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Korea Electric Power Corporation
KEP.NISIN: US5006311063SEDOL: 2480495 |
Rating: BUY |
Target Price: 23.89 USD |
Investment Horizon: 6 to 24 months |
4Q 09 News Alert
Korea Electric Power Corporation (Kepco) reported 4Q 09 and FY 2009 results, with revenues in line with our expectations. The company reported lower-than-expected losses at operating and net levels. A decline in natural gas prices reduced fuel expenses, resulting in improved margins. We maintain our HOLD rating for the common stock based on our fundamental outlook and current levels. We will reassess the common stock rating in our next update report....
3Q 09 Update Report
Kepco forecasts domestic demand for electricity to grow at an average 2.7% per annum between 2010 and 2014, while growth is expected to average 0.9% per annum between 2015 and 2022. With the electricity market maturing in South Korea, Kepco has been targeting overseas projects and the building of power plants. On 21 January 2010, in collaboration with Samsung C&T;Corporation, Kepco signed a contract with the Government of Ontario to develop a US$6 bn…
3Q 09 News Alert
Korea Electric Power Corporation (Kepco) reported 3Q 09 results, with revenues and earnings surpassing our expectations. A decline in global oil prices and the appreciation of local currency benefited the company reducing its fuel expenses resulting in improved margins. We maintain our HOLD rating for the common stock based on our fundamental outlook and current levels. We will reassess the common stock rating in our next update…
2Q 09 Update Report
South Korea is witnessing a rapid recovery from global recession, reflected in the resumption in domestic production and consumption, and the economy is expected to perform even better in FY 2010. Kepco expects the country's electricity demand to grow by 3% - 4% per annum between 2010 and 2012, driven by economic growth, which would support the company's future sales volume. The hike in electricity tariff rates announced in June 2009, would further benefit…
2Q 09 News Alert
Korea Electric Power Corporation (Kepco) reported 2Q 09 results in which revenues were in line while earnings surpassed our expectations. Decline in global oil prices and appreciation of local currency reduced the company's fuel expenses resulting in improved operating performance. We expect the Korean won to continue to appreciate against the US dollar while we do not foresee a sharp increase in oil…
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