Shinhan Securities raised its target price for Isu Petasys by 6% to ₩170,000, or approximately $120, from ₩160,000, while maintaining its Buy rating. The previous trading-day close of ₩110,300, or approximately $81, implies roughly 54% upside to the new target. Analyst Oh Kang-ho said on the 22nd that Isu Petasys is leading the ultra-high-layer PCB (printed circuit board) market used in network and server infrastructure. The brokerage cited stronger profitability from expanded MultiLam equipment investment, a greater share of high-value products and a growing order backlog. Standalone backlog increased from ₩582.9 billion in Q1 to ₩622.2 billion in Q2 this year. Facility additions scheduled for Q3 are expected to expand production capacity. Data-center revenue rose 11% quarter-over-quarter in Q2 and network revenue increased 5%, while lower-margin server products fell from 14% to 9% of revenue. Shinhan Securities expects MultiLam (HDI, or high-density interconnect) products to reach 30% of revenue this year, up 22 percentage points from the prior year. The estimated average selling price increased 21% year-over-year and 14% quarter-over-quarter based on Q2 production results. The brokerage forecasts Q3 operating profit of ₩94.8 billion, approximately $69.6 million, up 62% year-over-year. Oh said earnings growth should continue through 2028, supported by global customer demand. The target increase reflects the view that Isu Petasys is moving from a conventional PCB manufacturer toward a high-value substrate supplier focused on data-center and network infrastructure, while backlog growth alongside capacity investments improves forward earnings visibility.