Jeong Hye-jeong, a KB Securities researcher, said on the 28th that Doosan Enerbility is set to benefit as the nuclear power industry is reorganized around the United States.
Jeong kept a Buy rating on Doosan Enerbility and raised the target price to 110,000 won from 89,000 won. That is 34.3% higher than the previous day's close of 81,900 won.
Since President Donald Trump announced an executive order to expand nuclear power, the United States has been speeding up new nuclear plant construction. Fermi, with which Doosan Enerbility recently signed a contract, also plans to build four large reactors aiming to begin operations in 2032.
"Active nuclear plant construction plans are underway, centered on North America and Europe," Jeong said. "As the United States needs to build and rebuild Westinghouse's nuclear supply chain, we expect Doosan Enerbility, which manufactures core equipment, to benefit," Jeong said.
The potential to win small modular reactor (SMR) orders and the full-fledged start of gas turbine exports were also cited as positives for Doosan Enerbility.
X-Energy, Doosan Enerbility's SMR strategic partner, secured a total of $1.2 billion in investment from Amazon Web Services (AWS) through February this year, and based on that, plans to pursue an SMR power plant of four modules (320 MW) targeting early 2030 for commercial operation. Jeong also expected Doosan Enerbility's equipment orders to be brought forward compared with earlier projections.
Jeong also said that beyond the two gas turbines recently ordered by a U.S. big tech company, Doosan Enerbility is negotiating with multiple big tech companies to supply more than eight gas turbines, making additional orders possible by the end of this year or in the first half of next year.
The MANUGA project, a nuclear cooperation initiative, could also serve as leverage in talks between Korea and the United States, potentially benefiting Doosan Enerbility.
"The United States appears likely to focus on building a U.S.-led nuclear supply chain to secure a competitive edge over China," Jeong said. "If cooperation is strengthened, domestic nuclear power corporations that enjoy politically friendly relations and have construction experience could also expect additional benefits," Jeong said.