The Biggest Winner in the Unprecedented Bull Market: "Doosan Enerbility"

Doosan Enerbility Surges Over 32% This Month
Jumps from 10th to 5th in Market Cap Rankings
First Gas Turbine Export and Strong Earnings Outlook Drive Gains
Auto Stocks Also Climb in Market Cap Rankings This Month

As the unprecedented bull market continues, there have been changes in the rankings of top market capitalization stocks this month. The standout winner in this latest competition for market cap rankings is Doosan Enerbility. The company has continued to hit record highs day after day this month, with its share price surpassing 80,000 won, and its market cap ranking jumping five spots.

According to the Korea Exchange on October 16, Doosan Enerbility closed the previous day at 82,900 won, up 9.37%. During the session, it rose as high as 83,100 won, setting a new 52-week high. Doosan Enerbility's share price has surged more than 32% just this month.

The sharp rise in the share price has also propelled its market cap ranking. At the end of last month, Doosan Enerbility was ranked 10th, but it has now overtaken Hanwha Aerospace to claim 5th place. Its market capitalization, which was in the 40 trillion won range at the end of last month, has increased to 53 trillion won.

The recent news of its first gas turbine export has driven the share price upward. Previously, on October 13, Doosan Enerbility announced that it had signed a contract to supply two large-scale 380MW gas turbines to a major U.S. IT company. The company plans to deliver the gas turbines to the U.S. by the end of next year, marking its first case of supplying gas turbines to an overseas market. Jung Hyejeong, a researcher at KB Securities, commented, "This gas turbine contract is significant as it represents both the company's first export case and its entry into the rapidly growing artificial intelligence (AI) data center sector. Doosan Enerbility's greatest strength in the gas turbine sector is its fast delivery time, and given the importance of quick deployment for bridge power sources, this contract is expected to mark the beginning of a full-fledged acceleration phase."

Additional orders are also anticipated. Jung added, "In addition to the confirmed order for two gas turbines, the company is currently negotiating with several big tech companies for the supply of more than eight additional gas turbines. Considering this, additional orders are expected to materialize between the end of this year and next year."

Positive earnings prospects for the second half of the year are also supporting the upward trend in the share price. Choi Gyuhun, a researcher at Shinhan Investment & Securities, stated, "Third-quarter sales in the Enerbility segment are expected to reach 1.6 trillion won, down 1.5% year-on-year, while operating profit is projected to soar 239.2% to 116.4 billion won. The improvement in the order backlog mix, driven by high-margin growth businesses such as large-scale nuclear power plants, small modular reactors (SMRs), and gas turbines, is expected to lead to significant profit growth." He added, "Considering that the second and fourth quarters have typically seen higher revenue recognition throughout the year, the fourth quarter is expected to see another increase in scale. With the improvement in the order backlog mix and the expected increase in scale in the fourth quarter compared to the third, this year's earnings guidance (6.5 trillion won in sales and 373.2 billion won in operating profit) should be easily achievable."

Recently, as Israel and Hamas agreed to the first phase of the 'Gaza Peace Initiative,' defense stocks weakened, causing Hanwha Aerospace, which had held 5th place in market cap, to fall to 6th. HD Hyundai Heavy Industries, which was 6th last month, dropped to 8th, KB Financial Group, which was 7th, fell to 9th, and Naver, which was 9th, dropped out of the top 10 altogether.

Meanwhile, auto stocks, which had been sluggish due to tariff issues, have climbed in the rankings this month. Hyundai Motor Company rose one spot from 8th to 7th, and Kia, which had been outside the top 10, re-entered at 10th. Lim Eunyoung, a researcher at Samsung Securities, noted, "Despite solid sales, the third-quarter results of finished vehicle manufacturers are expected to fall short of the consensus due to U.S. tariffs. However, policies in various countries to stimulate domestic demand are leading to increased auto demand, and the business environment is showing signs of recovery. Overall, industry earnings are expected to rebound from the third quarter, which will likely be the low point, thanks to new models and increased sales. If tariff uncertainties are resolved, both an expanded U.S. market share and improved business conditions will be reflected in share prices at once."