[Click eStock] "Uber Already Holds Multiple Robotaxi Partnerships... Growth Momentum Continues"

Hana Securities evaluated Uber Technologies on the 27th, stating that since it already holds numerous partnerships with robotaxi and autonomous driving companies, fundamental doubts about the company's value are limited, and strong growth momentum continues.

Uber operates in three areas, ranging from ride-sharing to food delivery and freight transportation. Among its revenue, 57% comes from the ride-sharing platform, followed by 31% from food delivery, and 12% from freight transportation. So far, most operating profits have been generated from the ride-sharing segment.

Andohyun, a researcher at Hana Securities, pointed out, "Uber's operating profit turned positive starting from the second quarter of last year, and since then, profitability has improved quarter by quarter, causing the stock price to rise sharply. However, after the third-quarter earnings announcement, the growth rate of transaction volume slowed compared to the second quarter, leading to a recent decline in the stock price following the earnings release." He continued, "Concerns about intensified competition due to the expansion of robotaxi operations may temporarily constrain the stock price, but it is expected that robotaxi services will not rapidly expand in urban areas in the near term. Moreover, since Uber already holds numerous partnerships with robotaxi and autonomous driving companies, the fundamental impact on corporate value is limited."

He added, "If both solid profitability and transaction volume growth are maintained at high levels, the possibility of further stock price decline is low. The current stock price is at a 12-month forward price-to-earnings ratio (PER) of 22 times, indicating sufficient room for growth. The recent stock price drop is a buying opportunity."

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