[Click eStock] "CS Wind, Benefiting from Global Eco-Friendly Policy Expansion... Target Price Up 55%"

[Asia Economy Reporter Ji-hwan Park] NH Investment & Securities maintained a buy rating on CS Wind on the 18th, raising its target price by 55% from the previous 74,000 KRW to 115,000 KRW due to an upward revision of its mid- to long-term earnings forecast. This adjustment reflects the upward revision of sales forecasts for its U.S. subsidiary, strengthened global eco-friendly policies, increased offshore wind power sales, and an enhanced position as a key component supplier.

Jeong Yeon-seung, a researcher at NH Investment & Securities, stated, "We expect strengthened policy and strategic foundations related to offshore wind power and an improved status as a key component supplier," adding, "With Korea, the U.S., and the EU declaring carbon neutrality by 2050, the policy foundation for eco-friendly power generation has been reinforced." Furthermore, with the announcement of large-scale offshore wind power complexes requiring significant investment, global offshore wind installations are expected to accelerate starting in 2025.

Global wind turbine leader Vestas recorded the second-highest number of new orders in its history in the fourth quarter of last year. To strengthen its offshore wind business, it converted the offshore wind division, previously operated as a joint venture with Mitsubishi Heavy Industries, into a wholly owned subsidiary. In its annual report, Vestas mentioned that local procurement expansion and installation volume growth due to strengthened trade barriers, as well as stable component procurement amid product upsizing and increased complexity, are becoming increasingly important.

Accordingly, CS Wind is evaluated as a global top-tier wind tower company and is enhancing its status as a key partner company. Researcher Jeong emphasized, "Through the newly established U.S. subsidiary, business expansion is possible not only for offshore wind towers but also for offshore structures."