[Click eStock] "Doosan, Revaluation with Robotics Listing"… Target Price 190,000 Won

Daishin Securities on the 12th initiated coverage on Doosan with a 'Buy' rating and a target price of 190,000 KRW, anticipating a corporate revaluation triggered by the listing of Doosan Robotics.

Yang Ji-hwan, a researcher at Daishin Securities, stated, "We are resuming coverage with a target price of 190,000 KRW," and explained, "Doosan's net asset value (NAV) is 5.12 trillion KRW, considering the operating value of Doosan's standalone division at 829 billion KRW, equity value of 5.05 trillion KRW, and net debt of 760 billion KRW. For the equity value calculation, we applied the equity value of Doosan Robotics based on the lower end of the IPO price band, which values the company at 1.36 trillion KRW, and after listing, applied Doosan's 68.2% stake, resulting in 928 billion KRW."

It is expected that the listing of Doosan Robotics will initiate a corporate revaluation of Doosan. Doosan Robotics is the number one domestic and fourth largest global collaborative robot specialist company. The collaborative robot market is expected to grow at an average annual rate of approximately 35.1% until 2030, with the market size estimated at about 10 billion USD (approximately 13.285 trillion KRW) by 2030. Researcher Yang noted, "Doosan Robotics' average annual sales growth rate from 2018 to 2022 was 46.1%, significantly outperforming Denmark's Universal Robots (8.8%), Japan's FANUC (25.4%), and Taiwan's Techman (5.4%). It is projected to grow to about 760 billion KRW in sales by 2040." He added, "The IPO price was calculated by applying a 15% discount rate to the estimated net profit of 94.2 billion KRW in 2026, resulting in 57.7 billion KRW, then applying a target price-to-earnings ratio (PER) of 38.3 times, and finally discounting by 23.8% to 38.5%, indicating ample room for further upside." He further commented, "Considering the recent market capitalization trends of robot-related stocks, Doosan Robotics is highly likely to see a stock price increase after listing, which could lead to an upward revision of Doosan's target price."

The growth of the Electronics BG business and Doosan Tesna is another factor for revaluation. Researcher Yang said, "Performance improvement is expected to begin in the second half of the year due to increased demand for copper-clad laminates (CCL) for network boards and semiconductor package CCL in the Electronics BG division," and added, "Doosan Tesna is expected to achieve structural growth driven by the growth of the non-memory semiconductor market and expansion of facilities and factories."

This content was produced with the assistance of AI translation services.