[Edaily Reporter PARK MIN ] On the 7th, IBK Investment & Securities issued a new “Buy” rating and a target price of 25,000 won for DK Tech Co., Ltd.(290550), noting that the company is expected to be a key beneficiary of the restructuring of the North American humanoid robot supply chain following U.S. regulations on robotics exports to China. This represents an upside potential of 48.8% compared to the previous trading day’s closing price of 16,800 won.

Kim Hye-bin, an analyst at IBK Investment & Securities, stated in a report published that day, “As the mass production of humanoids approaches, market interest in the supply chain is also increasing,” adding, “With dependence on China for key components still high and the U.S. trend of decoupling from China intensifying, a restructuring of the supply chains for North American humanoid manufacturers is inevitable.” She added, “DK Tech Co., Ltd. is expected to benefit significantly due to its non-Chinese supply chain and turnkey capabilities.”

DK Tech Co., Ltd. is a company specializing in the manufacture of flexible printed circuit assemblies (FPCA), which are modules consisting of electronic components mounted on flexible printed circuit boards (FPCB). Unlike typical substrate manufacturers that outsource assembly, the company has established a competitive advantage through vertical integration: it procures FPCBs from its parent company, BH(090460)—which holds the top market share (52%) in the domestic FPCB sector—and handles the entire process, including final module assembly, in-house. This is considered a key factor in shortening development lead times and improving yield rates during the early mass production phase, when design changes are frequent.

Synergies among affiliates in the humanoid robotics sector are also becoming evident. The robotic wireless charging module—designed by affiliate BH EVS and mass-produced by DK Tech Co., Ltd.—has seen over 2,000 units delivered as proof-of-concept (PoC) units to Boston Dynamics’ humanoid “Atlas” and HyundaiMotor Group Robotics Lab’s autonomous driving platform “MobED.” A decision on whether to transition to mass production in the fourth quarter is expected to be finalized.

In October, BH is scheduled to register with its North American humanoid client and deliver PoC units, and its production facility in Georgia is also set to begin operations, with related revenue expected to be recognized starting in the fourth quarter.

The company’s core OLED business will also begin full-scale expansion, focusing on large-area and high-value-added products. OLED FPCA, a cash cow accounting for approximately 60% of total revenue, will see its product lineup expand from tablet deliveries to North American customers in the third quarter of this year to include laptops by 2027. The automotive OLED division has secured an order backlog of 330 billion won over three years (2026–2028), and it is projected that related revenue will increase to 120 billion won in 2027, driven by the addition of a new North American automaker customer this November. IT and automotive FPCA products are expected to drive improvements in both average selling price (ASP) and margins, as they contain 8 to 10 times more components than mobile devices.

IBK Investment & Securities forecasts DK Tech Co., Ltd.’s 2026 annual revenue at 535 billion won and operating profit at 33.4 billion won—representing year-over-year increases of 25.7% and 54.7%, respectively. The firm anticipates the company will continue its steep earnings growth in 2027, with revenue reaching 722.1 billion won and operating profit hitting 55.5 billion won.

Analyst Kim Hye-bin stated, “The current stock price is at a 12-month forward price-to-earnings ratio (P/E) of 7.0x, which is in line with typical smartphone component manufacturers and therefore undervalued.” She added, “As visibility into the robotics business improves starting in the fourth quarter and collaboration with global humanoid robot companies gains momentum, we expect to see a full-scale re-rating of the company’s valuation.”