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Investing.com - JPMorgan initiated coverage on Doosan Enerbility Co Ltd (KS:034020) with a Neutral rating and set a price target of KRW72,000.00.
The investment bank cited Korea’s robust nuclear EPC (Engineering, Procurement, and Construction) capabilities as well-positioned to capture the more than $20 billion nuclear plant newbuild market anticipated between 2025 and 2027.
JPMorgan expects the influx of nuclear EPC orders to enhance both the size and quality of order books, potentially leading to an expansion in the Price/Orderbook multiple and improved profit margins across the sector.
Doosan Enerbility, with its strong reputation as a nuclear equipment supplier, is positioned to access approximately $11 billion in market opportunities over the next three years, driven by large-scale nuclear projects and Small Modular Reactors (SMRs).
Despite positive fundamentals from the nuclear business, JPMorgan initiated coverage with a Neutral rating citing three key factors: elevated valuation, unfavorable risk/reward profile, and potential earnings downside from the company’s non-core Bobcat business.
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