Korea Nuclear EPC: 2Q nuclear orders remain muted; reshuffle our nuclear order estimates

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Korea Nuclear EPC: 2Q nuclear orders remain muted; reshuffle our nuclear order estimates

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

09 July 2026

Korea Nuclear EPC

2Q nuclear orders remain muted; reshuffle our nuclear

order estimates

2Q order intake was solid but nuclear orders remained muted, with only a small Korea Auto, EV battery, Nuclear and

KEPCO E&C maintenance contract (W33bn) from KHNP. Non-nuclear orders Utility

were strong: Doosan Enerbility's (Doosan) US steam turbine orders and Hyundai Sonny Lee AC

E&C's (HDEC) W10tn intake, including the Apgujeong 3rd District (82-2) 758 5716

reconstruction (W5.6tn). We are reshuffling our order estimates, pushing back our sonny.lee@jpmorgan.com

overseas nuclear project assumptions by 1-2 years due to geopolitical tensions, Seri Yoon

trimming 2026-28E orderbook estimates and lowering price targets. 2Q earnings (82-2) 758 5704

should be broadly in-line with consensus, with limited downside risk as seri.yoon@jpmorgan.com

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

problematic overseas projects near completion. We maintain a constructive sector Branch

view on all three names with Overweight ratings, with Doosan as our top pick.

• 2Q new orders: strong overall, but nuclear orders remain muted. The only

disclosed nuclear-related award was KEPCO E&C’s emergency maintenance

contract for an existing nuclear plant (W33bn) from KEPCO. Outside nuclear,

Doosan booked W2.4tn of new orders, highlighted by another large US steam

turbine and generator contract, reinforcing continued robust US CCPP

(combined-cycle gas power plant) demand. HDEC also delivered strong order

momentum in 2Q, booking W10tn of new orders led by the Apgujeong 3rd

District reconstruction project (W5.6tn). Looking ahead, we expect Doosan to