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KEP - KEPCO: Despite Tariff Risks Earnings To Gradually Improve
Korea Electric Power Corporation
Investment highlights
We revise down our earnings estimates in light of recent KRW depreciation and the government’s progressive tariff reform plan. However, the system marginal price ((SMP)) has fallen to nearly KRW70/kWh, and lower oil prices should continue to contribute to cost reductions. As more nuclear plants come online, the generation mix should improve and help boost earnings. We trim our target price to KRW33,000 based on 0.3x target P/B after the downward earnings revision.
Major issues and earnings outlook
The government plans to finalize its progressive tariff plan in June. Cost increases caused by