SWNOVELXO 67
“Creating a means to maintain the balance of power. E-On Works.”
The advice that instantly resolved Dokyung’s days of deliberation came from Han Dahyun.
In truth, Dokyung thought all the stocks were good. As the message had said, the defense industry couldn’t be understood by numbers alone. That’s why he didn’t want to discard any of them.
This was the root cause of his seemingly endless deliberation over the past few days.
However, Han Dahyun boldly advised to discard stocks with flaws first. Upon hearing this advice, Dokyung wondered if perhaps this was what the Center Director wanted as well.
Thanks to this, he chose the stock that appeared to have the fewest flaws, which was the one he was now presenting.
“There’s a saying that war is expensive, but peace is even more costly. E-On Works is creating the means to maintain the balance of power, preserving peace rather than war.”
As Dokyung said this, he moved to the next slide, displaying all the weapons produced by E-On Works.
“First, E-On Works is producing radar and search equipment that will serve as the eyes and ears of our country.”
The reason Dokyung chose this stock was, as mentioned earlier, because peace costs more than war. Especially for our country, which spends a lot of money to maintain the balance of power due to its geopolitical characteristics.
After all, a significant threat loomed right across our borders.
“E-On Works manufactures surveillance radar and early warning system equipment, which play the most crucial role in missile defense systems. As I mentioned earlier, these are at the core of our country’s missile defense system.”
Everyone was focused on the screen, their expressions suggesting they were being drawn into Dokyung’s presentation.
“E-On Works doesn’t stop at defense; through its self-developed surface-to-air guided missiles, it strikes enemy missiles as soon as they’re detected. In other words, E-On Works is creating the means to perform all the key roles in the Korean Peninsula’s Kill Chain.”
This was the most attractive part. Both the surveillance system equipment that detects when an enemy launches a missile, and further, the missiles that strike them, were all manufactured by E-On Works.
To draw an analogy with other industries, they were a company that produced and supplied a set product. The appeal lay in the fact that buying one product would make you consider the other.
“In particular, according to our country’s mid-term defense plan, the defense improvement budget is set to use 25.4 trillion won by 2026, which includes plans to expand the missile defense system.”
The timing was good too. According to the defense plan, it was as good as saying that E-On Works would have more opportunities for orders in the future.
“If we include the amount to be used for the missile defense system, which is specifically included in the defense plan, in next year’s order backlog, E-On Works’ order backlog at the end of next year is expected to reach about 11.9 trillion won.”
Dokyung said this as he moved to the next slide. It was a comparison with other defense companies, and the expression of the Team 2 leader, who had been watching Dokyung’s presentation intently, rapidly hardened.
“K-Tech is a company that produces the main battle tanks for our military.”
This was because the company Dokyung had put up for comparison was the defense company that Team 2 had just presented.
Dokyung had considered removing it, but he hadn’t expected Team 2 to present K-Tech in the first place, and he wasn’t targeting them, so he decided to go ahead with the presentation.
“In particular, tanks designed with consideration for our country’s mountainous terrain are being received attractively in the global market. They also have a price competitiveness advantage over European tanks. However.”
Dokyung continued with a stern expression.
“Their business structure is too vast.”
K-Tech was also an attractive stock, and Dokyung had initially intended to choose it. However, following Han Dahyun’s advice, there were too many aspects that could hinder stock price growth.
“Their business extends beyond being a defense company producing tanks, to rail business producing subways and trains, and even eco-plant business involved in hydrogen infrastructure such as hydrogen charging stations.”
Dokyung pointed at the screen as he continued his explanation.
“Considering that over 50% of their sales come from the rail business, and defense industry sales don’t even account for 30% of the company’s total sales, I thought there were many factors that could lead to undervaluation when recognizing them as a pure defense company.”
This was why Dokyung had included K-Tech for comparison. While E-On Works derived 100% of its sales from the defense industry, K-Tech did not.
This would be an advantage when military competition is reduced, but in times like now when money is concentrated in one focused area, it could be a disadvantage.
He wanted to show this point of comparison, but the expressions of Team 2 were not particularly bright.
“As emphasized earlier, war comes with enormous costs.”
Dokyung turned on the last page of his prepared material and looked at everyone.
“However, peace costs even more. And E-On Works is engaged in a business that balances power to maintain that peace. As the arms race begins, it’s expected that countries will spend more on national defense rather than offense, which is positive for E-On Works. That concludes my presentation.”
As Dokyung finished his presentation and bowed, the lights in the conference room came on, and Center Director Ha Min-jae looked at Dokyung.
“May I ask one question?”
Dokyung nodded slightly and looked at Ha Min-jae.
“What do you think is E-On Works’ biggest weakness?”
“The fact that they haven’t been able to export overseas. Competing products like the Indo-Israeli joint missile or the Italian-French joint surface-to-air guided missile are knocking on the doors of the global market.”
“So you’re saying their sales are still entirely domestic?”
“That’s correct. But conversely, if they have an order backlog of 11 trillion won just from the domestic market, it means they could earn much more if they tap into the overseas market.”
“Good. I hope it turns out that way too.”
Ha Min-jae smiled and clapped, and the other employees who had been watching their Q&A also clapped with somewhat sour expressions.
“Today’s presentation was more interesting than usual. How should I put it? It finally feels like there’s competition between teams? Team Leader Seo.”
Center Director Ha Min-jae called out to Team 3 Leader Seo Jeonghwan.
“Good work.”
Seo Jeonghwan bowed his head at Ha Min-jae’s words, still maintaining his unreadable, stern expression.
“Well then, let’s end today’s meeting here. Good work, everyone. Team leaders, please stay behind for a moment.”
At the Center Director’s words, the team leaders remained in the room while the rest of the employees began to file out.
Dokyung also left the room with his team members and entered Team 3’s office.
“Wow, it’s amazing even hearing it again.”
The seniors praised Dokyung’s presentation, seemingly still impressed, and Han Dahyun also gave a thumbs up.
“Dokyung-ssi, could you send me that material via messenger? I need to recommend it to some clients.”
At a senior’s request, Dokyung smiled and nodded.
“Yes, certainly.”
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A month later, Dokyung was having lunch with his team members at a restaurant in front of the center. Due to the nature of the PB job, they often had external meetings with clients during lunchtime, but on days like today when all team members had no external schedules, they would eat together.
It wasn’t bad in terms of getting closer to team members by eating together, but there was one uncomfortable aspect…
Clank-
Because Team Leader Seo Jeonghwan was such a quiet person, the meal times were too silent, with only the sound of utensils moving audible.
“Well, well, look who it is.”
At that moment, a voice broke the silence at Dokyung’s table, and everyone’s gaze turned to see the Team 2 leader standing there.
“It’s Team 3. The ace team of the Leaders Center.”
The Team 2 leader’s words were full of mockery, and Dokyung looked at him with a hardened expression.
“What did you say a month ago? There were many factors that could lead to undervaluation?”
The Team 2 leader and his team members were looking down at Team 3 with smiles.
He was reciting exactly what Dokyung had said at the presentation a month ago, but there had been quite a few changes over the past month.
K-Tech, which Team 2 had presented, had secured an export contract worth 3 trillion won to supply tanks to a European country.
The stock price had started rising as soon as rumors emerged, and when the actual contract was quickly finalized, K-Tech’s stock price had risen more than 40% from the day of the presentation.
“Where is E-On Works now?”
Of course, E-On Works was also an excellent defense company, so its stock price hadn’t fallen, but it was trading at a 5% increase from the day Dokyung presented, with relatively no positive news.
“Hey, Yoon Dokyung-ssi.”
Dokyung quietly looked at the Team 2 leader calling his name.
“The weaknesses of the company you compared have turned into strengths, and E-On Works’ weaknesses remain the same, huh?”
Dokyung wondered how he should respond to the Team 2 leader’s sarcastic remarks. Of course, from his perspective, it was an unpleasant situation, but Dokyung hadn’t created his material to target Team 2.
“Why so quiet? Well… looking at your team leader, I can see why the team atmosphere is like this.”
The Team 2 leader said this while looking at Team 3 Leader Seo Jeonghwan, who was quietly eating his meal.
“Well then, keep up the good work. I’m very curious about the results announcement next month. Let’s go.”
After mocking them to his heart’s content, the Team 2 leader left the restaurant with his team members. The already quiet meal time of Team 3 became even more silent, with even the sound of utensils moving no longer audible.
Thud-
At that moment, Team 3 Leader Seo Jeonghwan put down his spoon and stood up.
“I’ve lost my appetite. Take your time eating and come back.”
Seo Jeonghwan said this and left, while the team members awkwardly stood up and bowed to his retreating figure.
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“As expected of our team leader. Did you predict that K-Tech would rise this much?”
“Hey! What do you take me for!”
Meanwhile, back at the center, Team 2 members were gathered in the break room chatting, and at a team member’s question, the Team 2 leader yelled angrily, causing the employee to bow his head apologetically.
“Of course I didn’t know. Hahaha.”
The Team 2 leader looked at his team member, laughing loudly as if in a great mood.
“If I knew that, would I be here doing this? I’d be a fortune teller.”
“Hahaha.”
Loud laughter echoed throughout the break room.
Bang-
As the Team 2 leader and his employees were laughing and chatting, the door burst open with a loud noise, and a man with a stern expression entered.
“Get out.”
The person who entered the break room was Team 3 Leader Seo Jeonghwan, and he spoke to the Team 2 members surrounding their leader.
“What are you doing? Didn’t you hear me? Get out.”
As Seo Jeonghwan repeated himself, the Team 2 leader nodded to his team members, signaling them to leave.
Sensing the tense atmosphere, the Team 2 members looked around nervously, bowed, and left the break room.
“What’s wrong with you?”
“Han Seongwook.”
“Wow, Jeonghwan-sunbae, it’s been a while since I’ve seen you angry…”
“I know you’ve always been like this, so I can tolerate you looking down on me and acting up, but…”
As Seo Jeonghwan continued with a stern expression, the Team 2 leader wiped the smile off his face and looked at him.
“I don’t think you have the right to say anything to my team members.”
“Haha, what are you talking about? Are you acting like this now because of what I said at the restaurant earlier?”
“If you say something like that to my team members one more time, I won’t…”
“You’ll what?”
The Team 2 leader spoke to Seo Jeonghwan with one corner of his mouth turned up.
“What?”
“What will you do, sunbae? Are you going to grab my collar with that personality of yours?”
At the Team 2 leader’s words, Seo Jeonghwan tightly closed his mouth and looked at him.
“Sunbae. Do you know what I find pitiful when I look at you? You lack ambition. Or maybe you know your place well? You only have the skills to climb up to this Leaders Center after all.”
“……”
“I understand that you think your path to promotion is blocked because there are many juniors here with better performance than you. Even I have better performance than you.”
“You bastard…”
“But what’s more irritating is that a person with no skills and no ambition! A cowardly person who hid behind others when everyone else was getting fired! The way you act like you’re above us like some sage is just so… how should I put it?”
The Team 2 leader looked at Seo Jeonghwan with an incredulous expression.
“It’s annoying.”
“You son of a…”
“Read the room. You’re not in a position to protect the newbies right now.”
The Team 2 leader said this as he put down the paper cup he was holding.
“Ah! Were you upset because you were embarrassed in front of the newbies?”
The Team 2 leader continued to mock Seo Jeonghwan before glaring at him with a hardened expression.
“If you want to satisfy that pathetic pride of yours, you should prove it with skill.”
“If I prove it with skill?”
At Seo Jeonghwan’s retort, the Team 2 leader chuckled as if finding it absurd.
“What?”
“There’s still a month left until the results come out. If you prove it with skill, you apologize.”
“You wanted an apology? Fine. If Team 3 wins, I’ll…”
“Why would you apologize to me? You should apologize to the newbie you made such a fuss about earlier.”
“What?”
As the Team 2 leader furrowed his brow, Seo Jeonghwan smiled.
“Why? Can’t do it? Where did that confident Han Seongwook who was sneering go?”
“Haha, this guy really still doesn’t know his place… Fine, if your team’s performance is better in a month, I’ll apologize to the newbie.”
“You’ll regret it. Think carefully.”
“What did you say? Me?”
“Let’s make it clear. Apologize to Yoon Dokyung in front of everyone right after the meeting ends.”
“I said I’ll do it! Apologize!”
The Team 2 leader yelled, seemingly displeased with Seo Jeonghwan’s confident attitude.
“I’ll apologize. So you hand over the Hyunsung Precision CEO to me.”
The CEO of Hyunsung Precision was a high-net-worth client managed by the Leaders Center, who had been doing business with Team 3 Leader Seo Jeonghwan for a long time.
“So that was it?”
“What?”
“Was that why you’ve been instigating people behind my back to badmouth me?”
At Seo Jeonghwan’s question, the Team 2 leader didn’t answer, and Seo Jeonghwan laughed incredulously.
“Fine. Let’s do that. I hope I don’t see you apologizing a month from now. It doesn’t suit your image, you know.”
Seo Jeonghwan said this and turned to leave the break room, while the Team 2 leader watched his retreating figure with an incredulous expression.