[Market Focus] Daemyung Energy Hits Record High on News of 31 Billion Won Construction Contract

Daemyung Energy is showing strong performance in early trading.

As of 9:04 a.m. on June 11, Daemyung Energy was trading at 33,550 won, up 17.31% (4,950 won) from the previous day. At one point during the session, the price soared to 33,800 won, setting a new 52-week high.

The surge in share price was driven by the announcement on June 9 of a substation construction contract for the Anma Offshore Wind Power project. The contract is valued at 31 billion won, which is approximately 45.75% of Daemyung Energy's recent sales of 67.7 billion won.

The Anma Offshore Wind Power project has a capacity of 532MW, more than ten times larger than typical onshore wind power projects. Construction of the offshore site will begin in August 2025, with commercial operations scheduled to commence in 2029, marking the start of a full-scale offshore wind era. Daemyung Energy, the leading wind power company in terms of market share, owns a 5.8% stake in the Anma Offshore Wind Power project.

An Juwon, a researcher at DS Investment & Securities, stated, "A significant increase in performance is expected due to strong EPC business results," projecting 2025 sales of 128 billion won (up 88.9% year-on-year) and operating profit of 23.7 billion won (up 144.1%). The target price was raised from 23,000 won to 32,000 won.