Kyobo Securities on the 22nd said that as TSMC's supply shortage persists, DOOSAN TESNA's key customer has secured high-growth demand sources such as Autonomous Driving and Robotics system-on-chip (SoC) as a reflected beneficiary. It also noted that the customer is expected to manufacture volumes for a global major camera image sensor (CIS) client starting in 2027, raising expectations for medium- to long-term results.
At the same time, it newly set a target price of 69,000 won and a buy rating. DOOSAN TESNA's previous session closing price was 51,600 won.
DOOSAN TESNA, founded in 2002, is a system semiconductor testing specialist focused on wafer and packaging testing. Samsung Foundry is a key customer.
Park Hee-cheol, an analyst at Kyobo Securities, said, "TSMC, a global top-tier foundry, continues to face a supply shortage due to strong demand for artificial intelligence (AI) and high-performance computing (HPC)," adding, "The company's key customer has secured high-growth demand sources as a reflected beneficiary, and we believe substantial order growth can be expected going forward."
Park said, "DOOSAN TESNA will enter a phase of structural growth along with its key customer," adding, "In addition, the CIS product lineup is also expected to perform well."
Kyobo Securities estimated DOOSAN TESNA's revenue this year at 389 billion won, up 26.2% from a year earlier, and operating profit turning to black at 63 billion won.
Park said, "With orders for Autonomous Driving and Robotics continuing at the key customer, Exynos is also expected to be loaded with volumes for domestic supply," adding, "It is necessary to confirm that the shares are undervalued through an assessment against the average level of past non-memory cycles."