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Investing.com - JPMorgan has initiated coverage on Korea Electric Power Corp. (KS:015760) (NYSE:KEP) with an Overweight rating and a price target of KRW56,000.00.
The rating reflects JPMorgan’s view that KEPCO is positioned to benefit from favorable macroeconomic trends, including declining commodity prices, lower interest rates, and a strengthening Korean won, which have historically driven significant earnings growth for the utility.
Nuclear power remains a central component of KEPCO’s operations, with JPMorgan expecting utilization rates to remain high, which should help offset pressure from higher LNG fuel costs.
While JPMorgan acknowledges policy-related challenges in raising electricity tariffs, the firm believes rates can remain at current levels, which would support financial performance.
Based on the assumption that tariffs hold steady, JPMorgan projects KEPCO’s net profit to increase significantly through 2027, with the December 2026 price target of KRW56,000 representing a 0.54x price-to-book multiple.
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