Group Logo(source: doosan.com)
KB Securities raised its target price for Doosan Enerbility (034020) from 85,000 won to 89,000 won on July 15, maintaining a "Buy" rating. The brokerage cited the company’s pivotal role in the nuclear power value chain as the rationale behind the upward revision.
Jung Hye-jung, an analyst at KB Securities, stated, “Doosan Enerbility plays a key role in the Korean nuclear sector, not only supplying main components but also participating in the manufacturing and construction of turbines and other equipment, encompassing the broadest scope in the industry.” She added, “Construction is scheduled for two domestic nuclear reactors by 2028, and the company also has potential orders for two reactors in Poland and two in the UAE, for which Letters of Intent (LOIs) have already been signed.”
The brokerage also projected that orders from U.S.-based Westinghouse for core nuclear components will begin next year and gradually increase. Westinghouse aims to complete its supply chain and initiate construction soon, as its reactors ordered by Poland and Bulgaria in 2022–2023 are scheduled to begin operation in 2035–2036.
Jung explained, “While Westinghouse’s orders involve only main components such as reactor vessels and steam generators—making them smaller in scale compared to Korean projects—the outlook is promising given the extensive pipeline. This includes 10 planned new reactors in the U.S., as well as projects underway in the Netherlands and Slovenia.”
Momentum is also building in the small modular reactor (SMR) segment. Progress on NuScale Power’s SMR project in Romania is becoming increasingly tangible, and KB Securities expects one or two additional orders from new clients in the second half of this year.
*[KOSPI] Doosan Enerbility(034020) (formerly Doosan Heavy Industries & Construction) engages in businesses such as power facilities, freshwater facilities, castings and forgings, construction, and construction machinery. Market capitalization is 38.621 trillion won (as of July 14, 2025, closing price).
Group Logo(source: doosan.com)
KB Securities raised its target price for Doosan Enerbility (034020) from 85,000 won to 89,000 won on July 15, maintaining a "Buy" rating. The brokerage cited the company’s pivotal role in the nuclear power value chain as the rationale behind the upward revision.
Jung Hye-jung, an analyst at KB Securities, stated, “Doosan Enerbility plays a key role in the Korean nuclear sector, not only supplying main components but also participating in the manufacturing and construction of turbines and other equipment, encompassing the broadest scope in the industry.” She added, “Construction is scheduled for two domestic nuclear reactors by 2028, and the company also has potential orders for two reactors in Poland and two in the UAE, for which Letters of Intent (LOIs) have already been signed.”
The brokerage also projected that orders from U.S.-based Westinghouse for core nuclear components will begin next year and gradually increase. Westinghouse aims to complete its supply chain and initiate construction soon, as its reactors ordered by Poland and Bulgaria in 2022–2023 are scheduled to begin operation in 2035–2036.
Jung explained, “While Westinghouse’s orders involve only main components such as reactor vessels and steam generators—making them smaller in scale compared to Korean projects—the outlook is promising given the extensive pipeline. This includes 10 planned new reactors in the U.S., as well as projects underway in the Netherlands and Slovenia.”
Momentum is also building in the small modular reactor (SMR) segment. Progress on NuScale Power’s SMR project in Romania is becoming increasingly tangible, and KB Securities expects one or two additional orders from new clients in the second half of this year.
*[KOSPI] Doosan Enerbility(034020) (formerly Doosan Heavy Industries & Construction) engages in businesses such as power facilities, freshwater facilities, castings and forgings, construction, and construction machinery. Market capitalization is 38.621 trillion won (as of July 14, 2025, closing price).