Overview Key strengths Key risks Good position in North American compact construction equipment (CE) market. Exposure to cyclical U.S. construction industry due to high portion of revenue from compact CE business in North America. Robust operating performance and healthy cash flow generation. Parent has weaker credit profile and liquidity position than Doosan Bobcat Inc. (DBI). . We forecast annual EBITDA will decline to US$700 million-US$1 billion in 2023-2024, from US$1 billion in 2022. The base in 2022 was a historical high, largely due to strong demand and increases in average selling prices in the compact CE segment. DBI reported revenue of Korean won (KRW) 1.9 trillion and EBITDA of KRW330 billion in the first quarter of 2023. This was on
