[Click eStock] "NRB, Beneficiary of Government Housing Supply Measures"

On December 23, Hana Securities analyzed NRB as the biggest beneficiary of the expansion of public modular housing. The firm did not provide an investment opinion or a target price.

NRB is a domestic company specializing in precast concrete (PC) modular construction. It holds a market share of approximately 27-30% in the school modular market. By introducing the PC construction method, NRB is expanding its business scope beyond the traditional steel-frame-based modular market to include premium residential facilities such as dormitories and housing.

Park Chansol, a researcher at Hana Securities, stated, "The government has expressed its intention to expand the use of modular construction methods and to lead public housing supply in the Seoul metropolitan area. Building houses using modular construction can address issues such as labor shortages, irregular weather, and construction complexity, enabling an average reduction of 30% in construction time compared to traditional methods."

He continued, "With the Modular Special Act set to clarify regulatory guidelines in 2026, and as the industry gains more experience with modular construction, there is potential to further improve the total construction period by more than 30%. I believe that LH and GH will continue to expand the scale of the public modular housing market to address the housing shortage in the Seoul metropolitan area."

This year's expected revenue and operating profit are 59.6 billion won and 6.6 billion won, respectively, representing increases of 12.9% and 6.5% compared to the previous year. In addition, the order backlog is projected to reach 187 billion won this year and increase to around 300 billion won next year. He emphasized, "If major contracts such as LH Ansan Singil and GH Hanam Gyosan main contracts are reflected in orders in 2026, the size of these single contracts is so significant that the current order backlog could double, easily surpassing the 300 billion won level."