Corporate Logo(source: doosanbobcat.com/kr )
Samsung Securities upgraded its investment rating on Doosan Bobcat (241560) to "Buy" on April 29, citing the company's relative safety from tariff risks due to the majority of its production being based in the United States. The target price was maintained at 54,500 won.
In a report released the same day, Han Young-soo, a researcher at Samsung Securities, commented on Doosan Bobcat's first-quarter operating profit falling short of market expectations, stating, "Market expectations were somewhat high," and added, "It is positive that the operating margin improved compared to the previous quarter and promotional expenses were reduced."
Doosan Bobcat’s consolidated operating profit for the first quarter stood at 200 billion won, down 38.6% from the same period last year.
Han noted, "The second half of last year marked the bottom of the company's earnings," and pointed out, "If dollar inventory accumulation activities resume going forward, it will be possible to achieve both revenue growth and further reductions in promotional costs."
He also emphasized that the company is relatively safe from U.S. tariff risks compared to its competitors. Han stated, "Most of the company's key products are manufactured within the United States," and highlighted, "It is also important that the company is a leading player in the U.S. compact equipment market."
He further explained, "This suggests that Doosan Bobcat is capable of influencing market pricing," adding, "The company's earnings outlook is also less likely to be affected by competitors' pricing strategies."
*[KOSPI]Doosan Bobcat(241560) manufactures and sells small construction machinery and Portable Power equipment, and is also engaged in new businesses such as compact tractors and agricultural/landscaping equipment. It is a foreign-invested holding company with subsidiaries in North America, Europe, Africa, Asia, and Latin America. Market capitalization is 4.41 trillion won(as of April 28, 2025, closing price).
Corporate Logo(source: doosanbobcat.com/kr )
Samsung Securities upgraded its investment rating on Doosan Bobcat (241560) to "Buy" on April 29, citing the company's relative safety from tariff risks due to the majority of its production being based in the United States. The target price was maintained at 54,500 won.
In a report released the same day, Han Young-soo, a researcher at Samsung Securities, commented on Doosan Bobcat's first-quarter operating profit falling short of market expectations, stating, "Market expectations were somewhat high," and added, "It is positive that the operating margin improved compared to the previous quarter and promotional expenses were reduced."
Doosan Bobcat’s consolidated operating profit for the first quarter stood at 200 billion won, down 38.6% from the same period last year.
Han noted, "The second half of last year marked the bottom of the company's earnings," and pointed out, "If dollar inventory accumulation activities resume going forward, it will be possible to achieve both revenue growth and further reductions in promotional costs."
He also emphasized that the company is relatively safe from U.S. tariff risks compared to its competitors. Han stated, "Most of the company's key products are manufactured within the United States," and highlighted, "It is also important that the company is a leading player in the U.S. compact equipment market."
He further explained, "This suggests that Doosan Bobcat is capable of influencing market pricing," adding, "The company's earnings outlook is also less likely to be affected by competitors' pricing strategies."
*[KOSPI]Doosan Bobcat(241560) manufactures and sells small construction machinery and Portable Power equipment, and is also engaged in new businesses such as compact tractors and agricultural/landscaping equipment. It is a foreign-invested holding company with subsidiaries in North America, Europe, Africa, Asia, and Latin America. Market capitalization is 4.41 trillion won(as of April 28, 2025, closing price).