Source Fact: IBK Investment & Securities / Published on June 29, 2026
Investment Opinion & Target Price: BUY / 2,200,000 KRW (Raised)
Key Momentum: Full-scale supply of High-End value-added CCL and margin expansion within the Electronic BG division, driven by sustained investment in AI infrastructure
📊 1. [Section Title: Valuation Indicators and Investment Metrics Analysis]
- Target Price & Valuation Adjustment: The target price has been upwardly adjusted to 2,200,000 KRW while maintaining a BUY rating. This reflects the strong earnings recovery in the Electronic BG (Business Group) division and the rising value of global artificial intelligence assets.
- Annual Earnings Forecast (2026E): For the full year of 2026, consolidated annual revenue is projected to reach 21,511 billion KRW (+8.7% YoY), and operating profit is forecast at 1,630 billion KRW (+53.3% YoY).
- Data-Driven Profitability Metrics: The estimated Return on Equity (ROE) for 2026 is 10.5%, showing a massive improvement from the previous year (5.0%). The Price-to-Earnings (P/E) ratio is expected to sit at 153.3x, and the Price-to-Book (P/B) ratio at 18.3x.
- Key Risks & Uncertainties: While some market uncertainty persists due to delays in the final decision-making regarding the acquisition of SK Siltron, this is well-compensated by the attractive valuation discount of the core Electronic BG division compared to its peers.
🚀 2. [Section Title: Total Addressable Market (TAM) & Detailed Earnings Forecasts]
- 2Q26 Quarterly Earnings Preview: For the second quarter of 2026, consolidated revenue is estimated at 5.491 trillion KRW (+2.7% YoY), and operating profit is projected at 393.7 billion KRW (+10.0% YoY, OPM 7.2%), showcasing solid quarterly performance.
- Booming Electronic BG Division: In 2Q26, the Electronic BG division alone is estimated to generate 671.4 billion KRW in revenue (+41.0% YoY) and 201.0 billion KRW in operating profit (+47.6% YoY), achieving a highly profitable Operating Profit Margin (OPM) of 29.9%.
- Market Dominance in High-End CCL: The revenue share of High-End Copper Clad Laminate (CCL)—a core material used in 800G network equipment and AI accelerators—is expected to maintain around 60% within the network segment, serving as the main growth driver.
- Price Pass-Through Capabilities & Supply Timeline: Initial mass-production shipments to a core global client commenced in June. Successful price pass-through for certain items has been completed in response to raw material price volatility, supporting a high margin structure.
- Capacity (CAPA) Expansion: To meet the surging demand for high-value-added products, facility expansion is ongoing. Additional new production lines are scheduled to sequentially go online around the fourth quarter of this year and the third quarter of next year.
📝 Editor’s Comment (by K-STOCK Editor)
The most critical takeaway from Doosan’s current earnings estimate is not its mere value as a holding company, but the exclusive positioning of its Electronic BG division within the high-value supply chain. In an expanding 800G network and ultra-high-performance AI accelerator market, the manufacturing capability to extract massive margins (an estimated 29.9% OPM) demonstrates a rock-solid barrier to entry. Although governance noise surrounding the delayed SK Siltron acquisition poses short-term friction, the division’s pricing power and expansion pace indicate that its second-half fundamental momentum is set to decouple from competitors.
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