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01/11 03:08
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
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.
Consolidated Operating Profit KRW 5,889.5 trillion for the first half of 2025. This includes revenue of KRW 46,174.1 trillion, up by 5.5% year-over-year, driven by a 5.9% increase in electricity sales revenue (KRW 4.157 trillion). Other revenue, including publicly listed business income, decreased by 2.1% to KRW 2.016 trillion.
Cost of Sales and SG&A Expenses KRW 40,284.6 trillion, down by 2.3% year-over-year. Fuel cost decreased by 14.6% to KRW 9.252 trillion, while power purchase cost increased by 1.1% to KRW 17,357.8 trillion due to fuel price changes. Depreciation expenses rose by 4.4% to KRW 5.878 trillion.
Interest Expense KRW 2,211.3 trillion, down by KRW 72.8 billion from the same period last year.
Net Cost for the Period KRW 3,538.1 trillion for the first half of 2025.
Electricity Sales Volume 28.4 terawatt hours for the first half of 2025, down 0.05% year-over-year due to reduced industrial sales caused by sluggish exports.
Fuel Prices Bituminous coal price was $103.1 per ton, and LNG price was approximately KRW 1.05 million per tonne for the first half of 2025.
System Marginal Price (SMP) KRW 118.9 per kilowatt hour for the first half of 2025.
RPS Costs KRW 1,958.9 trillion on a consolidated basis and KRW 2,176 trillion on a separate basis for the first half of 2025.
Borrowings KRW 131.9 trillion on a consolidated basis and KRW 86.5 trillion on a separate basis for the first half of 2025.
New Power Plant Introduction: The generation mix for nuclear increased due to the introduction of a new power plant and higher utilization rates.
Electricity Sales Volume: Electricity sales volume in the first half of 2025 reached 28.4 terawatt hours, down 0.05% year-over-year due to reduced industrial sales caused by sluggish exports.
Revenue Growth: Revenue increased by 5.5% year-over-year to KRW 46,174.1 trillion, with electricity sales revenue up by 5.9%.
Cost Management: Cost of sales and SG&A expenses decreased by 2.3%, with fuel costs down by 14.6%.
Generation Mix: Nuclear generation mix increased, while coal and LNG generation mix decreased due to lower utilization and capacity adjustments.
Economic Growth Impact: Electricity sales are projected to decline slightly for the full year 2025 due to a downward adjustment in economic growth rate and a downturn in the manufacturing sector.
Electricity Sales Volume: Electricity sales volume in the first half of 2025 decreased by 0.05% year-over-year due to reduced industrial sales caused by sluggish exports. For the full year 2025, sales are projected to decline further due to a downward adjustment in the economic growth rate and a downturn in the manufacturing sector.
Fuel Costs and Power Purchase Costs: Fuel costs decreased by 14.6%, but power purchase costs increased by 1.1%, driven by changes in fuel prices. This indicates potential volatility in operational costs due to fluctuating fuel prices.
Interest Expense: Interest expense amounted to KRW 2,211.3 trillion, which, although slightly reduced from the previous year, remains a significant financial burden.
Generation Mix: The generation mix for nuclear energy increased due to a new power plant and higher utilization rates, but is expected to decline for the full year 2025. Coal generation is expected to remain stable, while LNG generation is projected to decrease slightly. This shift in generation mix could impact operational efficiency and costs.
RPS Costs: Renewable Portfolio Standard (RPS) costs were KRW 1,958.9 trillion on a consolidated basis in the first half of 2025, representing a significant expense.
Borrowings: Borrowings stood at KRW 131.9 trillion on a consolidated basis, indicating a high level of debt that could pose financial risks.
Electricity Sales Outlook: Electricity sales volume for the full year 2025 is projected to decrease slightly due to the impact of a downward adjustment in the economic growth rate and a downturn in the manufacturing sector.
Fuel Price and SMP Trend: Bituminous coal price is expected to remain around $103.1 per ton, LNG price approximately KRW 1.05 million per tonne, and the system marginal price (SMP) around KRW 118.9 per kilowatt hour.
Generation Mix Projections: For the full year 2025, nuclear generation is expected to decrease, coal generation is expected to remain stable, and LNG generation is expected to decrease slightly. Expected utilization rates are mid-80% for nuclear, upper 40% for coal, and mid-20% for LNG.
The selected topic was not discussed during the call.
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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