Fact Source: iM Securities Report (Published on July 6, 2026) Investment Rating & Target Price: BUY / KRW 2,000,000 Core Momentum: Initiation of next-generation product deliveries to North American tech firms and unique market dominance in AI accelerator components
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📊 1. [Valuation & Investment Indicator Analysis]
Key Investment Guidelines
- Investment Rating: BUY (Maintained)
- Target Price: KRW 2,000,000 (Upgraded)
- Closing Price (As of July 3, 2026): KRW 1,433,000
Annual Financial Facts & Forecast Key Metrics
- 2025: Revenue KRW 19,784 billion, Operating Profit KRW 1,063 billion, Net Profit (Controlling Interest) KRW 76 billion, ROE 5.0%, PER 220.3x, PBR 10.6x
- 2026 (E): Revenue KRW 24,177 billion, Operating Profit KRW 1,687 billion, Net Profit (Controlling Interest) KRW 392 billion, ROE 20.8%, PER 77.1x, PBR 13.7x
- 2027 (E): Revenue KRW 24,328 billion, Operating Profit KRW 2,301 billion, Net Profit (Controlling Interest) KRW 605 billion, ROE 23.0%, PER 49.9x, PBR 9.9x
- 2028 (E): Revenue KRW 26,543 billion, Operating Profit KRW 2,703 billion, Net Profit (Controlling Interest) KRW 738 billion, ROE 20.8%, PER 40.9x, PBR 7.5x
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🚀 2. [Market Opportunities (TAM) & Detailed Earnings Forecasts]
Quarterly & Annual Proprietary Business Performance Estimates
- 2Q26 Estimates (2Q26E): Proprietary business revenue is modeled at KRW 735.3 billion (+31.6% YoY, +4.7% QoQ), with an operating profit of KRW 205.1 billion (+44.4% YoY, +9.2% QoQ).
- Full-Year Proprietary Outlook: For the full year 2026, aggregate corporate-level proprietary revenue is projected to reach KRW 3,022.6 billion (+36.1% YoY), pushing operating profits to KRW 838.5 billion (+66.5% YoY).
Key Growth Pillars & Catalyst Vectors
- Electronic Business (BG) Product Shift: Backed by a high backlog across major enterprise infrastructure ecosystems, supply volume for AI accelerators and 800G items continues to move upwards. The shipment of next-generation components to North American strategic accounts started in June 2026, introducing upward migration in Average Selling Prices (ASP).
- Optical Module Revenue Influx: Driven by structural expansions in network architecture layouts, 1Q26 sales within the high-margin segment under the broader low-end line card solutions hit KRW 33.4 billion, surpassing the total annualized track recorded in the prior fiscal year.
- Domestic and Global Structural Expansion:
- To leverage compounding multi-layer Copper Clad Laminate (CCL) purchase intents, the group is setting up 2 new lines this year and an additional 2 next year, generating sequential 25% annualized capacity step-ups across its baseline Net Work Board (NWB) division.
- Deploying KRW 180.0 billion to build a overseas hub in the Araya industrial park, Thailand, encompassing a footprint capable of scaling up to 8 production lines. Initial deployment targets 2 operating lines scheduled to go online by 2H28, paving the way for phased long-term production scaling.
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📝 Editor’s Comment
- The analytical core of Doosan’s equity valuation is shifting rapidly away from a typical holding company framework driven by legacy subsidiary stakes, redirecting visibility toward the highly profitable proprietary engines housed in its Electronic Business (BG) unit. Operating as a crucial component vendor in the global hyperscale data center grid, the firm’s advanced CCL iterations are fundamentally tied to the computing architecture upgrades of international cloud giants. The distribution pipeline initiated in June to supply North American counterparties serves as a structural catalyst that expands underlying margins via product mix enhancements. As the enterprise builds out its decentralized geographic layout in Thailand and secures a highly expandable manufacturing terminal, the resulting long-term output scaling will continue to drive premium multiple expansion.
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📢 Disclaimer & Source
Source
This content has been restructured and newly generated based on the financial facts and data points from officially published securities research reports.
Investment Risk Warning
This information is provided for informational and educational purposes only. Under no circumstances does it constitute financial advice, or a solicitation or recommendation to buy or sell any specific securities. All investment decisions and subsequent financial liabilities rest entirely with the individual investor.
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