NH Investment & Securities said on the 19th that Doosan Enerbility is smoothly winning new orders as a power supply shortage continues in the United States. It maintained a Buy rating and a target price of 103,000 won. The previous day's closing price of Doosan Enerbility was 74,500 won.
Lee Min-jae, an analyst at NH Investment & Securities, said, "A supply shortage that fails to meet rising power demand, centered on data centers in the United States, continues," and noted, "Doosan Enerbility has, since December, secured orders surpassing market expectations across all areas—large nuclear power, Small Modular Reactor (SMR), and gas turbines."
Projects that Doosan Enerbility has won orders for this month include large nuclear power (Dukovany, nuclear steam supply system (NSSS) 4.9 trillion won, turbine 700 billion won), SMR (X-energy, 16 units), and gas turbines (for North American big tech, three large units).
The analyst said, "We expected the order amount for major equipment in large nuclear power plants to be about 4 trillion won, but the contract was concluded well above that level," adding, "From next year, large nuclear power projects to be ordered in the United States, Europe, and the Middle East will also see contracts of a similar scale."
The analyst added, "For SMR as well, it is meaningful that the major equipment contract for X-energy (fourth generation) was concluded at a timing similar to the third generation," and "The project that X-energy will carry out will proceed in the United States, and the potential customers have also been confirmed."
The outlook for next year's results is also positive. The analyst said, "Orders for large nuclear power plants, including in the United States, will gain momentum next year," and "Listings of major U.S. nuclear power companies such as Westinghouse, X-energy, and Holtec will also proceed in earnest, and the U.S. government will inject funds secured through tariff negotiations with Japan into major projects to spur the nuclear power market."