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KEP - KEPCO: Q1 2019 Misses But Still Better Than A Year Ago
Korea Electric Power Corporation
Investment highlights
KEPCO’s (KEP) 1Q19 results missed consensus due to weak power sales and deteriorating profitability overseas. The System Marginal Price ((SMP)) fell to KRW30/kWh and nuclear utilizations rose considerably. With this in mind, we expect losses to narrow QoQ in 2Q19. The completion of the Shin Gori nuclear power unit #4 and Shin Hanul nuclear power unit #1 will help improve the generation mix. Considering the drop in parent earnings, we do not expect KEPCO to pay out dividends this year. Even without a tariff hike, stabilizing costs should continue to shore