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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, South Korea – October 23, 2025 – DS Investment & Securities raised its target price for Doosan Corp. from ₩930,000 to ₩1,000,000, maintaining a “Buy” rating, as it expects sustained momentum from the rising valuations of key subsidiaries, including Doosan Enerbility and Doosan Robotics, as well as a rebound in earnings from the fourth quarter onward.
Analyst Kim Soo-yeon explained that the new target reflects the higher equity value of Doosan’s major subsidiaries, adding that the valuation assumes Doosan Enerbility’s enterprise value will remain strong for an extended period.
While the company’s third-quarter results are expected to be somewhat soft, DS Investment forecasts that Doosan’s earnings growth will begin accelerating in Q4.
“The electronics business group (BG) will likely see a short-term slowdown, with both revenue and operating profit down around 10% quarter-on-quarter,” Kim said. “However, this has already been priced in, and from the fourth quarter, growth from GB300 production ramp-up will be reflected in the share price.”
For the fourth quarter, DS Investment projects ₩491 billion in revenue (+16.4% QoQ) and ₩142 billion in operating profit (+17.7% QoQ), noting that actual results could exceed ₩500 billion in sales.
Looking ahead to 2026, Kim expects Doosan’s sales to NVIDIA-related products to reach ₩1.08 trillion, up 54.3% year-on-year, driven by GB300 shipments in the first half and initial Rubin sales in the second half.
“The GDDR7-based Rubin CPX marks a completely new growth momentum for Doosan,” she said.
Kim also highlighted potential benefits from a pending amendment to the Commercial Act, which would mandate the cancellation of treasury shares.
“Of Doosan’s 17.9% treasury shareholding, 6% is expected to be retired by 2027, with the first cancellation anticipated in November,” she said. “The remaining 11.9% may also be considered for cancellation upon further legislative revisions.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
