[Edaily Reporter PARK MIN ] On the 18th, DS Investment & Securities maintained its “Buy” investment rating for DOOSAN(000150)and raised its target price by 14.6% from 2.4 million won to 2.75 million won, reflecting the explosive growth of the Electronics BG (Electronics Materials) division, large-scale capacity expansion, and the decision to cancel treasury shares in a shareholder-friendly move. This represents an upside potential of 94.6% compared to the previous trading day’s (September 17) closing price of 1,413,000 won.

Kim Soo-hyun, an analyst at DS Investment & Securities, stated in a report published that day, “Among listed companies, it has the highest level of trust in fulfilling its value-enhancement commitments to the market, such as the full cancellation of treasury shares within the year and inorganic growth through the acquisition of Siltron,” adding, “We raised the target price to reflect the company’s transition to net cash and the steep upward revision of profit estimates for the Electronics BG division.”

DOOSAN(000150)The company announced yesterday that it had decided to invest a total of 968.4 billion won in production facilities to meet the growing demand for copper-clad laminates (CCL) resulting from the expansion of artificial intelligence (AI) data centers. It will invest 421.0 billion won in South Korea and 547.4 billion won in its Changshu subsidiary in China. The investment period will run through the end of December 2028. This investment is interpreted as being intended not only to meet demand for network boards used in AI accelerators but also to prepare for optical modules and future application-specific integrated circuits (ASICs).

By 2028–2029, when the new lines become operational, a total of 35 additional lines are scheduled to be in operation, including the two lines in Thailand announced earlier this year. Based on current unit prices, this is expected to generate approximately 4.2 trillion won in additional revenue in 2029 alone—equivalent to 1.5 to 1.6 times the Electronics Business Group’s estimated annual revenue for this year (2.793 trillion won).

The rapid growth of CCL for optical transceivers (optical modules) is also driving earnings. In the first half of the year, CCL sales for optical modules totaled approximately 80 billion won, surging more than tenfold compared to the same period last year. In the second half, driven by a surge in demand, sales are estimated to reach 220 billion won—nearly three times the first-half figure. Analysts note that as data transmission specifications have advanced from the existing 400G to 800G and 1.6T, the use of ultra-low-loss products has become essential, and the resulting rise in selling prices is continuing.

Large-scale shareholder return measures were also cited as a positive factor for the stock price. DOOSAN(000150)resolved to cancel its entire holdings of treasury stock—totaling 2,568,528 shares, consisting of 1,956,424 common shares and 612,104 preferred shares (excluding 632,500 shares reserved for employee stock-based compensation)—on October 2. Based on market value, this amounts to approximately 2.7644 trillion won, representing 12.18% of the total issued shares.

DS Investment & Securities projected DOOSAN’s 2026 annual consolidated revenue at 21.946 trillion won and operating profit at 1.558 trillion won. This represents a 10.9% increase in revenue and a 46.6% increase in operating profit compared to last year. Within this, the Electronics Business Group is expected to lead the company’s overall performance growth by achieving revenue of 2.793 trillion won and operating profit of 845 billion won.

Analyst Kim Soo-hyun stated, “Margins related to CCL for optical modules are estimated to be around 20%, and further margin improvement is expected due to supply bottlenecks and the shift toward high-specification products,” adding, “With the expansion of the share of high-value-added optical modules, the overall average selling price (ASP) of CCL for the Electronics Business Group is expected to rise by 15–20% year-over-year.”