Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/doosan-enerbility-co-ltd">Doosan Enerbility</a> is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.</li>
  <li>The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.</li>
  <li>Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E &gt; 100x) that presents a risk for investors.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Doosan Enerbility is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.
  The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.
  Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E &gt; 100x) that presents a risk for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Doosan Enerbility (034020 KS) - Oct 2025

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Doosan Enerbility / Equity Capital Markets

<ul>
<li>Doosan Skoda Power is getting ready to complete an IPO on the Prague Stock Exchange. The IPO is aiming to gather up to 2.53 billion crowns, or about US$105.5 million. </li>
<li>Post IPO, Doosan Power System plans to maintain a 67% ownership. Doosan Enerbility (034020 KS) owns a 100% stake in Doosan Power Systems.</li>
<li>If Doosan Skoda Power is valued at 8.3 billion crowns and if we annualize the company's net profit to 473 billion in 2024, this would suggest a P/E of 17.5x. </li>
</ul>


Doosan Skoda Power is getting ready to complete an IPO on the Prague Stock Exchange. The IPO is aiming to gather up to 2.53 billion crowns, or about US$105.5 million. 
Post IPO, Doosan Power System plans to maintain a 67% ownership. Doosan Enerbility (034020 KS) owns a 100% stake in Doosan Power Systems.
If Doosan Skoda Power is valued at 8.3 billion crowns and if we annualize the company's net profit to 473 billion in 2024, this would suggest a P/E of 17.5x. 


Doosan Enerbility: Thoughts on the IPO of Doosan Skoda Power

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.</li>
<li>Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.</li>
<li>Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.</li>
</ul>


Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.


Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index with implementation at the close on 31 July.</li>
<li>Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.</li>
<li>There are only 3 trading days to implementation of the changes and we'd watch out for big moves on stocks that have more than 2x ADV to trade.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index with implementation at the close on 31 July.
Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.
There are only 3 trading days to implementation of the changes and we'd watch out for big moves on stocks that have more than 2x ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.</li>
<li>In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.</li>
<li>The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.</li>
</ul>


With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.
In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.
The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.


Key Microstructure Angles to Watch as NXT Volume Caps Kick In

South Korea

Doosan Enerbility Co., Ltd. manufactures and distributes construction machines. The Company produces gas turbines, engines, turbine generators, boilers, power plant equipment, and other related products. Doosan Enerbility also offers energy solutions for thermal power, nuclear power, and renewable energy.

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Doosan Enerbility (034020 KS)

Primer: Doosan Enerbility (034020 KS) - Oct 2025

Doosan Enerbility is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and...

αSK

Doosan Enerbility: Thoughts on the IPO of Doosan Skoda Power

According to Seoul Economic Daily, KHNP and KEPCO agreed to issue a letter of credit (a sort of "blank check" of $400 million to Westinghouse) per...

Douglas Kim

Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full

Today’s sharp drop was triggered by Korean media reports suggesting that a large share of profits from nuclear and SMR projects could flow overseas...

Rahul Jain

Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

There are 2 adds and capping changes in July for an estimated one-way turnover of 16.3% and a round-trip trade of US$1.4bn. Only 3 days to...

Brian Freitas

Key Microstructure Angles to Watch as NXT Volume Caps Kick In

NextTrade (ATS) is pulling forward its timeline—trading’s getting shut off end of this month for names where NXT’s got heavy flow. A rundown of the...

Sanghyun Park

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