[Click eStock] "Doosan Fuel Cell: Higher Likelihood of Entering U.S. Data Center Market"

Target Price Raised to 42,000 Won

On January 29, SK Securities maintained its "Buy" investment rating for Doosan Fuel Cell and raised its target price to 42,000 won. This figure is based on a projected 2027 sales per share (SPS) of 8,576 won and a target price-to-sales ratio (PSR) of 4.9 times.

Naminsik, a researcher at SK Securities, stated, "Although there is a gap between performance and share price, we are raising the target price as we believe the momentum for a share price increase is strong due to the high likelihood of entering the U.S. data center market."

He projected that Doosan Fuel Cell's fourth-quarter results last year would fall short of consensus estimates. The consensus figures are 150 billion won in revenue and an operating loss of 22 billion won, while his estimates are 146 billion won in revenue and an operating loss of 26 billion won. As for the reasons behind the short-term underperformance, Naminsik cited the following: ▲ delays in domestic fuel cell project deliveries, and ▲ increased costs due to depreciation expenses recognized at the Gunsan SOFC plant. However, he noted that the delayed volume is not a contract cancellation and is expected to be recognized as revenue this year.

He predicted that the Trump administration's announcement of an emergency power auction would be a positive development for companies such as Doosan Fuel Cell. He explained, "With the 2026 midterm elections approaching, the announcement of this initiative comes as rising electricity rates become a key policy issue," adding, "The main point is that the generators and infrastructure required for artificial intelligence (AI) data centers will be funded by big tech companies." He continued, "Timely supply is emerging as the most important factor in the U.S. generator market, and we believe there will be opportunities for domestic generator companies to enter the U.S. market." He also stated that the likelihood of Doosan Fuel Cell's PAFC penetrating the data center market has increased through Hyaxiom.

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