[Click eStock] "Doosan Enerbility Set to Benefit Across All Areas of the Nuclear Power Market"

On September 8, KB Securities predicted that Doosan Enerbility is expected to benefit across all areas of the nuclear power plant market. The firm maintained its "Buy" investment rating and a target price of 89,000 won.

On September 2, NuScale Power, a key small modular reactor (SMR) partner of Doosan Enerbility, announced that it had signed an agreement to supply a total of 6GW worth of SMR modules to the Tennessee Valley Authority (TVA) in the United States.

Regarding this, Hyejeong Jung, a researcher at KB Securities, commented, "Considering that NuScale Power's SMR module has a capacity of 77MW, this corresponds to the installation of 78 modules. Compared to the Romania project, which is currently awaiting a final investment decision (six modules, 462MW), this is an extremely large-scale project." She added, "Although this is not a supply contract, the news of a review for constructing a 462MW SMR at the Lava Ridge site in the United States, along with the growing potential demand for NuScale Power's SMRs, is becoming more tangible, which we view positively."

Jung also predicted that orders in the large-scale nuclear power plant segment will become visible in the near future. She said, "Following the Czech nuclear power plant order contract expected to be signed within this year, we anticipate that an order for main equipment for Westinghouse's Bulgarian nuclear power plant (two units, 2.2GW) could also be placed in 2026. The Bulgarian government aims to finalize the contract in early 2026, and orders for main equipment from Doosan Enerbility are also expected around that time."

Jung noted, "Since mid-August, when news broke about the confidential agreement between Korea Hydro & Nuclear Power and Westinghouse, domestic nuclear-related stocks have experienced significant volatility. However, the separation of export markets and royalty payments to Westinghouse were not substantially different from what was already known in the market, and the impact on Doosan Enerbility-which can supply equipment for both the APR1400 and AP1000-remains limited."

She added, "Given the potential for entry into the SMR and U.S. nuclear power plant markets, Doosan Enerbility is expected to benefit on multiple fronts simultaneously."