CS Wind Expected to Benefit from Eased U.S. Wind Permitting and Reduced Competition

[Financial News] DS Investment & Securities raised its target price for CS Wind on the 11th from KRW 81,000 to KRW 88,000, saying the company is expected to benefit from improved permitting conditions and reduced competition in the U.S. wind power market. The brokerage maintained its Buy rating.
Joo Won Ahn, a researcher at DS Investment & Securities, said, "The operating environment is improving in the United States, CS Wind's main market." He added, "As recently as March this year, onshore wind installations in the United States were expected to decline from 2027 to 2029, but data released in July revised the outlook toward growth." He continued, "The expansion of artificial intelligence data centers (AIDCs) is increasing electricity demand, which is also having a positive impact on wind power generation."
Permitting uncertainty is also easing, the researcher assessed. Joo Won Ahn said, "In June, the Trump administration voluntarily withdrew its appeal in a lawsuit over the freeze on new approvals for wind projects." He added, "In August, the United States Department of Defense (DoD) lifted its suspension of reviews for onshore wind projects, allowing projects totaling approximately 30 GW to enter the review process."
Changes in the competitive landscape of the U.S. wind turbine tower market were also cited as a positive factor. Joo Won Ahn said, "As competitors continue to scale back or withdraw from their tower businesses, the market is shifting toward a structure in which CS Wind effectively secures a near-monopolistic position." The explanation was that expanded installations resulting from lower permitting barriers could coincide with weaker competitive pressure.
Regarding order flows, the researcher expected steady orders to continue coming into the tower division and new orders for substructures to be secured within the year. Next year, revenue is projected to rise 11.8% year on year to KRW 3.256 trillion, while operating profit is expected to increase 28.8% to KRW 391 billion.

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