[Click eStock] "Doosan, Selling Doosan Robotics Shares to Boost Value(?)... Target Price Up"

NH Investment & Securities on the 12th raised Doosan's target stock price from the previous 190,000 KRW to 240,000 KRW. This is based on the analysis that, along with the improved performance of its listed affiliates, the company can 'value up' by cashing out some shares of its subsidiary Doosan Robotics.

Analyst Kim Dong-yang of NH Investment & Securities stated, "Doosan has affiliates such as Doosan Enerbility, Doosan Fuel Cell, Doosan Bobcat, Doosan Tesna, and Doosan Robotics, and is seeking growth centered on next-generation energy, machinery, and semiconductor businesses," adding, "The stock prices of some listed affiliates have recently shown strong performance."

Analyst Kim added, "Among them, Doosan Robotics, in which Doosan holds a 68% stake, will soon be able to sell shares as the lock-up period ends," and "there is a possibility that Doosan will cash out some of its shares."

At the same time, he said, "We expect the presentation of future growth strategies that respond to the value-up program, improvement in capital efficiency, and strengthening of shareholder returns," and "Doosan's own electronics division is also expected to recover its performance thanks to attracting new customers."

He explained, "Reflecting the rise in stock prices of Doosan's listed subsidiaries and the possibility of partial disposal of subsidiary shares, the discount rate applied to the net asset value (NAV) was lowered from the previous 55% to 50%," and "by lowering the target discount rate, the target stock price was raised."

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