Hyundai Motor (005380 KS) (Buy) - HMG could secure 100% of Boston Dynamics

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Hyundai Motor (005380 KS) (Buy) - HMG could secure 100% of Boston Dynamics

Global Markets Research

Hyundai Motor 005380.KS 005380 KS 22 June 2026

EQUITY: AUTOS & AUTO PARTS

RatingHMG could secure 100% of Boston Dynamics Remains Buy

Target price

Increased fromAcceleration of the physical AI era KRW 670,000 KRW 640,000

Action: Raise TP to reflect a potential increase in stake in Boston Dynamics Closing22 June price2026 KRW 581,000

We maintain a Buy rating and raise our TP by 5% to KRW670,000 on HMC. We have

revised up the value of HMC’s holding in Boston Dynamics (BD; unlisted) from KRW19tn Implied upside +15.3%

to KRW26tn (with a 30% holdco discount applied), assuming Hyundai Motor Group

(HMG) exercises a call option to buy a 9.65% stake from SoftBank (9434 JP, Buy), Market Cap (USD mn) 77,355.1

thereby increasing HMC’s effective ownership in BD to 31%. Our revised valuation also ADT (USD mn) 646.1

reflects our updated assumption that BD’s revenue from software (including maintenance

and RaaS) will grow to 50% of hardware value, yielding an overall fair value of KRW120tn Relative performance chart

for BD. We believe our enhanced tech option value fully captures HMC’s structural re-

rating potential. A key downside risk to our TP is the potential for a delayed update or

execution of BD’s commercialization plan relative to aggressive competitors like Tesla’s

(TSLA US, Not rated) Optimus.

HMG to acquire 9.65% stake in Boston Dynamics from SoftBank; HMC’s effective

ownership in BD to rise by 3pp to 31%

Local press reported (link) that SoftBank could exercise its put option for its remaining

9.65% stake in BD for USD325mn (c.KRW500bn), prompting HMG to exercise its call

option to clear the residual shares and turn BD into a 100% wholly-owned subsidiary. If