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KEP - KEPCO: For Now Direction Of Earnings Is The Key
Korea Electric Power Corporation
Investment highlights
The operating loss that KEPCO (KEP) reported for 2Q19 was mostly in line with the consensus estimate. We expect 3Q19 earnings to return to profit, led by the Singori 4 nuclear power plant and seasonality-driven utilization increases at the coal-fired power plants. We revise down our annual operating profit forecasts as the decline in coal prices has yet to translate into a decline in unit fuel cost. We believe earnings will moderately improve in 2020 on a decrease in SMP and better generation mix following the completion of more nuclear power plants.