Hyundai Motor Stock Price Now Reflects Something Else | Song Sun-jae, Hana Securities Research Center Team Leader [Double Up]

Summary

Song Sun-jae discusses Hyundai Motor's transition from an auto stock to a robotics stock. He emphasizes that future price moves depend on humanoid robot milestones rather than auto fundamentals. Key catalysts include Tesla's Optimus Gen3 launch, Boston Dynamics production plans, and SoftBank's put option expiry. He advises long-term investors to hold Hyundai as a core robotics position despite near-term volatility.

• Hyundai Motor's valuation now reflects robotics expectations, not auto earnings.
• Auto fundamentals show limited earnings growth, making the PER expansion unjustified for a pure auto company.
• The humanoid robotics market is estimated at 1 quadrillion won, far larger than the auto market.
• Tesla's Optimus Gen3 launch (Jul/Aug 2025) is a key bellwether for the robotics sector.
• Boston Dynamics plans to open a production plant in Georgia in Q3 2025 and begin commercial testing.
• SoftBank has a put option on its Boston Dynamics stake expiring June 21, 2025; Hyundai has a subsequent call option.
• Song recommends holding Hyundai Motor for the long term as a robotics leader despite short-term volatility.
• Autonomous driving progress (SDB Face demo car) could provide additional re-rating later in 2025.