iM Securities projected on the 19th that if Hyundai Motor Group lists its robotics subsidiary Boston Dynamics, it could expedite product mass production to achieve a higher corporate value.
The reason there is a high possibility of listing Boston Dynamics in the market is related to the governance structure. To maintain control while breaking the circular shareholding structure, Chung Eui-sun, chairman of Hyundai Motor Group, needs to increase his equity.
A researcher from iM Securities, Lee Sang-soo, noted, “Currently, the governance structure of Hyundai Motor Group is based on a circular shareholding structure centered on Hyundai Mobis, and to restructure this governance, Chairman Chung needs to expand his equity in Hyundai Mobis.” He added, “A realistic method to secure the cash being discussed at 6 trillion won to 8 trillion won is for Chairman Chung to sell around 20% equity that he has after the listing of Boston Dynamics.”
The key is how to evaluate the value of Boston Dynamics. During the paid-in capital increase conducted last year, the corporate value of Boston Dynamics was estimated to be between 2 trillion won and 3 trillion won. However, this researcher explained that interest in the humanoid industry has increased this year, which could drive up corporate value.
The North American humanoid company Figure AI was reported to have a corporate value of $39.5 billion (approximately 57 trillion won) during a funding process conducted in February of this year. This is 15 times compared to two years ago. The researcher stated, “The more Hyundai Motor Group maximizes the corporate value of Boston Dynamics, the higher the equity value held by its affiliates becomes, and governance restructuring can be accomplished more easily,” adding, “They will likely use the current corporate value of Figure AI as a benchmark.”
The issue is that corporate values of other humanoid companies, like UBITEC and Unitree Robotics, are relatively low. The researcher said, “Hyundai Motor Group can expedite the product mass production originally targeted for after 2026 to enhance the corporate value of Boston Dynamics,” adding, “This implies catching up with leading companies but can ultimately serve as a basis for narrowing the corporate value gap between Figure AI and Boston Dynamics.”
The listing of Boston Dynamics is expected to impact the domestic robotics industry. The researcher advised selecting companies that are closely related to the product mass production of Boston Dynamics. Actuator partner companies, which need to find partners due to labor intensity and other factors, are representative examples. He stated, “Boston Dynamics is likely in the process of selecting actuator companies for mass production of its products,” adding, “In this process, attention should be paid to whether major actuator module suppliers in Korea, such as ROBOTIS, HIGEN RNM, and SAMHYUN, are selected.”
The corporate value of Rainbow Robotics, which is a subsidiary of Samsung Electronics, is also likely to be influenced by how Boston Dynamics is evaluated in the market.
The researcher mentioned, “After Samsung Electronics acquired Rainbow Robotics, there has been no specific mention regarding new humanoid reveal or business direction contrary to market expectations,” adding, “With the listing of Boston Dynamics, Rainbow Robotics is also expected to unveil a new humanoid within this year and clarify the synergy with Samsung Electronics.”