[Click eStock] "Doosan Fuel Cell, Beneficiary of Hydrogen Market Activation"

DS Investment "Doosan Fuel Cell Target Price Newly Set at 62,500 Won"
Expected to Maintain Leadership in the Global Fuel Cell Market

[Asia Economy Reporter Gong Byung-sun] DS Investment & Securities announced on the 25th that Doosan Fuel Cell is expected to grow in line with the government’s hydrogen economy plan, and newly presented a buy investment opinion and a target price of 62,500 KRW. Internationally, the trend of preferring eco-friendly batteries is also analyzed as a positive factor for Doosan Fuel Cell.

Doosan Fuel Cell is expected to grow due to the government’s introduction of the Hydrogen Power Obligation System (HPS). The government revised the Hydrogen Act this year and plans to implement HPS from next year. Accordingly, orders for fuel cells for power generation responding to the introduction of HPS are expected from the third quarter. Seunghoe Kim, a researcher at DS Investment & Securities, said, “Considering the government’s target of installing 8 gigawatts (GW) of fuel cells for power generation domestically, next year’s performance is expected to be sales of 1.3422 trillion KRW and operating profit of 135.7 billion KRW,” adding, “Performance visibility will increase according to the implementation of government policies.”

The international trend is also favorable for Doosan Fuel Cell. The International Maritime Organization (IMO) announced IMO2050, which aims to reduce greenhouse gas emissions from ships by 50% or less compared to 2008 by 2050. Existing fossil fuels cannot achieve the greenhouse gas reduction targets set by the IMO. Accordingly, interest in ordering eco-friendly ships from shipping companies is increasing. Researcher Kim explained, “Among various candidates, hydrogen fuel cells are the most prominent,” and added, “Doosan Fuel Cell is aiming to enter the ship-use solid oxide fuel cell (SOFC) market through cooperation with major domestic shipyards.”

Therefore, there is a forecast that Doosan Fuel Cell will continue to maintain its position as a global leader in the fuel cell market. Researcher Kim said, “Unlike overseas competitors who have not been able to avoid deficits, Doosan Fuel Cell is generating stable profits through the production of fuel cells for power generation and long-term service agreements (LTSA),” and added, “Considering that it can respond to all technologies including phosphoric acid fuel cells (PAFC), SOFC, and proton exchange membrane fuel cells (PEMFC), it will be the biggest beneficiary of the hydrogen market activation.”

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