Korea Utilities & Nuclear EPC: Korea nuclear update: Korea’s energy strategy tilts further towards nuclear

研报英文原文证据摘录

Korea Utilities & Nuclear EPC: Korea nuclear update: Korea’s energy strategy tilts further towards nuclear

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

16 July 2026

Korea Utilities & Nuclear EPC

Korea nuclear update: Korea’s energy strategy tilts

further towards nuclear

Korean nuclear stocks have overall underperformed the KOSPI over the past Korea Auto, EV battery, Nuclear and

month (KEPCO -16%, KEPCO E&C -32%, Doosan -33%, and Hyundai E&C - Utility

34% vs KOSPI -22% m/m), reflecting subdued investor confidence in large-scale Sonny Lee AC

nuclear projects amid political risks and lengthy execution timelines. While (82-2) 758 5716

overseas large-scale nuclear project orders are facing delays, momentum is picking sonny.lee@jpmorgan.com

up in Korea as the government urgently reviews new nuclear plant construction to J.P.BranchMorgan Securities (Far East) Limited, Seoul

meet rising power demand from semiconductor clusters and AI data centers Seri Yoon

(AIDCs). A key global development is the signing of a SMR cooperation (82-2) 758 5704

memorandum by the US, Korea, and Japan to accelerate deployments, initially seri.yoon@jpmorgan.com

focusing on the Indo-Pacific region. We maintain a constructive view on Korean J.P. Morgan Securities (Far East) Limited, Seoul

Branch

nuclear EPC names, with Doosan Enerbility as our top pick.

Alan Hon

• Recent news flows are centered around Korea. In a news interview, the (852)alan.hon@jpmorgan.com2800-8573

Climate Minister said Korea should promptly review building additional J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

nuclear power plants to meet rising electricity demand from semiconductor Morgan Broking (Hong Kong) Limited

clusters and AIDCs, noting that renewables alone may not be sufficient to meet

stable baseload power.