April 26, 2024

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[THE INVESTOR] Doosan Infracore will gain from the fast growing excavator market in China, said KB Investment and Securities on Oct. 23, raising the target price to 11,500 won (US$10.17) from 10,500 won and maintaining a “buy” recommendation. 

Its third-quarter revenue will rise 19.1 percent on-year to 1.55 trillion won with operating profit up 31.8 percent to 139.5 billion won, beating market expectations, forecast analysts Chung Dong-ik and Jang Mun-jun.

Doosan Bobcat’s operating profit will miss market consensus but Doosan Infracore’s own earnings, boosted by the strong sales in emerging markets, will more than offset the underperformance, noted the analysts, pointing out the Chinese government’s new policy and investments in the mining sector.
By Hwang You-mee (glamazon@heraldcorp.com)