Korea Utilities & Nuclear EPC: Korea nuclear update: Korea launches Korea-US Strategic Investment Corporation

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Korea Utilities & Nuclear EPC: Korea nuclear update: Korea launches Korea-US Strategic Investment Corporation

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

19 June 2026

Korea Utilities & Nuclear EPC

Korea nuclear update: Korea launches Korea-US

Strategic Investment Corporation

Korean nuclear stocks have underperformed the KOSPI over the past month Korean Autos

AC(KEPCO -3%, Hyundai E&C -8%, Doosan Enerbility -8%, and KEPCO E&C - Sonny Lee

11% vs KOSPI +24% m/m) amid muted sector sentiment and limited new order (82-2) 758 5716

wins. That said, news flow is starting to pick up. The Korea-US Strategic sonny.lee@jpmorgan.com

Investment Corporation was launched to manage Korea’s ~$350bn US investment J.P.BranchMorgan Securities (Far East) Limited, Seoul

commitment, with energy and shipbuilding designated as priority sectors. We

Seri Yoon

expect more concrete announcements in the near term, which could position (82-2) 758 5704

nuclear within Korea’s broader investment agenda. Separately, Hyundai E&C seri.yoon@jpmorgan.com

(HDEC) co-hosted a supplier symposium with Westinghouse in Amsterdam J.P. Morgan Securities (Far East) Limited, Seoul

Branch

related to the Netherlands’ plan to build two new reactors, signaling growing

Korean EPC engagement in European nuclear projects. We maintain a constructive Alan Hon

(852) 2800-8573

view on Korean nuclear EPC names, with Doosan Enerbility as our top pick. alan.hon@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• Updates on US investments. Korea-US Strategic Investment Corporation Morgan Broking (Hong Kong) Limited

was launched to manage Korea’s ~$350bn US investment commitment,

focused on energy and shipbuilding. We expect concrete announcements in the