KOSPIHolding Companies000150

Doosan

₩1,339,000▼ 3.25%2026-10-02 close

Market Cap

₩21.7T

Turnover

₩200.1B

Volume

150,000 shares

Shares out.

16.2M

PER

55.5×

PBR

7.1×

EPS

₩20,560

Dividend Yield

0.35%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩4,000 per share · Prices as of the 2026-10-02 close

Report overview

Doosan's Center of Gravity Shifts to AI Materials and Chips

High-end CCL in-house operations and the SK Siltron acquisition are expanding the group's identity from energy and machinery toward semiconductors and advanced materials, while financial burden and customer concentration rise in tandem.

1
In 2Q26 consolidated revenue was KRW 5,557.2bn and operating profit KRW 489.9bn, up sharply from KRW 357.8bn a year earlier, with net profit attributable to owners at KRW 355.1bn.
2
The Electro-Materials BG, the core in-house unit, hit record quarterly revenue on demand for high-end copper clad laminate (CCL) for AI accelerators and data centers, posting an operating margin above 30% (Daishin Securities, April 2026).
3
On July 31, 2026 the board approved a share purchase agreement to acquire 70.6% of SK Siltron for about KRW 2.3tn, building a materials-wafer-test value chain.
4
Shareholder return policy was strengthened via full cancellation of treasury shares (1,956,424 common and 612,104 preferred) and the introduction of quarterly dividends.
5
Of KRW 12,234.3bn in consolidated equity, KRW 10,675.1bn is non-controlling interest, so a large share of subsidiary earnings does not accrue to the parent's owners.

Business structure

Founded in 1933, Doosan is the operating holding company of the Doosan Group, controlling affiliates including Doosan Enerbility, Doosan Bobcat, Doosan Fuel Cell and Doosan Robotics.

It also runs in-house operations, producing copper clad laminate (CCL) at its Electro-Materials BG and offering AI, data analytics and cloud IT services through its Digital Innovation BU.

Subsidiaries span power plant EPC, compact construction equipment, stationary fuel cells, collaborative robots and system semiconductor testing.

Within the in-house business, high-end products account for 82% of Electro-Materials BG sales, with network CCL at 60%, package CCL 14%, FCCL 8% and optical module/transceiver applications 5% (Daishin Securities, April 2026).

The unit is described as the domestic supplier that localized CCL production from 1974 onward, and its supply of materials for global AI accelerators is cited as the differentiator of the in-house business.

The group has organized its portfolio around three pillars: energy (Doosan Enerbility, Doosan Fuel Cell), smart machines (Doosan Bobcat, Doosan Robotics) and semiconductors and advanced materials (Electro-Materials BG, Doosan Tesna), and the July 2026 decision to acquire SK Siltron extends the third pillar into front-end materials.

Competitive dynamics differ by pillar: Electro-Materials BG competes with Taiwanese CCL makers in high-end grades, Doosan Bobcat faces global players in North American compact equipment, and Doosan Enerbility competes with large overseas heavy electrical firms in nuclear and gas turbine components.

Notably, Doosan is reported to have been removed from holding company designation under the Fair Trade Act in September 2025 as its holding ratio fell below the threshold.

Earnings trend

Quarterly revenue · Operating profit

₩5.3T₩357.8B25Q2₩4.5T₩231.3B25Q3₩5.7T₩275.2B25Q4₩5.1T₩340.8B26Q1₩5.6T₩489.9B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩17T₩1.1T2022₩19.1T₩1.4T2023₩18.1T₩1T2024₩19.8T₩1.1T2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩5.3T	₩357.8B	6.7%
2025Q3	₩4.5T	₩231.3B	5.2%
2025Q4	₩5.7T	₩275.2B	4.8%
2026Q1	₩5.1T	₩340.8B	6.7%
2026Q2	₩5.6T	₩489.9B	8.8%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩17T	₩1.1T	-₩696.4B	6.6%	−38.9%	155.5%
2023	₩19.1T	₩1.4T	-₩388.3B	7.5%	−23.9%	152.4%
2024	₩18.1T	₩1T	-₩226.2B	5.5%	−15.3%	153.5%
2025	₩19.8T	₩1.1T	₩75.8B	5.4%	4.9%	169.1%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04

Earnings analysis

On an annual basis, revenue recovered from KRW 16,995.8bn in 2022 to KRW 19,130.1bn in 2023, KRW 18,132.9bn in 2024 and KRW 19,784.1bn in 2025.

Operating profit peaked in 2023 at KRW 1,436.3bn (7.5% margin), then came in at KRW 1,003.8bn (5.5%) in 2024 and KRW 1,062.7bn (5.4%) in 2025, leaving margins at a lower plateau. The biggest change in the profit structure is net profit attributable to owners.

Losses persisted at KRW -696.4bn in 2022, KRW -388.3bn in 2023 and KRW -226.2bn in 2024, before swinging to a profit of KRW 75.8bn in 2025.

The quarterly trend points clearly upward: operating profit rose for three consecutive quarters from KRW 231.3bn on revenue of KRW 4,452.4bn in 3Q25, to KRW 275.2bn on KRW 5,686.7bn in 4Q25, KRW 340.8bn on KRW 5,060.3bn in 1Q26 and KRW 489.9bn on KRW 5,557.2bn in 2Q26.

Even so, owners' net profit was negative KRW 147.6bn in 4Q25 and then jumped from KRW 39.1bn in 1Q26 to KRW 355.1bn in 2Q26, indicating high quarter-to-quarter volatility in bottom-line results. For the four quarters from 3Q25 to 2Q26, owners' net profit totaled roughly KRW 367.8bn.

Operating cash flow fell from KRW 1,908.7bn in 2023 to KRW 307.8bn in 2024, then recovered to KRW 981.9bn in 2025.

On the balance sheet, the debt-to-equity ratio rose from 152.4% in 2023 and 153.5% in 2024 to 169.1% in 2025, and of KRW 12,234.3bn in consolidated equity, KRW 10,675.1bn is non-controlling interest versus KRW 1,559.2bn attributable to owners, so much of subsidiary earnings continues to be allocated to outside shareholders.

Industry analysis

High-end CCL, the end market for the in-house business, is seen in a strong demand phase alongside expanding AI accelerator and data center investment.

CCL is the core insulating material in semiconductor printed circuit boards, and higher-performance AI chips require better high-frequency, high-speed and low-loss characteristics, raising both unit prices and technical barriers.

On pricing, reporting citing a Goldman Sachs analysis of the Taiwanese supply chain indicated CCL and PCB prices rose 10-40% quarter on quarter in April 2026.

The company describes itself as a technology-based rather than cost-based CCL maker and said prices are set differently by customer and application (April 2026 investor materials). Subsidiary cycles differ in character.

Doosan Enerbility has framed large nuclear reactors, small modular reactors and data center-driven gas turbine demand as growth drivers, disclosing first-half Enerbility segment orders of KRW 7,122.5bn and an order backlog of KRW 26,350.9bn as of end-June.

By contrast, the North American construction equipment market where Doosan Bobcat operates is described as recovering only gradually, with global players focused on defending profitability through pricing, cost efficiency and product diversification.

The silicon wafer market to be added is an oligopoly in which the top five suppliers hold more than 90% share, offering high entry barriers but exposure to downstream chip pricing and capex cycles.

Outlook

Plans confirmed for the in-house business are relatively specific. Management guided first-half 2026 Electro-Materials BG revenue to KRW 1,277.0bn, well above KRW 879.2bn a year earlier.

On capacity, expansions at the Changshu plant in China in 4Q26 and at the domestic Jeungpyeong plant the following year are expected to add more than KRW 500bn of annual capacity, while a new site in Thailand's Araya Industrial Estate backed by about KRW 180bn is reported to break ground this year with commercial production targeted for the second half of 2028.

Per the annual business report, Electro-Materials BG capex is disclosed as rising from about KRW 89.6bn in 2025 to KRW 244.5bn in 2026 and roughly KRW 287.0bn in 2027 (Meritz Securities, March 2026).

On M&A, the agreement to acquire 70.6% of SK Siltron for about KRW 2.3tn was approved on July 31, 2026; the company said it will fund this with KRW 1.3tn of internal cash and KRW 1tn of borrowings, and will wind down the US silicon carbide operation.

Doosan stated it will not list Siltron and will instead use it as a stable earnings base, presenting a 2031 Siltron revenue target of about KRW 3tn on an assumption of roughly 7% average annual growth in the wafer business.

For subsidiary guidance, Doosan Enerbility targets 2026 revenue of KRW 7,381.1bn, operating profit of KRW 395.9bn and orders of KRW 13,321.4bn on a managed consolidated basis, while Doosan Bobcat guides to 2026 revenue of USD 6.45bn and operating profit of USD 482m.

Doosan Robotics, however, posted 1Q26 revenue of only KRW 15.3bn with operating and net losses, showing that momentum still varies across the growth pillars.

Valuation

PER

55.5×

PBR

7.1×

ROE

17.7%

EPS

₩20,560

BPS

₩161,156

Dividend per share

₩4,000

The direction of earnings has clearly changed. After three consecutive years of losses attributable to owners, the swing to profit in 2025 and the larger quarterly profit in 2Q26 form the starting point for any valuation discussion.

Because of the holding company structure, however, owners' share of consolidated earnings is small and swings widely by quarter with subsidiary results and one-off items, which reduces the stability of any multiple.

The shares currently trade at a considerable premium to net asset value, a much wider gap than the range seen in years when the stock changed hands near book value.

The multiples themselves sit well above the range typically observed among Korean holding companies, so the key question is how much of the in-house AI materials growth and the semiconductor value chain expansion is already reflected.

Book value per share also differs materially between in-house calculation and the Korea Exchange figure, so price-to-book readings vary by source and the basis should be checked when comparing.

On dividends, quarterly payments have been introduced and the total payout expanded, but the absolute yield remains far from levels associated with high-dividend stocks.

For reference, Eugene Investment & Securities said in an April 2026 report that it valued the Electro-Materials BG at KRW 25.5tn and viewed it as trading at roughly a 25% discount to the average multiple of three Taiwanese CCL peers.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04

Bull factors

Rising contribution from a high-margin in-house business

The Electro-Materials BG was reported to have set a record quarterly top line in 1Q26 with revenue of KRW 617.3bn, up 53.2% year on year, at a 30.1% operating margin (Daishin Securities, April 2026).

Management cited strong data center and semiconductor demand plus new applications such as optical modules as growth drivers.

Given that a large part of a holding company's net asset value normally sits in subsidiary stakes, the fact that in-house profits accrue directly to parent owners is cited as a difference in earnings quality. On a consolidated basis, 2Q26 operating profit of KRW 489.9bn also far exceeded KRW 357.8bn a year earlier.

Vertical expansion of the semiconductor value chain

On July 31, 2026, Doosan approved a share purchase agreement to buy 70.6% of SK Siltron for about KRW 2.3tn. Following the 2022 acquisition of Doosan Tesna in back-end testing, securing front-end wafers is described as completing a materials-wafer-test chain.

Silicon wafers are an oligopoly where the top five suppliers hold over 90% share, and the company said it will keep Siltron unlisted and use it as a stable earnings base. The loss-making US silicon carbide operation was set to be wound down as part of the deal.

Execution of shareholder return policy

In its 2026 corporate value enhancement plan, Doosan announced the cancellation of all remaining treasury shares other than those reserved for employee compensation, covering 1,956,424 common and 612,104 preferred shares, or about 12.1% of common stock.

On dividends, it disclosed a payout ratio of at least 25% based on 2025 consolidated profit attributable to owners and an increase of more than 10% in total dividends, and it introduced quarterly payments. Total dividends for 1Q26 and 2Q26 were each set at about KRW 17.9bn. Reporting indicates the treasury share cancellation is targeted for completion within the year.

Bear factors

Earnings diluted by non-controlling interests

Of KRW 12,234.3bn in consolidated equity at end-2025, KRW 10,675.1bn was non-controlling interest versus KRW 1,559.2bn attributable to owners. Of KRW 249.5bn in 2025 consolidated net profit, only KRW 75.8bn accrued to owners.

Between 2022 and 2024, losses persisted on an owners' basis even in years when consolidated net profit was positive. Strong subsidiary results therefore do not automatically translate into parent shareholder earnings, which is a structural weakness.

Financial burden tied to the acquisition

According to reporting, Doosan will fund the SK Siltron purchase with KRW 1.3tn of internal cash and KRW 1tn of borrowings. Separate negotiations are planned for the remaining 29.39% stake held by SK Chairman Chey Tae-won, leaving the possibility of further funding needs.

The agreement is reported to include earn-out provisions requiring additional payments if conditions such as EBITDA targets from 2027 to 2034 are exceeded. On confirmed financials, the debt-to-equity ratio has already risen from 153.5% in 2024 to 169.1% in 2025.

Customer and cycle concentration, plus near-term profitability of the acquired asset

Brokerage analysis has noted that heavy reliance on a single customer has been flagged as a weakness for the Electro-Materials BG (Meritz Securities, April 2026). If the AI accelerator investment cycle slows, both volumes and prices for high-margin high-end CCL could be affected at once.

SK Siltron, the acquisition target, was reported to have posted 1Q26 consolidated revenue of KRW 453.4bn with operating profit of KRW 8.8bn, down 76.7% year on year, and a net loss of KRW 8.2bn.

Doosan Bobcat also attributed part of its 2Q26 profit growth to a US tariff refund, so the durability of that profit needs separate verification.

Risk factors

Deal closing and funding risk

The SK Siltron acquisition is at the share purchase agreement approval stage, with disclosure noting the price will be finalized after a purchase price adjustment process. Regulatory review, price adjustment and the outcome of talks on the remaining stake could change both the cash required and the ownership structure.

Higher borrowings affect interest costs and credit standing, and should be viewed alongside the debt-to-equity ratio already at 169.1% in 2025. The earn-out provisions create additional cash outflows precisely when performance is strong.

End-market capex and pricing risk

High-end CCL results are directly tied to the pace of AI accelerator and data center investment. CCL and PCB prices were reported up 10-40% quarter on quarter as of April 2026, and the size of that increase means the potential correction when supply loosens should also be considered.

With capex set to expand sharply in 2026-2027 and a new Thai site underway, slower-than-expected demand could pressure utilization. Raw material supply and the ability to pass through prices are additional margin variables.

Tariffs, currency and dispersion across subsidiaries

Doosan Bobcat reports in US dollars and is heavily exposed to North America, so US tariff policy and currency swings feed straight into results. In 2Q26, Asia, Latin America and Oceania revenue fell 8% in dollar terms on weak forklift sales.

Doosan Robotics posted 1Q26 revenue of just KRW 15.3bn with operating and net losses, showing wide dispersion across growth pillars. Because holding company results aggregate these differences, quarterly profit volatility is relatively high.

What to watch next

Late October 2026
The 3Q26 results release. Key items are the second-half revenue trend at the Electro-Materials BG, whether the in-house operating margin near 30% holds, and whether quarterly volatility in owners' net profit narrows.
4Q 2026
Completion of the Changshu plant expansion in China and groundbreaking at the new Araya Industrial Estate site in Thailand. Whether the stated addition of more than KRW 500bn in annual capacity proceeds on schedule underpins 2027 revenue assumptions.
By end-2026
Whether the full treasury share cancellation of 1,956,424 common and 612,104 preferred shares is completed, plus the third-quarter dividend decision. These show how firmly the returns pledged in the value enhancement plan are being executed.
4Q 2026 to 1H 2027
The SK Siltron closing process. Watch the purchase price adjustment outcome, competition authority approvals, progress on separate talks over the remaining 29.39% stake held by Chairman Chey Tae-won, and any resulting change in borrowings.
Around February 2027
Doosan Enerbility's 2026 results and order intake plus its 2027 guidance disclosure. Achievement of the KRW 13,321.4bn order target set for 2026 and the nuclear and gas turbine pipeline underpin the holding company's consolidated results.

Overall view

Doosan is an operating holding company whose value moves with both high-end CCL profits at its in-house Electro-Materials BG and the value of its subsidiary stakes.

On confirmed results, revenue recovered to KRW 19,784.1bn in 2025 with operating profit of KRW 1,062.7bn and net profit attributable to owners of KRW 75.8bn, a swing to profit after three straight years of losses.

The quarterly trend improved further, with 2Q26 operating profit of KRW 489.9bn and owners' net profit of KRW 355.1bn, yet swings remain wide, as shown by the KRW 147.6bn owners' net loss in 4Q25.

On the business side, AI materials demand, nuclear and gas turbine orders, and the semiconductor value chain expansion via SK Siltron are cited as supportive; on the other side sit dilution by non-controlling interests, borrowing tied to the KRW 2.3tn acquisition along with remaining-stake and earn-out obligations, customer concentration, and tariff and currency variables.

The balance sheet shows a debt-to-equity ratio that has risen to 169.1%, and how the acquisition funding flows into that metric is the next item to verify. Valuation multiples already embed a good deal of the earnings recovery and growth narrative, leaving execution against plan as the central question. This report is for information purposes only and contains no buy or sell opinion or target price.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.