[Infostock Daily= Reporter An Hoe Hyun] Daishin Securities predicted on the 7th that Doosan Heavy Industries & Construction and the group's financial risks and uncertainties will be resolved as the restructuring work on Doosan entered the final stage. Investment opinion 'Marketperform' and target stock price remained at 45,000 won, respectively.
Doosan Group announced on the 4th that it will dispose of its stake in Doosan Solus, sell its Doosan Mottrol business unit, the owner's free gift of Doosan Fuel Cell(336260) to Doosan Heavy Industries & Construction and issue a large-scale paid-in capital increase of Doosan Heavy Industries & Construction.
In addition to the announcement, the sale of Club Mow CC and the sale of Doosan Tower are in the final stage, and Doosan Group's restructuring is expected to be completed if Doosan Infracore is sold by the end of the year.
Doosan is expected to secure about 690 billion won through the sale of Doosan Solus and Mottrol BG. Doosan has decided to dispose of its 18.05%(5,521,000 shares) stake in Doosan Solus, which it held, for 238.2 billion won, to Sky Lake, a private equity fund(PEF) operator.
Analysts say that if the disposal of Doosan Solus and Mottrol's shares and the sale of Doosan Tower are completed, about 1.1 trillion won will be secured.
The funds will be injected into Doosan Heavy Industries & Construction’s paid-in capital increase of about 580 billion won, with the remainder expected to be used to repay the loans. Doosan's sequential deposits are estimated to decrease to about 900 billion won when the stake sale, participation in the paid-in capital increase and repayment of loans are completed.
Reporter An Hoe Hyun ahh@infostock.co.kr
