Doosan Fuel Cell has entered a short-term consolidation, turning downward after four consecutive trading days of gains. However, market attention is focused less on short-term fluctuations and more on expectations for expanded fuel cell orders—particularly whether U.S. data center demand will translate into actual contracts.

■ Immediately After 4-Day Rally... Profit-Taking Flows In

On the 14th, Doosan Fuel Cell was trading at 37,950 won, down 150 won from the previous trading day. As the decline comes right after a four-day winning streak driven by expectations of expanded fuel cell orders that lifted the share price, today's drop can be viewed as a consolidation phase. However, profit-taking and shifts in supply-demand dynamics are appearing in tandem following the uptrend.

■ U.S. Data Center Orders Are the Key Variable

The market regards whether Doosan Fuel Cell can expand its orders going forward as the key variable. In particular, attention is being drawn to the fact that, as electricity demand from U.S. data centers surges, moves are emerging to utilize fuel cells as an independent power supply source.

Doosan Fuel Cell is in discussions to supply phosphoric acid fuel cells (PAFC) targeting U.S. data centers. In July, industry sources raised the possibility of a first supply contract of 20MW as early as the fourth quarter of this year, with additional supply negotiations also reportedly underway.

However, it is still difficult to conclude that a large-scale order has actually been confirmed. On July 28, NH Investment & Securities assessed that while discussions on fuel cell orders for data centers were progressing for Doosan Fuel Cell, announcements of results were being delayed compared to initial expectations, and it lowered its target price from the previous 80,000 won to 34,000 won, citing uncertainty over the order size.

■ Delivering Results That Meet Expectations Is Crucial

Data centers are consuming massive amounts of electricity amid the expansion of the artificial intelligence (AI) industry. If grid connection delays become a growing problem, fuel cells—which can generate power directly on-site—could emerge as one of the alternatives. If actual contracts are secured in the U.S. market, this is expected to become an important variable for expanding the share of Doosan Fuel Cell's overseas business as well.

On the other hand, it should be noted that if the stock price has risen rapidly over a short period, profit-taking volume may emerge even if positive catalysts remain. In particular, for stocks where order expectations have already been priced in, there is a possibility that volatility could expand if the actual contract size and timing fall short of market expectations.

Ultimately, Doosan Fuel Cell's future stock price is likely to depend less on the recent four-day rally itself and more on ▲whether discussions on U.S. data center-related orders lead to actual contracts and ▲how much new orders contribute to future revenue and profitability improvements. Whether the decline on the 14th, following four consecutive trading days of gains, will amount to a mere consolidation is also expected to vary depending on these business outcomes and supply-demand flows.

[This article was written with AI assistance. This article is not intended as investment solicitation, and investment decisions and any resulting responsibility rest with the investor.]