What matters more than Siltron

Research evidence excerpt

What matters more than Siltron

Macquarie Equity Research

08 June 2026

Capital Goods

Doosan Korea

Jacob

Key Points Kim

• The recent silicon wafer sector rally has increased uncertainty around

the Siltron acquisition. We believe it will take longer to gain clarity. 000150 KS Outperform

(at 5 Jun 2026) KRW1,740,000• Based on peer valuations, Siltron's fair EV could be ~Won 6tr. Doosan Price 12-month target KRW2,300,000 may need to borrow Won1.9tr to match such a price tag.

12-month TSR (%) 32.3

• We do not factor the Siltron acquisition into our valuation. We remain Volatility Index Very High

positive on the stock, as it is a solid CCL busienss. Maintain Outperform. Market Cap (Local) (m) 31,159,867

Market Cap (USD) (m) 20,363

Free Float (%) 43

• Uncertainties surrounding the deal. Doosan has been negotiating with 30-day avg turnover (USD) (m) 117.7

SK Group to acquire the #5 global silicon wafer producer, Siltron. In our

Investment Fundamentals view, the deal seems likely to be delayed further due to differences on

Year end 31 Dec 2025A 2026E 2027E 2028E

acquisition value and stakes (SK Inc's 70% ownership vs 100% including Revenue (bn) 19,784 20,981 24,039 27,440

Mr. Chey Tae-won's stake). However, we believe Doosan is unlikely to give Revenue growth (%) 9.1 6.1 14.6 14.1

up the deal and is one of the few viable candidates that can help fully EBIT (bn) 1,063 1,768 2,525 3,525

divest Mr. Chey's Siltron stake. EBIT growth (%) 5.9 66.4 42.8 39.6 Reported profit (bn) 75.8 658.5 1,062 1,754

• Siltron is a Won6tr business. We believe investors have shifted from a Adjusted profit (bn) 111.3 670.8 1,062 1,754

negative to strongly positive view on the Siltron acquisition due to the EPS rep [KRW] 4,248.2 36,511.4 57,439.1 94,812.9

EPS rep growth (%) NM 759.5 57.3 65.1