[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 resulting from U.S. regulations on robot 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 growing,” 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 companies 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, DKT 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, from FPCB procurement to 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 modules—for which affiliate BH EVS handles design and DK Tech Co., Ltd. manages mass production—are scheduled to be supplied to global humanoid robot customers.

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

In its core OLED business, expansion focused on large-area and high-value-added products is also gaining momentum. OLED FPCA, a cash cow accounting for approximately 60% of the company’s total revenue, will see its product lineup expand from tablet supplies 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 coming November. IT and automotive FPCA products are expected to drive improvements in both the 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 (PER) of 7.0x, which is in line with typical smartphone component manufacturers and thus undervalued,” adding, “As visibility into the robotics business improves starting in the fourth quarter and collaboration with global humanoid robot companies gains momentum, we expect a full-scale valuation re-rating to occur.”