[Click e-Stock] "TaeWoong, a Genuine SMR-Related Stock"

Continuous Actual Orders for SMR Components

TaeWoong is being analyzed as a 'genuine' small modular reactor (SMR) related stock. This is because it is one of the few companies that has succeeded in securing orders for SMR components, making actual performance improvement possible.

On the 30th, NH Investment & Securities raised its target price for TaeWoong by 60% to 28,000 won, while maintaining its 'Buy' rating for the stock. The previous day's closing price was 22,100 won.

NH Investment & Securities highlighted TaeWoong's track record in nuclear power and SMR since 2012. In addition, TaeWoong successfully signed a contract in February to supply forged components for a 300MW-class SMR in Canada. The related revenue is expected to be recognized in the third quarter of this year. The company is now considered to have fully entered the SMR value chain. Since 2012, TaeWoong has exported cask products for nuclear power plants. In 2020, it also began collaborating with U.S. nuclear power and SMR component companies.

Next year, the company’s revenue is expected to reach 513.1 billion won and operating profit 61.5 billion won, up 36.6% and 189.3%, respectively, compared to this year’s estimates. For wind power, flange capacity expansion in the third quarter is expected to increase production capacity by about 30% in 2026. The company also assessed a high probability of achieving this year’s annual new wind power order target of 110 billion won. It has already secured 34.2 billion won in orders in the first quarter, and additional orders for the UK Norfolk project are also expected within the first half of the year.

Jung Yeonseung, an analyst at NH Investment & Securities, stated, "The flange capacity expansion, which acted as a factor undermining 2025 performance, does not damage the operating value of the other or shipbuilding divisions." He added, "Attention should be paid to TaeWoong’s growth opportunities, given the shortage of forged product supply in downstream markets such as SMR and plant sectors."