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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] Daishin Securities raised Doosan's target price from 250,000 to 300,000 won on July 15th. This new target price represents a more than doubling from their previous target of 120,000 won set in October 2023.
Daishin Securities stated that the upward revision in target price reflects the increase in NAV (Net Asset Value) due to fluctuations in the stock prices of Doosan Robotics and Doosan Enerbility. They anticipate that Doosan Robotics and the shareholders of Doosan will receive the greatest benefits from this restructuring.
Before the governance restructuring, Doosan had a substantial ownership interest in Bobcat at 13.8% (Doosan owning 30% of Doosan Enerbility, and Enerbility owning 46% of Bobcat). After the restructuring, it is expected that Doosan's effective control over Bobcat will increase to 42% (Doosan owning 42% of Doosan Robotics, and Doosan Robotics owning 100% of Bobcat).
Daishin Securities highlighted that holding 100 shares of Doosan Enerbility would entitle investors to approximately 75 shares in the surviving entity and 3 shares in Doosan Robotics through this split-merger plan. They emphasized that to avoid losses, the price of Doosan Robotics shares should be at least 164,000 won, assuming Doosan Enerbility's stock price remains fixed at 29,000 won as of July 12th.
They further noted that maintaining the exercise price of the stock purchase rights (29,000 won) or additional increases in the price of Doosan Robotics shares would be necessary.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
