April 24, 2024

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[THE INVESTOR] Doosan Infracore will post solid earnings in the first quarter boosted by strong sales of excavators in China, said Kyobo Securities on April 13, raising the target price to 12,000 won (US$10.63) from 11,000 won maintaining a “buy” recommendation.

Its operating profit in the period will hike 38.5 percent to 154 billion won on-year, estimated analyst Lee Kang-rok. 

The company sold about 38,000 excavators in China in the first quarter, more than double from a year ago, said Lee, adding that the sales have beaten market estimates every quarter since the third quarter last year.

The upturn in sales will continue for the time being and will be able to reach 90,000 units a year in China alone, forecasted the analyst.

By Hwang You-mee (glamazon@heraldcorp.com)