Doosan (000150) Stock Analysis 2026 | Electronics BG CCL & SMR Valuation

Doosan (000150) Company Analysis: Electronics BG CCL High Growth and SMR Stake Value [2026.05]

Doosan (000150) is a holding company with its own high-value CCL (Copper Clad Laminate) manufacturing business (Electronics BG) and a 30.7% stake in Doosan Enerbility, among other assets. In Q1 2026, Electronics BG posted a new all-time quarterly earnings record, improving the consolidated profit structure, while the valuation is in a phase of convergence from Trailing to Forward multiples.

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1. Company Overview and Core Business

Doosan (000150) is a holding company that operates its own businesses including Electronics BG, DDI, and Doota Mall, while consolidating Doosan Enerbility (30.7% stake), Doosan Robotics (50.1% stake), and Oricom (61.9% stake). Doosan Enerbility accounts for approximately 86% of the 2025 consolidated revenue of KRW 19.784 trillion (≈$13.2B)*1, with proprietary businesses contributing approximately 11%. Electronics BG's flagship product is NWB CCL (Network Board Copper Clad Laminate) for AI network infrastructure, with its contribution to consolidated earnings expanding rapidly from 2026 onward. Doosan Enerbility is the only domestic manufacturer capable of producing SMR core components, giving Doosan indirect exposure to nuclear power, gas turbines, offshore wind, and hydrogen turbine businesses through this stake.

📌 Electronics BG 2026E Revenue KRW 2.679 trillion (≈$1.8B) — Key driver of consolidated proprietary business earnings*2

2. Competitive Analysis of Core Products

Electronics BG achieved record quarterly results in Q1 2026 with revenue of KRW 617.3 billion (≈$412.1M) (+53.2% YoY) and operating income of KRW 185.6 billion (≈$123.9M) (OPM 30.1%). High-end NWB CCL destined for major North American customers benefits from a technology-driven pricing structure that allows for price increases upon generation transitions and specification upgrades. Q1 revenue from optical module CCL reached KRW 34.4 billion (≈$23.0M), approximately 11.9x the prior-year figure of KRW 2.9 billion (≈$1.9M)*3. Doosan announced the first-phase expansion of two additional lines at the Araya industrial complex in Thailand (scheduled for operation in 2028), with NWB CCL capacity set to expand by 25% each at end-2026 and H2 2027 respectively*4. Doosan Enerbility, as the only domestic manufacturer of SMR core components, holds a unique position in terms of localization capabilities, distinct from NuScale and Westinghouse.

Category	Details
Position	Global supplier of NWB CCL / Sole domestic manufacturer of SMR core components
Competitive Advantage	Technology-driven pricing structure for high-end CCL; clear capacity expansion roadmap for Thailand and Jeungpyeong facilities
Competitive Disadvantage	Heavy concentration on a single North American customer; uncertainty around initial yields at new Thailand facility

3. Valuation Analysis

Based on the current price of KRW 1,614,000 (≈$1,077) as of 2026-05-14, the Trailing PER stands at 455.2x, reflecting the early-stage recovery in controlling shareholders' net income for 2025. The Forward PER is converging to 71.0x on a consensus basis*5, while the Electronics BG segment EV/EBITDA is estimated at 23.5x*6 compared to the Taiwan CCL peer average (TUC·ITEQ·EMC) of 30.8x EV/EBITDA. A PBR of 18.47x reflects the high-margin structure of the Electronics BG segment and affiliate equity assets. Brokerage target prices based on NAV are in the range of KRW 2,400,000–2,580,000 (≈$1,602–$1,722), representing a 48–59% upside gap relative to the current price*7.

📌 The Forward PER of 71x represents a premium predicated on high earnings growth assumptions for the Electronics BG segment; the pace of quarterly earnings realization is the key variable.

Metric	Current	Benchmark	Interpretation
Trailing PER	455.2x	-	Early-stage EPS recovery in 2025; base effect period
Forward PER	71.0x*5	Peer data not available	Converging on consensus EPS basis
PBR	18.47x	-	Reflects Electronics BG high profitability and affiliate equity assets
Electronics BG EV/EBITDA	23.5x*6	Taiwan peer average 30.8x	Trading at a discount to peers

4. Risk Factors and Monitoring Points

The high concentration among key North American customers could amplify revenue volatility in the event of demand slowdown. Post-acquisition of SK Siltron (expected to close as early as May 2026), changes in the financial structure and the timing of the 12-inch wafer market recovery will impact earnings. The new Thailand plant carries an inherent capacity expansion delay risk until its scheduled 2028 startup.

• ⚠️ North American customer concentration — excessive single-customer exposure amplifies revenue volatility
• ⚠️ Increased financial leverage following the SK Siltron acquisition and delayed recovery in wafer market conditions

• 📌 Electronics BG quarterly NWB CCL revenue mix (whether the 2026E target of 56%+ is sustained*4)
• 📌 SK Siltron acquisition closing date and timing of the transition to 12-inch wafer supply

5. Recent DART Regulatory Filings

As of the analysis date (2026-05-17), no recent DART regulatory filings of high relevance to this report have been identified.

Doosan (000150) is a holding company with simultaneous exposure to Electronics BG's high-margin CCL structure and indirect energy sector exposure through its Doosan Enerbility stake. The pace of Forward PER convergence and the earnings contribution from the SK Siltron acquisition are the key variables for the medium-term profit structure.

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📎 References & Estimation Basis

1. ^*1 Doosan Enerbility consolidated revenue share approximately 86%: Based on DS Investment & Securities report dated 2026.04.30 — 2025 Doosan Enerbility revenue KRW 17,058B (≈$11.4B) / consolidated KRW 19,784B (≈$13.2B) ≈ 86.2%
2. ^*2 Electronics BG 2026E revenue KRW 2,678.6B (≈$1.8B): Based on Eugene Investment & Securities report dated 2026.05.11, Electronics BG detailed earnings estimates
3. ^*3 Optical module CCL revenue in 1Q26 KRW 34.4B (≈$23.0M): Based on DS Investment & Securities report dated 2026.04.30, 1Q26P earnings. Approximately 11.9x increase vs. 1Q25's KRW 2.9B (≈$1.9M). Eugene Investment & Securities states KRW 33.4B (≈$22.3M) in the same report (approximately 11.5x).
4. ^*4 NWB CCL capacity 25% expansion plan and 2026E NWB mix 56%: Eugene Investment & Securities report dated 2026.05.11 — 25% brownfield capacity additions planned for end-2026 and H2 2027, respectively. 2026E NWB revenue mix estimated at 56%.
5. ^*5 Forward PER 71.0x: Based on Naver Finance consensus (as of 2026-05-14, current price KRW 1,614,000 (≈$1,077.4)). Differs at approximately 51.8x when applying Eugene Investment & Securities 2026E EPS of KRW 31,122 (≈$20.8).
6. ^*6 Electronics BG EV/EBITDA 23.5x, Taiwan peer average 30.8x: Based on Eugene Investment & Securities report dated 2026.05.11, Exhibits 2 and 3. Taiwan peers: simple average of TUC (31.1x), ITEQ (20.3x), and EMC (41.0x).
7. ^*7 Price target KRW 2,400,000 (≈$1,602.1): DS Investment & Securities 2026.04.30, NAV basis. Price target KRW 2,580,000 (≈$1,722.3): Eugene Investment & Securities 2026.05.11, NAV basis. Upside of 48.7% and 59.8%, respectively, from current price KRW 1,614,000 (≈$1,077.4) as of 2026-05-14.
8. ^*8 USD equivalents (≈$) are approximate, calculated at 1 USD = 1,498 KRW (as of 2026-05-17, source: Yahoo Finance).

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