[Edaily Shin Ha-yeon] DSM(104040, KQ) is expected to accelerate growth through the expansion of its leisure platform business and steady performance in its core mobility operations, according to independent research firm ValueFinder.

In a report released on Oct. 13, ValueFinder highlighted the planned opening of “9.81 Park” near Incheon International Airport in spring 2027 and the company‘s overseas licensing initiatives as key growth drivers.

DSM expanded into the leisure platform business last year through its merger with Monolith. Its flagship attraction, 9.81 Park, combines proprietary racing vehicles, indoor activities and an AI-based operating system.

The Jeju park generated KRW 17.2 billion in revenue and KRW 1.8 billion in operating profit last year, marking its strongest annual performance since opening. Revenue increased 15% year on year in the first half of 2026, while foreign visitor numbers surged 108%, lifting their share of total visitors from 7% to 14%.

“Having proven both earnings and visitor appeal in Jeju, the company is well positioned for full-scale growth as it secures new sites,” said Lee Choong Hun, a researcher at ValueFinder.

DSM’s next major project, 9.81 Incheon Airport, is scheduled to open in spring 2027. Located near Terminal 1 of Incheon International Airport, the indoor facility will be approximately twice the size of the Jeju park, with an annual capacity of 2 million visitors. Construction was 85% complete as of the end of September.

The company is also pursuing an overseas licensing agreement with Jiande City in China, targeting a contract signing by year-end. Its first domestic licensing project is underway in Pohang.

Under the licensing model, local operators fund infrastructure development, while DSM supplies hardware, software and operating systems. ValueFinder estimates that each licensed park could generate approximately KRW 20 billion in initial revenue, followed by recurring royalties and IT operating income.

DSM‘s mobility business is also expanding. First-half revenue reached KRW 20.8 billion, up 30.5% from a year earlier. A swivel seat mechanism for the Genesis GV90, jointly developed with Hyundai Transys, is scheduled to enter mass production in the fourth quarter.

Meanwhile, DSM has completed a prototype of its 16.2V, 2,000F supercapacitor and aims to verify its performance and pursue commercialization in 2027, targeting applications in AI data centers and energy storage systems (ESS).

“DSM is pursuing an expansion model to leap forward as a global leisure platform through its second park at Incheon Airport and overseas licensing,” Lee said. “Investors should look at the company from multiple angles, including the steady earnings growth of its core mobility business, new GV90 parts revenue and the commercialization potential of supercapacitors.”