Shinhan Investment Securities said on the 27th that Doosan Enerbility's presence is set to expand as a linchpin that will fill the key bottlenecks in the United States' weakened nuclear supply chain, alongside the materialization of its U.S.-bound investments. It kept its investment opinion at "Buy" and its target price at 157,000 won. The previous session's closing price was 112,600 won.
The United States has set a goal of starting construction on 10 reactors by 2030 and building 400 gigawatts (GW) of nuclear power capacity by 2050.
Han Seung-hun, an analyst at Shinhan Investment Securities, said, "With new AP1000 construction in the United States, including four units at Fermi America, and expanded exports by Westinghouse, Doosan Enerbility's volume bound for the U.S. will increase," and noted, "There is also potential for APR1400 construction in the U.S., and follow-on volumes in Vietnam, the Philippines, the United Arab Emirates (UAE), Türkiye, Saudi Arabia, and the Czech Republic should be watched."
Han also said orders from SMR partners X-Energy, TerraPower, and Nuscale Power, as well as securing new Small Modular Reactor (SMR) customers, can be expected. Han assessed that the gas turbine business has entered a structural growth phase as supply bottlenecks deepen and delivery-time competitiveness stands out.
Han said, "If the 'Gas + Nuclear' trend of building gas power and SMRs in parallel at the same sites spreads, the order growth narrative will strengthen," adding, "Rising interest rates are a factor that undermines the economics of nuclear projects, but they can serve as grounds for increasing the need for government financial support in each country."