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Korea Electric Power Corporation
(015760)
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Rating:58Neutral
Price Target:
₩28,964.00
Action:N/A
Date:10/28/26
The score is supported most by very attractive valuation (low P/E and high dividend yield). This is tempered by below-average financial quality due to high leverage and weak free cash flow conversion, and further pressured by bearish technicals (below key moving averages with negative MACD). Earnings-call commentary was mixed: profitability remains positive, but cost inflation, regulatory/tariff uncertainty, and funding constraints add risk.
Positive Factors
Profitability Recovery
KEPCO has moved from losses in 2021–2023 to solid profitability in 2024–2025 and positive TTM 2026 results. Continued operating and net income provide internal resources to support grid investment, debt management, and operational resilience over the coming quarters.
Negative Factors
High Leverage and Funding Constraints
Very high borrowings reduce financial flexibility and increase sensitivity to refinancing conditions and interest costs. Tighter bond-issuance limits may constrain KEPCO’s ability to fund large grid and mega-project investments, creating execution risk even as management phases spending.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
KEPCO has moved from losses in 2021–2023 to solid profitability in 2024–2025 and positive TTM 2026 results. Continued operating and net income provide internal resources to support grid investment, debt management, and operational resilience over the coming quarters.
Read all positive factors
Korea Electric Power Corporation (015760) vs. SPDR S&P 500 ETF (SPY)
Market Cap
₩18.39T
Dividend Yield5.38%
Average Volume (3M)921.30K
Price to Earnings (P/E)2.3
Beta (1Y)0.32
Revenue Growth1.84%
EPS Growth23.85%
CountryKR
Employees22,875
SectorGeneral
Sector StrengthN/A
IndustryRegulated Electric
Share Statistics
EPS (TTM)12213.54
Shares Outstanding641,964,050
10 Day Avg. Volume1,024,812
30 Day Avg. Volume921,299
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.64
Price to Sales (P/S)0.32
P/FCF Ratio6.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₩47,000.00Price Target Upside― Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6,602.45
Revenue Forecast (FY)₩97.98T
Korea Electric Power Corporation Business Overview & Revenue Model
Company Description
Korea Electric Power Corporation (KEPCO) operates as a comprehensive electric utility, handling the generation, transmission, and distribution of electrical power both within South Korea and across international borders. Its operations are structu...
Korea Electric Power Corporation Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: KEPCO reported positive consolidated operating income and net income, and saw strong growth in other/overseas revenue alongside lower interest expense. However, the company faces meaningful headwinds including an 8.8% rise in fuel costs, higher operating expenses, spot price (SMP) volatility, nuclear maintenance‑related costs and a challenging funding environment driven by high borrowings and tighter bond issuance limits. Management outlined mitigation steps (capacity factor targets, staggered CapEx, collaboration with government on tariffs and funding) but material uncertainties remain.Positive Updates
Consolidated Profitability Maintained
2026 1H consolidated operating income of KRW 4,912.7 billion and net income of KRW 2,796.5 billion, indicating continued positive earnings on a consolidated IFRS basis.
Negative Updates
Rising Fuel Costs
Fuel costs increased 8.8% Y-o-Y to KRW 10,142.9 billion in 1H 2026; international fuel price pressure (coal and LNG) cited as a key driver.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Profitability Maintained
2026 1H consolidated operating income of KRW 4,912.7 billion and net income of KRW 2,796.5 billion, indicating continued positive earnings on a consolidated IFRS basis.
Read all positive updates
Company Guidance
KEPCO guided that it expects a slight full‑year increase in power sales volume (after 1H 266.7 TWh, -0.6% Y/Y) as economic growth and more operating days lift volumes, with 2026 generation-mix guidance showing nuclear contribution slightly up, coal slightly down and LNG largely maintained and projected capacity factors of nuclear low‑ to mid‑80%, coal low‑ to mid‑50% and LNG low‑ to mid‑20%. Management anchored this outlook to 1H results—consolidated operating income KRW 4,912.7bn, revenue KRW 46,317.3bn (+0.3%), power sales KRW 43,964.1bn (-0.4%), other revenue KRW 2,353.2bn (+16.7%), COGS+SG&A KRW 41,404.6bn (+2.8%), fuel costs KRW 10,142.9bn (+8.8%), purchase power costs KRW 17,206.9bn (-0.9%), depreciation JPY 5,951.5bn (+1.3%), interest expense KRW 2,079.1bn (‑KRW132.2bn Y/Y) and net income KRW 2,796.5bn, while noting SMP ~KRW112.3/kWh (1H) with July/August YTD ~133/151 (vs July/Aug 2025: 121/117), Australian coal ~$128.2/ton and JKM LNG ~KRW939,000/ton. They also flagged 1H RPS cost consolidated KRW 2,533bn (stand‑alone KRW 2,938.9bn), total borrowings KRW 133.3trn consolidated (KRW 84.8trn stand‑alone), KHNP provisional items net H1 KRW 307.8bn (write‑backs -KRW164.2bn), one‑offs of ~KRW101.3bn (KHNP maintenance) and KRW70.3bn (supply materials), and said they will seek tariff adjustments (regional differentiation public hearing H2; possible introduction by year‑end) and work with the government to meet a bond‑issuance cap near <2x capital & reserves by end‑2027 while phasing mega‑project CapEx over multiple years.Korea Electric Power Corporation Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
54
Neutral
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 97.58T | 97.43T | 93.40T | 87.48T | 71.26T | 60.57T |
| Gross Profit | 37.09T | 17.01T | 11.67T | -2.22T | -29.65T | -2.98T |
| EBITDA | 23.07T | 27.28T | 23.24T | 9.93T | -19.87T | 6.23T |
| Net Income | 7.84T | 8.54T | 3.49T | -4.82T | -24.43T | -5.30T |
Balance Sheet | ||||||
| Total Assets | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Cash, Cash Equivalents and Short-Term Investments | 6.93T | 6.40T | 5.77T | 7.31T | 7.42T | 4.50T |
| Total Debt | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 84.94T |
| Total Liabilities | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Stockholders Equity | 50.68T | 48.17T | 39.92T | 35.85T | 40.55T | 63.77T |
Cash Flow | ||||||
| Free Cash Flow | 1.59T | 5.07T | 1.72T | -12.40T | -35.90T | -8.31T |
| Operating Cash Flow | 18.08T | 20.88T | 15.88T | 1.52T | -23.48T | 4.47T |
| Investing Cash Flow | -15.73T | -18.45T | -14.09T | -13.07T | -14.95T | -12.35T |
| Financing Cash Flow | -1.81T | -2.63T | -3.85T | 12.66T | 39.00T | 8.44T |
Korea Electric Power Corporation Technical Analysis
Negative
―
Price Trends
30913.00
Negative
33609.50
Negative
41498.25
Negative
Market Momentum
-821.03
Negative
42.45
Neutral
28.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KR:015760, the sentiment is Negative. The current price of undefined is equal to the 20-day moving average (MA) of 29085.00, equal to the 50-day MA of 30913.00, and equal to the 200-day MA of 41498.25, indicating a bearish trend. The MACD of -821.03 indicates Negative momentum. The RSI at 42.45 is Neutral, neither overbought nor oversold. The STOCH value of 28.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KR:015760.
Korea Electric Power Corporation Risk Analysis
Korea Electric Power Corporation disclosed 31 risk factors in its most recent earnings report. Korea Electric Power Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Korea Electric Power Corporation Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₩827.88B | 2.31 | ― | 8.61% | 0.57% | 15.80% | |
64 Neutral | ₩16.65T | 19.16 | ― | 1.73% | 21.15% | 36.62% | |
63 Neutral | ₩3.17T | 5.45 | ― | 3.13% | -9.84% | -41.12% | |
58 Neutral | ₩18.39T | 2.33 | ― | 5.38% | 1.84% | 23.85% | |
56 Neutral | ₩3.66T | 98.94 | ― | 1.40% | 7.95% | -63.79% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₩24.47T | 51.99 | ― | 0.22% | 32.38% | 73.60% |
* General Sector Average
KR:015760
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.