Corporate Logo(source: hdec.kr)
On July 15, Kiwoom Securities raised its target price for Hyundai Engineering & Construction (000720), citing anticipated gains from the expansion of the global nuclear power market. The brokerage revised its target price from 76,000 won to 102,000 won, while maintaining a "Buy" recommendation.
Shin Dae-hyun, an analyst at Kiwoom, stated, “Hyundai E&C’s current key objective is to secure the main EPC (engineering, procurement, and construction) contract for Bulgaria’s AP1000 twin-unit nuclear project (valued at 14 billion dollars) by the end of the year. This would be followed by potential bids for Slovenia’s JEK2 project (AP1000 units 1 and 2, valued at 12 billion euros) and Fortum’s new nuclear plant in Finland (AP1000 single unit).”
In the small modular reactor (SMR) sector, he noted, “Following the expected signing of the design contract for the Palisades project (two SMR-300 units) by year-end, Hyundai E&C is also expected to pursue additional contracts such as the Oyster Creek project (625 MWe).”
Shin added that the company plans to expand its presence in Europe, the Middle East, and the United States over the medium to long term. “Hyundai E&C is currently collaborating with Westinghouse on large-scale nuclear projects and with Holtec on SMRs and nuclear decommissioning. The company is expected to be responsible for EPC of balance-of-plant (BOP) facilities,” he said.
Hyundai E&C has set a mid-to-long-term target of securing over 40 trillion won in total orders by 2030, with at least 5 trillion won expected to come from nuclear power projects. “Assuming Hyundai E&C is responsible for 40% of the estimated 19 trillion won total construction cost of the Bulgaria project, its share would be approximately 7.6 trillion won,” Shin explained. “Securing 5 trillion won in annual orders appears well within reach.”
He concluded, “The current valuation expansion cycle is driven primarily by expectations of increasing overseas orders, with Europe and the U.S. being key targets, rather than the Middle East or Asia. While a short-term correction may occur due to the recent sharp rally, the company’s valuation is expected to continue its upward trend over the long term.”
*[KOSPI] Hyundai Engineering & Construction(000720) is the second-ranked comprehensive construction company in the 2022 Construction Capability Evaluation, responsible for civil engineering sectors such as tunnels, bridges, road construction, land development, and steel structure production and installation, as well as the construction/housing sector, including public buildings and high-rise buildings, apartments, etc. Market capitalization is 7.93 trillion won (as of July 14, 2025, closing price).
Corporate Logo(source: hdec.kr)
On July 15, Kiwoom Securities raised its target price for Hyundai Engineering & Construction (000720), citing anticipated gains from the expansion of the global nuclear power market. The brokerage revised its target price from 76,000 won to 102,000 won, while maintaining a "Buy" recommendation.
Shin Dae-hyun, an analyst at Kiwoom, stated, “Hyundai E&C’s current key objective is to secure the main EPC (engineering, procurement, and construction) contract for Bulgaria’s AP1000 twin-unit nuclear project (valued at 14 billion dollars) by the end of the year. This would be followed by potential bids for Slovenia’s JEK2 project (AP1000 units 1 and 2, valued at 12 billion euros) and Fortum’s new nuclear plant in Finland (AP1000 single unit).”
In the small modular reactor (SMR) sector, he noted, “Following the expected signing of the design contract for the Palisades project (two SMR-300 units) by year-end, Hyundai E&C is also expected to pursue additional contracts such as the Oyster Creek project (625 MWe).”
Shin added that the company plans to expand its presence in Europe, the Middle East, and the United States over the medium to long term. “Hyundai E&C is currently collaborating with Westinghouse on large-scale nuclear projects and with Holtec on SMRs and nuclear decommissioning. The company is expected to be responsible for EPC of balance-of-plant (BOP) facilities,” he said.
Hyundai E&C has set a mid-to-long-term target of securing over 40 trillion won in total orders by 2030, with at least 5 trillion won expected to come from nuclear power projects. “Assuming Hyundai E&C is responsible for 40% of the estimated 19 trillion won total construction cost of the Bulgaria project, its share would be approximately 7.6 trillion won,” Shin explained. “Securing 5 trillion won in annual orders appears well within reach.”
He concluded, “The current valuation expansion cycle is driven primarily by expectations of increasing overseas orders, with Europe and the U.S. being key targets, rather than the Middle East or Asia. While a short-term correction may occur due to the recent sharp rally, the company’s valuation is expected to continue its upward trend over the long term.”
*[KOSPI] Hyundai Engineering & Construction(000720) is the second-ranked comprehensive construction company in the 2022 Construction Capability Evaluation, responsible for civil engineering sectors such as tunnels, bridges, road construction, land development, and steel structure production and installation, as well as the construction/housing sector, including public buildings and high-rise buildings, apartments, etc. Market capitalization is 7.93 trillion won (as of July 14, 2025, closing price).