SOUTH KOREA FIRST TO MARKET

研报英文原文证据摘录

SOUTH KOREA FIRST TO MARKET

Asia Pacific Equity Research

South Korea First to Market 23 June 2026

Top Stories

KEPCO (Sonny Lee) (015760 KS, UW)

Flat electricity tariff retained; key FAQ after our rating downgrade to Underweight

KEPCO will retain electricity tariffs in 3Q. Our sensitivity suggests a 1% (W1.7/kWh) tariff hike would add ~W550bn to NP

(~34% upside to our 2027E NP of W1.7tn), but near-term tariff upside remains limited. Separately, the government plans to

introduce a regional electricity pricing framework, which should be neutral to KEPCO’s P&L in theory, but would require

monitoring around implementation and province-level tariff outcomes. Investor views after our downgrade (N → UW, link ) are

polarized, hinging on macro assumptions and the Middle East conflict path. We maintain Underweight given worsening macro

(FX, commodities, rates) and a ‘muddled slowdown’ that keeps costs elevated without forcing policy support.

Korea: June 20-day exports sustain high growth in 2Q (Jooeun Kim)

In the first 20 days of June, Korea’s customs exports rose by 60.4% oya and the full-month estimate is for the same growth

(Figure 1). On our seasonally adjusted basis, 20-day exports increased 8.4% m/m, a moderation from the 12.5% gain in the 10-

day trade data, yet still indicating a solid gain (Figure 2). Today’s readings reaffirm that 2Q has maintained exceptionally high

nominal export growth, alongside resilient real export momentum.