📉 Doosan Enerbility: SMR Orders and AI Expectations, Is It a Value Trap? - 2026.06.05

Hello, I'm Ddang-kong from Bultagi.com, digging into fundamentals.

Everyone seems excited about Jensen Huang's visit to Korea and the nuclear power plant orders. But at times like this, we need to look at the numbers and stay cool-headed. Today, let's examine Doosan Enerbility's fundamentals, valuation gaps, and hidden risks.

💼 UK SMR Order, Is It Really Good News? (Checking Value Trap Potential)

You've all heard the news that Doosan Enerbility was selected as a key equipment partner for the UK Rolls-Royce SMR project, right? Doosan Enerbility will be responsible for key facilities like the reactor pressure vessel ^[2]. But is that really true? Is it verifiable good news?

In the UK, there is a fierce 'Buy British' debate, criticizing that taxpayers' money is only enriching foreign companies ^[1]. There is serious backlash from politicians and the steel industry as it clashes with the UK government's goal of a 70% domestic supply chain for SMRs ^[7]. Even if they won the initial production, there is a risk that margins could be damaged or future orders restricted due to political pressure. It looks like a flashy order on the outside, but don't forget that caution is needed, keeping the value trap possibility open.

⚠️ AI Gas Turbine Expectations, Aren't They Already Priced In?

Nvidia CEO Jensen Huang visited Korea and had a 'Samso (pork belly & soju) meeting' with the heads of major domestic groups ^[4]. He is also attending Doosan Group Chairman Park Jeong-won's baseball pitch event, and the fact that Doosan Enerbility is expanding its power generation gas turbine orders for US AI data centers is being highlighted ^[3].

But here is a question. Can these expectations justify the current earnings? Increasing gas turbine orders is positive, but there is a time lag before it translates into actual revenue and improved profit margins. If market expectations run too far ahead and demand tight multiples like PER 12x and EV/EBITDA 7x, can this really be justified? Considering the target price gaps pointed out by authoritative foreign IB reports, we need to coldly assess whether valuation expansion is verifiable.

📉 Supply & Demand and Fundamentals: Breaking 100K KRW, A Profit-Taking Trim Candidate?

Short-to-medium term swing. Presenting a bearish scenario once even in a bullish atmosphere is my principle, right? (단기~중기 스윙. 강세 분위기에서도 약세 시나리오 한 번 제시.)

Looking at recent supply and demand, there is continuous double-selling by foreigners and institutions ^[5]. As of June 5, the closing price was 95,600 KRW, down 3.63% from the previous day, with foreigners net selling 4.95 billion KRW and institutions 15.39 billion KRW. On the previous day, the 4th, foreigners dumped a massive 65.95 billion KRW.

Although there is analysis that the order backlog reaches 24 trillion KRW ^[8], the stock price is undergoing a correction due to overlapping short-term supply and demand burdens and valuation burdens ^[6].

Ddang-kong believes that risk management should take precedence over blind optimism in the current section. (땅콩은 현재 구간에서 맹목적인 낙관보다는 리스크 관리가 우선되어야 한다고 본다.) Even in a bullish atmosphere flooded with good news, you must check bearish scenarios like UK political noise or foreign/institutional selling pressure. If you are an investor considering weight adjustment, wouldn't it be a way to put it up as a profit-taking trim candidate and approach it conservatively?

I'll be back next time with conservative fundamental analysis. Numbers don't lie!

📰 Reference News (7)

1

Doosan Wins UK SMR Core Equipment Deal... "Why Korea?" Backlash Grows

네이버뉴스 · 2026.06.05

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2

Doosan Joins UK SMR Project... Local Backlash Grows Over "Supply Chain Threats"

네이버뉴스 · 2026.06.05

📰 View original

3

Jensen Huang to Meet with Korean Tycoons Today

네이버뉴스 · 2026.06.05

📰 View original

4

Jensen Huang to Meet Chey Tae-won, Chung Eui-sun, Koo Kwang-mo, and Lee Hae-jin Today...

네이버뉴스 · 2026.06.05

📰 View original

5

'Broadcom Shock' Sends KOSPI to 8050 Level... Foreigners Flee for a Month Straight, FX Rate 15...

네이버뉴스 · 2026.06.05

📰 View original

6

Robot Stocks Stay Strong Despite Machinery Sector Weakness... Why Investors Are Flocking

네이버뉴스 · 2026.06.05

📰 View original

7

"UK SMR Core Entrusted to a Korean Company"...

네이버뉴스 · 2026.06.05

📰 View original

📺 Reference Videos (1)

8

YouTube

[Doosan Enerbility Stock Forecast] Global No. 1 Sought by Elon Musk, 24T Won Backlog, So Why Is It Falling? #DoosanEnerbilityStockForecast #DoosanEnerbilityTargetPrice #DoosanEnerbility

▶미래경제TV·2026.06.03