Doosan Enerbility: More catalysts building on nuclear business

研报英文原文证据摘录

Doosan Enerbility: More catalysts building on nuclear business

g demand persists, with reservation for 2030-31 delivery slots under 12/26E 651 622 -4 534

discussion and some potentially converting into firm contracts by end-2026. 12/27E 1,171 1,195 2 920

12/28E 1,714 1,812 6 1,263

What catalysts lie ahead in 2H26?

Yoon Cho(1) Korea-US investment project announcement: Recent reports suggest energy projects,

Analyst

including nuclear and gas power, are priorities, with an announcement possible as early yoon.cho@ubs.com

as late August. (2) Progress in other nuclear projects: These include Vietnam (partner +82-2-3702 8805

selection reportedly in Q326), Saudi Arabia (nuclear agreement with the US signed in

Brandon SuhJuly), and US AP1000 projects supported by announced DOE funding. (3) SMR orders:

Potential orders from customers such as X-energy and NuScale. (4) Potential new brandon.suh@ubs.com

nuclear projects in the 12th Electricity Basic Plan: Expect more clarity by end-2026, +82-2-3702 8813

supporting Korea's semis fab and data center "Mega Projects". (5) Gas turbine export

orders: We expect additional contracts by end-2026, on top of the 10 units secured in

1H26.

Valuation: Buy; Won115,000 PT

We lower our price target to Won115,000 (from Won135,000), based on our SOTP

valuation. Our valuation assumes a 1.3x 2030E EV/backlog multiple for the Enerbility

division (vs 1.5x previously). The lower multiple reflects market concerns over the AI/data

center growth narrative and the lack of near-term progress on nuclear projects.

Highlights (Wonb) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 17,590 16,233 17,058 18,111 20,615 22,584 23,949 25,888

EBIT (UBS) 1,467 1,018 763 1,085 1,660 2,227 2,502 2,717

Net earnings (UBS) 56 111 85 399 765 1,161 1,381 1,549