Doosan Fuel Cell has seen its shares rise over 12% during trading, reaching an all-time high amid expectations of increased demand for data centers in North America.
According to the Korea Exchange, as of 1:53 PM, Doosan Fuel Cell shares were trading at 97,000 won, up 10,700 won (12.40%) from the previous trading day. At one point, the stock peaked at 103,800 won, marking a record high.
Analysts attribute the stock's rise to growing demand for phosphoric acid fuel cells (PAFC) aimed at North American data centers and the anticipated visibility of solid oxide fuel cell (SOFC) stack exports.
Jung Hye-jung, a researcher at KB Securities, stated, "Demand for PAFC in North American data centers appears to be stronger than previously expected, and SOFC stack exports are likely to become visible soon. Considering that we are currently in discussions for new orders with multiple clients for North American data centers, additional orders could be possible in the first half of the year."
Expectations for improved performance are also rising. Doosan Fuel Cell reported a preliminary revenue of 144.8 billion won for the first quarter of this year, a 45.2% increase compared to the same period last year. Although the company continued to incur an operating loss of 1.3 billion won, this figure exceeded market expectations. The increase is attributed to revenue growth from the domestic Clean Hydrogen Power Generation Obligation (CHPS) project and the effects of SOFC deliveries for the Haichangwon project.
Jung noted, "While one-time factors such as the reversal of provisions in the SOFC sector and profits from the sale of retired electrodes were partially reflected, the expansion of demand for data centers in North America will serve as a medium- to long-term growth driver."
* This article has been translated by AI.
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