건설 및 에너지 분야에서 떠오르는 새로운 기회

건설업은 가장 저평가된 분야이며, 데이터 센터와 원자력 발전소 주기의 시작을 포함한 신흥 사업도 있습니다.

### 한국 건설 및 에너지 섹터의 가치 투자를 위한 기회와 인사이트
* 🏗️ " 가장 과소평가된 분야는 건설업입니다. **건설 분야에서는 데이터 센터와 원자력 발전소 주기** 같은 새로운 비즈니스가 기대됩니다."
* 💡 산업의 주기적 특성으로 인해 한국에서의 가치 투자는 **주가가 큰 변동**을 겪는 어려운 투자로 간주됩니다.
* 많은 사람들이 가치에 대한 이해 없이 주식 투자에 뛰어들어 **트렌드를 따라가거나 다른 사람의 의견에 의존**하는 경우가 많습니다.
* 가치를 보는 능력은 투자에 있어 **매우 중요**한데, 이러한 능력의 부족은 사회에서 반복되는 문제입니다.
* 🏢 " **상대적으로 변동성이 낮은 대형 건설사인 삼성물산**은 장기 성장 잠재력을 갖춘 저평가 종목으로 부각되고 있다"고 말했다.
* 🌍 "  SMR과 데이터 센터는 건설업계의 미래 핵심 사업으로 **삼성과 SK가 강력한 플레이어**로 여겨지고 있습니다.
* 두산중공업이 국내에서 개발한 **인나바이트 가스터빈 기술과 수소 터빈으로의 전환**은 중요한 기회로 여겨지고 있습니다.
* 한국 주식의 저평가와 장기 성장 기업을 찾기 어려운 상황에서도 **국내 주식에 대한 투자를 지속**할 것

So, I think the most underestimated sector is construction. Within construction, I now believe that there will be emerging businesses here. That will be data centers. Finally, the nuclear power plant cycle is coming. We are really going to achieve a carbon-neutral regime, eventually transitioning from gas to hydrogen. People are preparing for future businesses. After this is over, I am looking forward to good results from Doosan. After that, we will sell it and look for new valuable investments. At that time, we can explore new know-hows and which companies to invest in. If we explain the stocks that have already ended, people will say, Why are you talking about something that's over? I know everything about the past. It's all about hindsight.

I think it would be nice to talk about positive opportunities in the current ongoing situation. Recently, when I look at the stock market, I see many people in the domestic market talking negatively. They say that value investing is not possible in Korea and suggest leaving for the U.S. immediately. Why do you, as the CEO, think that value investing is difficult in Korea? I think it's because the industry is cyclical. Since it is based on manufacturing, it tends to rise significantly when it goes up and fall sharply when it goes down. This cycle of prosperity and downturn occurs every few years, which is why I believe people are not interested in stock investment in normal times. However, when the cycle reaches its peak, even those who are usually not interested in stock investment rush in, only to be caught at the peak and suffer losses.

It's a typical thing. As I watched various shows last year, it seems like people are increasingly avoiding investing in companies. Without a deep understanding of such industries, they easily jump in when they hear something is doing well, rush in there without much hesitation, start a business, or simply trust someone's words and easily hit the buy button, ending up buying expensive overvalued stocks at their peak for a long-term investment of three years. Thinking about why they buy at the peak, I realized there is only one downside to buying at a high price, which is that it's expensive. But when you look at it at that moment, all the good news seems promising, except for the fact that it's expensive. Everything else looks fine. However, the problem is that in the stock market, that's the worst thing to do. The reason for repeating this behavior is because they don't see the value. They lack the ability to analyze the value themselves, and as a result, they end up buying stocks without understanding what they are really investing in.

Only listening to the words of authority figures, rushing towards them, and heavily criticizing and attacking those who express opposing views in that atmosphere, I strongly condemn it. Why do these things keep happening in our society repeatedly? It's because people lack the ability to see values. I feel the need to continue talking about this and to help people understand this ability. Last year, I went on a different channel and strongly warned about rechargeable batteries. As you know, comments are almost 99.9% filled with insults and slander. I naturally expected that to happen. I wouldn't have come out as a person who would be hurt by malicious comments. What I want to say is that value investment fundamentally is...

It's about seizing the opportunity of those values that people have not discovered. For example, when I first bought Doosan in 2021, at that time, the anti-nuclear power plant movement was in full swing. Now, everyone has a negative view on companies related to nuclear power plants. That's where the opportunity lies. So, when looking for investment targets in the industry now, it's the same. What sector do you think is the most undervalued now, excluding IT? Construction is quite attractive. In the construction sector, I think there will be some big winners. Some stocks have already surged significantly, like Hyundai Development Company, which has risen by 80%. In a few months, construction materials have also shown good performance. Surprisingly, the stock prices tend to rebound first even before the news turns positive. Currently, in the construction and industrial development sector, I am considering...

There were quite a few missing pieces, which caused some problems in the apartment construction sector. Today, the construction sector itself was evaluated, and at that time, the PBR had dropped to about 0.1 due to that. Yes, it plummeted a lot. However, now in the case of Hyundai Commercial Development, there are clear profitable projects like the development of Gwangwoon University, so I think the stock price has somewhat recovered. But overall, in the construction sector, construction stocks are heavily undervalued. This is because everyone is negative about construction. So, what opportunities are there in this sector? I found one related company, which is Samsung C&T. Samsung C&T is relatively more flexible in terms of PF risks. For example, the story of LEMEAN not being presold...

Have you heard that Samsung Group's unique corporate culture is when others aggressively invest, they step back? It was the same with Samsung SDI. When others questioned why they were expanding, especially in a heated housing market, Samsung took a step back. That's why I think the most undervalued sector is construction. Within construction, I believe that growth businesses will emerge. I think it will be data centers, and finally, the nuclear power plant cycle is beginning now. In the past, a few years ago, construction companies invested heavily in SMR shares. Many construction companies, when they win the contract, will do package deals. That's why I consider Samsung C&T as a company that will grow in the long term for the next 10 to 20 years. This will be a new scale.

Samsung C&T also made an equity investment. They invested a total of 70 million dollars, 20 million dollars in 2021 and 50 million dollars in 2022. I have about 100 million dollars worth of Doosan E&B Newscale shares. So, the picture I have in mind is to design the picture based on Newscale and then Doosan E&B will produce the SMR equipment. In the case of Samsung C&T, they will also receive it and carry out the EPC construction. My role is exactly like a semiconductor foundry. Originally, Samsung C&T or Samsung Engineering are good at that, right? Right. Now, in Romania, we are starting the SMR project. We are currently replacing a conventional power plant with SMR in Romania, with an investment of 70 billion won.

Installing 12 reactor modules to produce a total of 924 MW of power, Samsung is collaborating in the design, procurement, and construction of the SMR project. With this, a portfolio is now being created, which will enable entry into the U.S. or Europe based on the success of this project in Eastern Europe. If this project succeeds in Eastern Europe, proving the stability and reliability of SMRs and the ability to supply power reliably, then the business can start in the U.S. In any case, it is necessary to consider the current potential that remains in this industry. It may not be easy for Samsung to operate in the U.S. mainland at the moment, but with time, there is still great potential. Operating in our domestic market, Europe, Southeast Asia, and Western countries will still be essential.

Samsung C&T can do it, right? In the U.S., the Turks will do it themselves. Then, isn't there a competitor as competitive as Samsung C&T? Hyundai Construction does well, and Daerim does well too. But if you look at the market capitalization, the reason I chose Samsung C&T is because it is now a big company with a market capitalization of around 25 trillion won. The reason I brought this company is not to buy buildings, not to invest in apartments, but to invest the money for a purpose of around 10% annually. In the case of Doosan, why is it difficult to invest together? The volatility is too severe. If you experience the stock price falling apart and such, you cannot hold on for long. So, relatively low volatility and the ability to invest a large amount of money without worry, I choose companies like that to secure a large sum of money for retirement.

Many people are probably struggling with how to proceed, and I believe there are many such individuals. For those people, I chose Samsung C&T, and I brought this to introduce it. Originally, I thought there were many other construction companies, but choosing Samsung C&T might have been influenced by some bonus factors. Now, with the change to a holding company, it seems that you have considered things like this. Of course, value-up, but still, Samsung C&T will become a representative company, right? Samsung Group itself will continue to increase dividends, burn treasury stocks, participate in the government's corporate value-up program, and continue to create a company where shareholders can invest with peace of mind. From my point of view, the businesses that Samsung C&T has are in the early stages of 10 to 20 years of long-term growth. That's how I see it, and that's why...

It's good to invest together. Don't be too greedy now. Instead of investing in the top company in Seoul, participate in the government's Value-Up program and increase your own assets together. That's why I recommend this stock that I have selected. So, you seem to view the Value-Up program quite positively. However, just because you participate in the Value-Up program, the government talks about companies. In reality, it's very difficult for us individuals to know which companies to invest in. It's really difficult to enjoy those Value-Up benefits. So, for those people, I have selected stocks like Samsung C&T, a large stable company that can be invested in for a long time with an annual return of around 10%. Anyway, the link that continues the investment now is SMR, right? I want to ask about SMR because there are really many SMR companies.

Last time, looking at the investments made by construction companies, I thought it was related to Newske. However, there are various types, and now, regarding SMR's future, whether it will succeed or not, how do you see it? Currently, the leading companies are Newske, and then, recently listed, Olo Oclo. I have Oclo. And there is Terra Power, which is still unlisted but backed by Bill Gates. In Terra Power, SK also has a stake. Therefore, the construction companies I view positively are Samsung C&T and S-Eco Plant. Because these two companies have commonalities. As we have been talking about SMR, in fact, among the future businesses of construction companies, data centers will likely be crucial. So, data centers will

The best construction company that can be erased is now being considered. So, I think SK Samsung Group is the smallest. Why? Because they are closest to semiconductors. They already have a lot of experience in their portfolio, so they are the best fit. So, in the Samsung Electronics case, they have already developed a next-generation cooling system using liquid cooling for data centers. By moving away from the conventional method of cooling servers using air or water, they are directly immersing the servers in a dielectric liquid to directly remove heat, somewhat like a lubrication method, dropping the heat. Then, there is no need for the data center to be near water. Because I heard that once this GPT issues a command, it gives an answer when you say 1 2 3, but for it to calculate this, it boils water to 500mm.

Many heat generation occurs. It was emphasized that cooling is very important. If it is like this, there is no need to worry about the location. Samsung, which is the best at handling semiconductors, has been working on constructing semiconductor factories along with Samsung Engineering. Due to their experience, they believe they can handle data centers well. In Yongin, just building a semiconductor SK facility alone poses a huge challenge in terms of electricity demand. It is said that pulling in power is also an issue. They say it needs to be brought from Dangjin or Taean, and power lines need to be laid for 100km. However, instead of incurring such costs, suggestions like receiving small modular reactors (SMRs) here are being made. But now, due to psychological resistance, it may not be easy to install SMRs in the capital area. The probability of it not happening is high. The most realistic alternative is gas power generation. Therefore, in Yongin.

In the cluster, gas power generation will take place. Now, among the portfolios that Doosan Energy has, the one that I view very positively is Doosan Airbit gas turbine. They started developing this gas turbine domestically in 2013 and in 2019, they became the fifth in the world to possess this gas turbine technology. When it comes to this gas turbine, it involves alloy precision, high-tech processes. It's really considered the pinnacle of mechanical engineering, as it is so difficult and sensitive. It's a highly sophisticated and sensitive equipment, as you mentioned, from the operation itself, it's very delicate. It's not just ordinary technology; it's much more complex. How large is the power plant compared to what goes into a ship? It's about 20 times larger. This sensitivity means it cannot afford to malfunction. That's why this technology is now.

It's amazing. We have localized this. The reason I am now positive about Doosan is because of AI and electric cars. Now, globally, power shortages have become a reality due to AI and electric cars. We need to worry about this summer and next year immediately. As you mentioned, in our country, the government has a significant influence on electricity rates. Unlike the U.S., where private power plants determine electricity prices. If AI data centers aggressively start operating next year and claim there is a shortage of electricity, how will electricity prices be affected? This will also impact the growth of secondary batteries. Therefore, compared to conventional power sources, I keep emphasizing that we need stable base load power, which is essential. Gas and nuclear power plants require permits.

The duration is long, so it takes 10 years now. Because it's a long time, it's urgent right now, but there is no power source that can replace it right now. Therefore, gas power generation is being highlighted as a realistic alternative right now. That's why I think the domestication of the gas turbine developed by Doosan Energy has a significant meaning. If I may share one thing that gives me goosebumps, in the United States, Warren Buffett owns a LNG terminal, a LNG ship, and a LNG production company. Also, the railroad company owned by Buffett transports liquid hydrogen. So, if you look at Warren Buffett's investment portfolio from a gas perspective, there are all interconnected links. Like a big worldview, gas power generation in the U.S. might have a significant impact. This is how I think about it. Gas power generation is urgent right now.

Because it's urgent, ultimately, I think this will be replaced by hydrogen power generation. Because now, when we measure carbon emissions, we measure the amount of carbon emissions coming out of power plants. However, in reality, in the case of gases, the emissions that are not visible during the mining and transportation process are actually significant. Therefore, in order to truly achieve a zero-carbon economy, we ultimately need to transition from gas to hydrogen. Doosan is preparing for this future business as well. They are developing Doosan Enabite technology, transitioning from gas turbines to hydrogen turbines. Some people say that hydrogen is expensive and the era has not come yet. But if the era of hydrogen arrives, Doosan will have the opportunity to add more value. So, although nuclear power is mainly known as the main player in the energy industry, everything is about power generation now.

No, that's not it. If we look at the new base development, S-Oil and SK Innovation have the core technology. So, if we imagine the growth of this company once, in my opinion, at least 20 to 30 years. I really think the stocks that can be passed down to my son and grandson are these. When we look at the PBR of Doosan Holdings now, it's completely different from others. Doosan Holdings' PBR is currently around 2.4 to 2.5, while in the case of Hana, the PBR is 0.3. Originally, the PBR of Star Holdings was around that level. Originally, subsidiaries mostly had a PBR of 0.3 to 0.4. That's how it should be. However, just by looking at this, you can see that Doosan is highly overvalued. Doosan is now undergoing restructuring, and in 2020 and 2021, it will face strong control from the Industrial Bank. Moreover, looking at the assets that Busan sold at that time, there are a lot of real estate assets. They even sold golf courses and now they are selling Doosan Tower.

What remains is the new business. Why wasn't that new business sold? At that time, there were various things like robots and hydrogen, which were considered future businesses. It was uncertain when they would make money. Therefore, the company's immediate priority was to sell assets that could be turned into cash right away, leaving aside those that were not profitable. The timing of selling these assets was when they were more valuable. Real estate was also in a period where interest rates were going down. However, unintentionally, the restructuring was done very well. So, if you look at the company, the unprofitable assets were all sold. Therefore, it is not advisable to look at the PBR. The book value doesn't reflect the evaluation of future new businesses. If you think about it carefully, through valuation modeling, holding companies with a PBR of 0.3, like Doosan, could also be well evaluated by restructuring their assets into valuable ones.

It's hard because who would buy those real estate assets in the current situation, and the chairmen won't have such a radical mindset. So, when I experienced that structure at that time, from the perspective of a Doosan investor, the real estate market was so good back then. Yes, for a company, the importance of ROE is very high. Doosan had assets that could increase its ROE, but they were not assets that could be easily sold off. At that time, everything was sold off, and SMR praised it a lot. You don't have any intention to invest in the U.S. news scale at all. I haven't invested in the U.S. yet, and I still love Korea. The first reason is that I have confidence that I can do enough with Korean stocks alone, and I can analyze those companies. If I analyze U.S. companies, I can analyze them in such detail.

Is it possible? And there are too many players there. All the information is open, and now that players are all doing that, well, in that market, I have achieved such results. I mentioned that I think the stock market in Korea itself is undervalued. Here, there are only a few players, and the characteristics of Korean stocks have a strong concentration. Stocks that are considered good are too expensive, and if they are stamped as bad, they become very cheap. The price gap is enormous. So, if I discover a stock that is truly undervalued and if a turnaround happens, then that could be a life-changing opportunity. Yes, life-changing opportunities come from here. That's why I feel more attracted to Korean stocks than American stocks. And there are no taxes, right? Yes, so far, yes, so far.

In a way, what I keep thinking is that I invest in domestic stocks and foreign stocks. Personally, there are many things that are too regrettable. The story I brought up in a financial debate last time was that Koreans in their 20s and 30s only invest in foreign stocks and don't even consider domestic stocks because of distrust. Therefore, young people who used to invest overseas because the system for investing in Korean stocks was not well-established should come back to investing in domestic stocks. This way, the domestic liquidity can continue to be sustainable forever. Then, as you mentioned, people who become wealthy through domestic stock investments will continue to emerge, and there will be good results. Foreigners also invest in Korean stocks, and originally, the purpose of listing is for fundraising. So, in a way, it seems that successful people like this should continue to emerge so that this culture can change.

I think it's not going to happen. In my opinion, it's really difficult for people in Korea to invest together. Because it's really hard to find companies that grow in the long term due to the industrial characteristics of Korea. Moreover, most of the people who talk about these value investments have already gone home. So, I really think, This can't go on like this. People who influence the public tend to exaggerate what they know and spread it or tell people to buy stocks that are overvalued. They say that Korea is not a market for value investing and tell people to leave. I feel very angry about these stories because they talk about these things without really trying or experiencing value investing properly. Because of this, I feel the need to speak out, even though I am just an ordinary person, so that people can hear this voice a little.

To alleviate excessive attention and concentration, people need to open their eyes to values. I am thinking about such a concept. If I may share my thoughts in this place, it seems that there are many stock investors or value investors who dislike a bit of media exposure. Many people ask why bother coming out and doing such things, but now unlike the past, it is the timing to come out and create a bit of atmosphere for value investing. Therefore, I think that if many people are informed correctly about value investing, the next generation of friends will come out as rich people and continue to share stories. I hope this kind of cycle continues. I see many undervalued companies that can grow in the long term in my eyes, so even someone like me should continue to come out with the intention of letting people know.

I am speaking like this, and I am very grateful for your precious time. I will also look forward to good results in the future. Please write the book quickly. I would like to let many people know. Thank you for appearing today. Thank you.

두산 다음은 여기에 투자할겁니다! (ft.박두환 투자자 2부)

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전인구경제연구소

건설업은 큰 성장 잠재력을 지닌 수익성 높은 투자 분야로 부상하고 있습니다.

국내 제조업의 주기적 특성으로 인해 많은 사람들이 가치투자를 어려워하고, 이로 인해 진정한 투자 가치에 대한 이해가 부족합니다.

이 대표는 원전 기업에 대한 부정적인 시각을 대표적인 투자 기회로 예로 들며 저평가된 기회를 인식하는 것이 중요하다고 강조합니다.

삼성물산의 건설 부문 성장 기회

건설업종은 현재 저평가되어 있지만 광운대 개발과 같은 수익성 있는 프로젝트가 있어 주가가 다소 회복될 것으로 보입니다.

삼성물산은 PF 리스크에 대한 유연성이 높고, 특히 루마니아 SMR 발전소와 같은 프로젝트를 통해 장기적으로 성장할 것으로 예상됩니다.

변동성이 낮기 때문에 은퇴 후 목돈을 마련하는 데 매력적인 종목입니다.

삼성물산의 건설 및 투자 분야 잠재력

삼성물산은 지주회사 전환을 앞두고 있어 대표적인 대표기업이 될 것으로 기대됩니다.

정부의 밸류업 프로그램에 대한 긍정적인 전망과 함께 연 10% 내외의 안정적인 장기 투자처로 평가받고 있습니다.

삼성물산과 에스에코플랜트는 소형모듈원자로(SMR)와 데이터센터라는 공통점과 향후 성장 가능성으로 인해 긍정적으로 평가받고 있습니다.

삼성은 혁신적인 냉각 시스템과 반도체 공장 건설 경험 등 반도체에 대한 전문성을 바탕으로 데이터 센터를 운영하기에 적합하다.

수도권에 발전용 SMR을 설치하는 것은 심리적 저항에 부딪히기 때문에 용인에서는 가스 발전이 보다 현실적인 대안이 될 수 있습니다.

수소 발전으로의 전환에서 두산 에어비트 가스터빈의 중요성

-  두산 에어비트 가스터빈은 선박용 발전소보다 20배나 큰 고도로 정교하고 민감한 기술로 가스 발전에서 중요한 역할을 담당하고 있습니다.

-  AI와 전기차로 인해 안정적인 기저부하 전력에 대한 전 세계적인 수요가 증가함에 따라 가스 발전의 시급성과 수소 발전으로의 전환 가능성이 부각되고 있습니다.

-  두산은 두산에나바이트 기술을 개발해 수소 발전 시대에 더 많은 부가가치를 창출할 수 있는 기반을 마련하며 이러한 변화에 대비하고 있습니다.

두산 지주회사의 미래 전망 평가

두산지주의 주가순자산비율(PBR)이 높아 자회사 및 산업 표준 대비 고평가되어 있지만, 구조조정과 비수익 자산 매각에 집중한 결과 성공적인 성과를 거두고 있습니다.

로봇, 수소 등 미래 신사업에 집중하고 있는 점은 PBR에 반영되지 않아 다른 평가 접근이 필요하다는 의견입니다.

투자자는 저평가된 기회 가능성과 한국 주식시장의 집중된 특성으로 인해 미국 주식보다 한국 주식에 대한 신뢰를 표명하고 있습니다.

국내 주식시장에 대한 신뢰 부족으로 국내 주식보다 해외 주식을 선호하는 젊은 층이 늘어나고 있지만, 지속적인 유동성 확보를 위해 국내 주식 투자를 장려할 필요가 있습니다.

연사는 가치투자에 대한 강조가 부족하고 고평가된 주식만 부각되는 경향에 대해 불만을 표하며, 장기적인 성장을 위해 저평가된 기업을 발굴하는 것이 중요하다고 강조합니다.

더 많은 사람들이 목소리를 내고 미래 세대에 도움이 되는 가치 투자를 위한 분위기를 조성해야 한다고 촉구합니다.