconductor 소부장 in the AI cycle.