[Alpha Biz=(Chicago) Reporter Paul Lee] Hana Securities raised its target price by 3.7% from 270,000 won to 280,000 won on the 20th, while maintaining its investment opinion on Hyundai Mobis as "buying."
"We will raise the target price by reflecting the improvement of short-term gains and losses from the transfer of the hydrogen fuel cell business, the elimination of related uncertainties, and the ability to focus investment on electrification and electricization," Hana Securities explained.
Earlier, Hyundai Mobis decided to transfer manpower, assets, and facilities related to the domestic hydrogen fuel cell business to Hyundai Motor. Hyundai Mobis said the decision is aimed at integrating the capabilities of its hydrogen business at the Hyundai Motor Group level and focusing its capabilities on key businesses such as electrification and electronic components. The transfer date is May 31 this year and the total transfer value is 217.8 billion won.
"Hyundai Motor's flagship hydrogen fuel cell model, Nexo, has entered its seventh year since its launch in 2018, and Hyundai Motor's sales of hydrogen fuel cell vehicles have fallen from 1.05 million units in 2022 to 0.46 million units in 2023, and the gains and losses of Hyundai Mobis' hydrogen division have also been sluggish due to the falling operating rate," Hana Securities said.
Hana Securities added that short-term gains and losses will improve by about 40 billion won in 2024 and 60 billion won in 2025.
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