Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The introduction of the next-generation Atlas robot at CES 2026 has been a huge success for Boston Dynamics/Hyundai Motor Group companies.</li>
<li>HMG aims to achieve mass production capacity of 30,000 Atlas units annually by 2028, signaling a transition from prototypes to volume-manufactured humanoid robots.</li>
<li>If Boston Dynamics/Hyundai Motor Group companies are able to successfully produce these robots, many investors could attach higher valuation multiples on Hyundai Motor.</li>
</ul>


The introduction of the next-generation Atlas robot at CES 2026 has been a huge success for Boston Dynamics/Hyundai Motor Group companies.
HMG aims to achieve mass production capacity of 30,000 Atlas units annually by 2028, signaling a transition from prototypes to volume-manufactured humanoid robots.
If Boston Dynamics/Hyundai Motor Group companies are able to successfully produce these robots, many investors could attach higher valuation multiples on Hyundai Motor.


Boston Dynamics' Next-Gen Atlas Robot Boosts Higher Valuation for Hyundai Motor Group Companies

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.</li>
<li>With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.</li>
<li>Nine first-tier names (25–40% payout, &lt;10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.</li>
</ul>


Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.
With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.
Nine first-tier names (25–40% payout, &lt;10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.


Local Desks Target Year-End Dividend Boost Trading Setup

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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<ul><li>Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tn</li><li>For 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM partnership, and (4) BD (robotics) mass-production strategy </li><li>Less about 2H25 performance; more about how the recovery builds into 1H26</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tnFor 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM partnership, and (4) BD (robotics) mass-production strategy Less about 2H25 performance; more about how the recovery builds into 1H26Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Motor Company (005380 Oct 31, 2025) - Stronger from the Setback

<ul>
<li>HMC buyback ~₩0.8–1.0tn (~1.5% SO). Street focus is ord/pref split, with prefs at ~25% discount. Mgmt urgency: lift equity value as K‑market rallies.</li>
<li>Narrowing the pref gap seen as the cleanest lever—shareholder‑friendly signal, draws real money/offshore flows, de‑risks policy optics—so locals expect the first buyback leg skewed to prefs.</li>
<li>Street sees HMC aiming mid‑teens pref discount via year‑end pref‑heavy buyback and dividend tax reform. Catalysts make narrowing trend look achievable.</li>
</ul>


HMC buyback ~₩0.8–1.0tn (~1.5% SO). Street focus is ord/pref split, with prefs at ~25% discount. Mgmt urgency: lift equity value as K‑market rallies.
Narrowing the pref gap seen as the cleanest lever—shareholder‑friendly signal, draws real money/offshore flows, de‑risks policy optics—so locals expect the first buyback leg skewed to prefs.
Street sees HMC aiming mid‑teens pref discount via year‑end pref‑heavy buyback and dividend tax reform. Catalysts make narrowing trend look achievable.


Running Through the Context Behind Chatter of HMC Rolling Out a Pref‑tilted First‑leg Buyback

<ul>
<li>Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai Motor and Kia Corp.</li>
<li>Sanae Takaichi is a firm advocate of the late Prime Minister Shinzo Abe's "Abenomics" strategy to boost the economy with aggressive spending and easing monetary policy.</li>
<li>The weakening JPY combined with existing tariff rate advantage versus the South Korea could further positively impact the Japanese auto makers versus the Korean auto makers. </li>
</ul>


Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai Motor and Kia Corp.
Sanae Takaichi is a firm advocate of the late Prime Minister Shinzo Abe's "Abenomics" strategy to boost the economy with aggressive spending and easing monetary policy.
The weakening JPY combined with existing tariff rate advantage versus the South Korea could further positively impact the Japanese auto makers versus the Korean auto makers. 


Sanae Takaichi To Become Prime Minister of Japan - Negative Impact on Korean Auto Makers

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005380 KS)

Boston Dynamics' Next-Gen Atlas Robot Boosts Higher Valuation for Hyundai Motor Group Companies

The introduction of the next-generation Atlas robot at CES 2026 has been a huge success for Boston Dynamics/Hyundai Motor Group companies.

Douglas Kim

Local Desks Target Year-End Dividend Boost Trading Setup

Local desks in Korea are zeroing in on a trading setup targeting dividend boosts from now through early next year, ahead of AGMs.

Sanghyun Park

Hyundai Motor Company (005380 Oct 31, 2025) - Stronger from the Setback

Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tnFor 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM...

Daishin Securities

Running Through the Context Behind Chatter of HMC Rolling Out a Pref‑tilted First‑leg Buyback

This post runs through the setup fueling street talk of Hyundai Motor rolling out a pref‑heavy first‑leg buyback by year‑end.

Sanghyun Park

Sanae Takaichi To Become Prime Minister of Japan - Negative Impact on Korean Auto Makers

Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai...

Douglas Kim

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