Korea Utilities & Nuclear EPC Key takeaways from our Asia marketing trip

Research evidence excerpt

Korea Utilities & Nuclear EPC Key takeaways from our Asia marketing trip

J P M O R G A N Asia Pacific Equity Research

05 July 2026

Korea Utilities & Nuclear EPC

Key takeaways from our Asia marketing trip

Doosan Enerbility (Doosan) captured ~90% of investor interest, but conviction on Korea Auto, EV battery, Nuclear and

large-scale nuclear remains subdued given political risk and long execution Utility

timelines. Within our top-down opportunity set (Bulgaria, Poland, Korea, Sonny Lee AC

Vietnam, US), investors see Korea and Vietnam as the more probable near-term (82-2) 758 5716

projects, while the others carry higher postponement/cancellation risk; the US sonny.lee@jpmorgan.com

remains the key swing factor tied to Korea’s US investment plans. Sentiment Seri Yoon

around SMRs (small modular reactors) is muted, as Doosan is viewed as closely (82-2) 758 5704

linked to NuScale, while gas turbines are viewed more positively, albeit with seri.yoon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

uncertainty around post-2030 demand and competition. Many see Doosan shares Branch

~W80,000 level as a downside anchor (~1.2x price to 2028E orderbook in our bear

case assuming only Korea/Vietnam), but note limited near-term catalysts. Hyundai

E&C needs to rebuild credibility amid project delays, while KEPCO is viewed

largely as an “oil headline” trade with less attractive risk/reward. We prefer nuclear

EPC names (Doosan/KEPCO E&C/Hyundai E&C OW) over KEPCO (UW).

• Doosan: ~90% of interest. Many investors view large-scale nuclear projects

as difficult to crystallize into actual orders, mainly due to political

complications and long execution timelines. The consensus appears to be that,

among the key projects in our top-down framework (penciling projects in