[Click eStock] "Doosan Enerbility, Global Market Growth Potential... Target Price Raised"

Daishin Securities has raised the target price for Doosan Enerbility to 35,000 KRW, citing the high growth potential of the global nuclear power and gas power generation markets.

Heo Min-ho, a researcher at Daishin Securities, stated, "There are concerns such as the recent uncertainties surrounding the entry of K-Nuclear power into Europe and the Polish government's review of the 'Pomtnuf' nuclear project," but emphasized, "It is more important to focus on the growth potential of the global nuclear and gas power generation markets and Enerbility's manufacturing competitiveness rather than these concerns."

Heo evaluated, "The order amount in the fourth quarter of last year was 4 trillion KRW, and the annual amount for 2024 reached 7.1 trillion KRW, exceeding the existing annual management plan of 6.3 trillion KRW. In particular, the annual order amounts in the nuclear and gas/hydrogen sectors were 900 billion KRW and 4.5 trillion KRW respectively, showing a surprising performance that was sufficient to raise positive expectations for the expansion of orders in the core business areas after 2025."

He predicted, "In 2025, nuclear power bids will begin in the United Arab Emirates (UAE) and Saudi Arabia, and new large nuclear power plant orders from Westinghouse will lead to orders for main equipment from Enerbility."

He added, "In the future, supply contracts for main equipment with other SMR companies besides Nuscale, X-energy, and TerraPower will also expand," explaining, "If supply contracts for main equipment of other 3.5 generation SMRs are signed, the order backlog could increase at a faster pace."

He also forecasted the possibility of entering the large nuclear power market in the United States. Heo said, "In the gas power generation main equipment sector, overseas gas power plant orders are expected due to the recovery of the global gas power market, the limited number of gas turbine suppliers, and the establishment of references in Korea."

He maintained a buy rating and raised the target price to 35,000 KRW.