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01/11 03:09
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture: revenue and operating profit have increased, but there are concerns about high borrowing levels and lack of clarity on debt repayment plans. The Q&A revealed management's avoidance of certain questions, adding uncertainty. Positive aspects include reduced costs and increased non-operating profit. However, the absence of a share buyback program and unresolved transmission issues offset these positives. Overall, the sentiment is neutral due to balanced positive and negative factors.
Operating Profit KRW3.75 trillion, year-over-year change not specified.
Revenue KRW24.2 trillion, up by 4% year-over-year.
Electricity Sales Revenue KRW23.2 trillion, up by 4.7% year-over-year.
Other Revenue KRW1.1 trillion, down by 10.2% year-over-year.
Cost of Sales and SG&A Expenses KRW20.47 trillion, down by 6.9% year-over-year.
Fuel Cost KRW5 trillion, down by 18.7% year-over-year.
Power Purchase Cost KRW8.75 trillion, down by 4.8% year-over-year.
Depreciation Expenses KRW2.95 trillion, increased by 5.1% year-over-year.
Interest Expense KRW1.1 trillion, down by KRW34.6 billion year-over-year.
Net Profit KRW2.36 trillion, year-over-year change not specified.
Electricity Sales Volume 141 terawatt hours, down by 0.5% year-over-year.
Borrowing KRW133.2 trillion on a consolidated basis, year-over-year change not specified.
Electricity Sales Volume: Electricity sales volume in Q1 reached 141 terawatt hours showing a 0.5% decline due to decreased industrial sales from sluggish export.
Full Year Sales Projection: For full year 2025, KEPCO projects sales to go down slightly due to the impact of lower economic growth and slowdown in the manufacturing industry.
Revenue: Revenue was KRW24.2 trillion, up by 4%.
Cost of Sales and SG&A Expenses: Cost of sales and SG&A expenses totaled KRW20.47 trillion, down by 6.9%.
Fuel Cost: Fuel cost is KRW5 trillion, down by 18.7%.
Power Purchase Cost: Power purchase cost is KRW8.75 trillion, down by 4.8%.
Depreciation Expenses: Depreciation expenses came to KRW2.95 trillion, increased by 5.1%.
Interest Expense: Interest expense amounted to KRW1.1 trillion, down by KRW34.6 billion from the same period last year.
Generation Mix: The generation mix for nuclear went up from the introduction of a new plant and higher utilization, while coal generation mix is down from lower utilization.
Electricity Sales Performance: Electricity sales volume in Q1 2025 declined by 0.5% due to decreased industrial sales from sluggish exports. For the full year, sales are projected to decrease slightly due to lower economic growth and a slowdown in the manufacturing industry.
Fuel Price Volatility: The price of coal and LNG is subject to fluctuations, with coal priced at approximately $105.3 per ton and LNG at KRW1.06 million per ton. This volatility can impact operational costs and profitability.
Regulatory and Economic Factors: Management plans and financial figures are subject to uncertainty and investment risk, indicating potential regulatory challenges and economic factors that could affect business operations.
Funding and Debt Levels: As of Q1 2025, KEPCO's borrowing stood at KRW133.2 trillion, which may pose risks related to financial stability and interest expenses.
Electricity Sales Outlook: For full year 2025, we project sales to go down slightly due to the impact of lower economic growth and slowdown in manufacturing industry.
Generation Mix Expectations: For full year of 2025, we expect that the nuclear generation will slightly increase and coal also expected to go up slightly while LNG mix is expected to go down slightly.
Utilization Rate Projections: Expected utilization rate by generation source for 2025 are for nuclear it's at the mid-80% range, coal early-50% and LNG at mid-20% range.
Revenue Growth: Revenue was KRW24.2 trillion, up by 4%.
Operating Profit: Q1 2025 consolidated operating profit was KRW3.75 trillion.
Net Profit: Net profit for the period was KRW2.36 trillion.
Cost of Sales: Cost of sales and SG&A expenses totaled KRW20.47 trillion, down by 6.9%.
Fuel Cost: Fuel cost is KRW5 trillion, down by 18.7%.
Interest Expense: Interest expense amounted to KRW1.1 trillion, down by KRW34.6 billion from the same period last year.
Share Buyback Program: None
The earnings call presents a mixed outlook. While KEPCO shows positive financial performance with increased revenue and profit, concerns arise from the trend of direct power purchasing reducing sales, limited tariff increase room, and lack of clarity on U.S. market entry. The Q&A reveals uncertainties around tariff adjustments and fuel price outlook. These factors, alongside the absence of market cap data, suggest a neutral sentiment, with potential minor fluctuations in stock price.
The earnings call presents a mixed picture: revenue and operating profit have increased, but there are concerns about high borrowing levels and lack of clarity on debt repayment plans. The Q&A revealed management's avoidance of certain questions, adding uncertainty. Positive aspects include reduced costs and increased non-operating profit. However, the absence of a share buyback program and unresolved transmission issues offset these positives. Overall, the sentiment is neutral due to balanced positive and negative factors.
The earnings call indicates mixed signals: strong operating profit and sales growth, but significant borrowing and rising interest expenses pose risks. The lack of a share buyback or dividend program, coupled with regulatory costs, adds uncertainty. The Q&A revealed limited guidance on future costs and unclear responses, affecting sentiment. Overall, financial performance is solid, but risks and lack of clear positive catalysts suggest a neutral stock price movement over the next two weeks.
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