Korea Investment & Securities analyzed on the 27th that, as tensor processing unit (TPU) volumes increase steadily while supply rises only marginally, the average selling price (ASP) will increase for ISU PETASYS. It kept its "Buy" investment opinion and raised the target price to 167,000 won from the previous 140,000 won. The prior trading day's closing price of ISU PETASYS was 141,600 won.
Park Sang-hyun, a researcher at Korea Investment & Securities, projected ISU PETASYS's 2026 revenue at 1.4289 trillion won and operating profit at 302.7 billion won. That represents increases of 28.7% and 44.4%, respectively, from a year earlier.
Park said, "TPU volumes are set to increase steadily, and volumes of high-bandwidth switches such as 800G will also begin to expand in earnest," adding, "Demand is solid, but supply growth is limited."
He also projected, "The fifth plant now under construction is scheduled for completion in the second half of 2027, and until 2026 only limited supply increases to alleviate bottleneck processes at plants 1 through 4 are possible, so the ASP will trend upward through the year."
It also projected that expansion in demand for multilayer boards (MLB) will lead to continued earnings improvement at the China subsidiary. Park said, "Originally, the main applications for mid-to-high-layer MLBs were general servers and industrial devices, but recently demand has expanded rapidly to artificial intelligence (AI) servers and the market for mid-to-high-layer MLBs has even entered a phase of tightening supply and demand," adding, "We expect firm prices for mid-to-high-layer MLBs due to the supply-demand imbalance."
Park presented the China subsidiary's 2026 revenue at 299.6 billion won and operating profit at 57.0 billion won. Those figures are up 31.7% and 49.1%, respectively, from a year earlier.