[Edaily Reporter kyoungeun kim ] DOOSAN(000150) Forecasts indicate that Doosan’s e-Business Group (BG) will set a new all-time record for earnings in the third quarter as well. Analysts predict that the stock will continue to be revalued as expectations for earnings growth in 2028—when the recently announced large-scale capacity expansion will begin to take full effect—rise.

In a report released on the 1st, Yang Seung-soo, an analyst at Meritz Securities, estimated that DOOSAN’s e-Business Group’s third-quarter revenue would reach 756.7 billion won—a 72.0% year-over-year increase—and operating profit would rise 117.8% to 226.3 billion won. These figures represent upward revisions of 6.8% and 5.6%, respectively, compared to previous estimates, with an operating profit margin of 29.9%. He maintained his “Buy” investment rating and a target price of 2.4 million won. The previous day’s closing price was 1,368,000 won.

Analyst Yang stated, “Despite the shift to an unfavorable exchange rate environment, we expect the company to once again achieve record-high quarterly earnings, surpassing those of the second quarter,” adding, “Driven by expanded shipments to Vera Rubin, sales to our key client, NVIDIA (NV) in North America, are expected to reach approximately 277.3 billion won—a 34.7% increase from the previous quarter—and will drive overall company performance.”

The advancement of product specifications is also supporting this growth. The company explained that the content of copper-clad laminates (CCLs) is expanding as the number of layers and surface area increase compared to existing Blackwell-oriented products, and that the specifications of CCLs used in build-up layers are also improving. Sales for optical modules are also projected to more than double quarter-over-quarter to 105.9 billion won in the third quarter, driven by surging demand from AI data centers.

The capacity expansion was viewed as an opportunity to alleviate concerns about medium- to long-term growth. The Electronics Business Group announced an aggressive expansion plan on the 17th of last month. When factoring in existing expansions in China and South Korea, as well as the new plant in Thailand, CCL production capacity—measured by the number of production lines—is projected to increase by approximately 163% compared to current levels. Analyst Yang stated, “Concerns that medium- to long-term growth could slow due to limited capital expenditures compared to competitors have served as a factor discounting the company’s valuation,” adding, “This expansion represents a positive development that alleviates such concerns.”

He identified the period when earnings expectations for 2028 begin to rise as the timing for a stock price revaluation. Analyst Yang noted, “Taiwanese competitor EMC also saw a steep rise in its stock price during the period when earnings estimates for 2027 began to be significantly revised upward following its announcement of aggressive capacity expansion,” and predicted, “For the Electronics Business Group as well, the expansion volume will be reflected in earnings in 2028, and a full-scale stock price revaluation is expected to occur during the period when expectations for this rise.”

Meritz Securities projected the Electronics BG’s 2028 revenue and operating profit at 5.2858 trillion won and 1.7496 trillion won, respectively. These figures represent year-over-year increases of 42.5% and 48.4%, respectively. Analyst Yang emphasized, “The growth potential for 2028 has not yet been fully reflected in the stock price,” adding, “We need to prepare now for the next upward phase, when 2028 earnings are reflected in the stock price.”