Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.</li>
<li>Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.</li>
<li>• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.</li>
</ul>


Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.
Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.
• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.


Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

Equity Bottom-Up

Kepco Engineering & Construction / Equity Bottom-Up

<ul>
<li>KEPCO E&amp;C is well-positioned to benefit from the global revival in nuclear power, with strong domestic visibility and growing international interest in its engineering capabilities. </li>
<li>Its proprietary APR1400 reactor platform anchors the business, supported by verticals in O&amp;M, decommissioning, and green energy EPC. </li>
<li>While earnings have grown sharply on margin gains, high valuations and project execution risks—particularly overseas—warrant careful monitoring.</li>
</ul>


KEPCO E&amp;C is well-positioned to benefit from the global revival in nuclear power, with strong domestic visibility and growing international interest in its engineering capabilities. 
Its proprietary APR1400 reactor platform anchors the business, supported by verticals in O&amp;M, decommissioning, and green energy EPC. 
While earnings have grown sharply on margin gains, high valuations and project execution risks—particularly overseas—warrant careful monitoring.


KEPCO E&C (052690.KQ) – Nuclear Tailwinds, Proprietary Edge, and Execution Challenges

<ul>
<li>Macro: Nuclear restarts (Tomari-3, Aug-25) and record defense budgets underpin demand for JSW’s forgings.</li>
<li>Results: Q1 FY25 showed solid YoY growth (revenue +7%, OP +21%) with margins lifted by defense/nuclear.</li>
<li>Valuation/Risks: Shares trade at ~26× P/E on a ¥508 bn backlog; upside rests on execution, with delays the key risk.</li>
</ul>


Macro: Nuclear restarts (Tomari-3, Aug-25) and record defense budgets underpin demand for JSW’s forgings.
Results: Q1 FY25 showed solid YoY growth (revenue +7%, OP +21%) with margins lifted by defense/nuclear.
Valuation/Risks: Shares trade at ~26× P/E on a ¥508 bn backlog; upside rests on execution, with delays the key risk.


JSW: Backlog 2× Sales, Nuclear Edge Drives Upside

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 1st. The aggregated short interest was USD9.7bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&amp;H, Hanwha Vision.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 1st. The aggregated short interest was USD9.7bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&amp;H, Hanwha Vision.


KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 4th. The aggregated short interest was USD9.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 4th. The aggregated short interest was USD9.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax.


KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

South Korea

KEPCO Engineering & Construction Company, Inc. designs nuclear and conventionally-fueled electricity generating plants.  The Company also provides power plant engineering services and consulting services to power industry.

Kepco Engineering & Construction (052690 KS)

Price Gauge
52-week Range	0.00 - 0.00
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Kepco Engineering & Construction (052690 KS)

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Rahul Jain

KEPCO E&C (052690.KQ) – Nuclear Tailwinds, Proprietary Edge, and Execution Challenges

KEPCO E&C poised to benefit from nuclear power revival with strong APR1400 reactor platform, but high valuations and project risks require caution.

Rahul Jain

JSW: Backlog 2× Sales, Nuclear Edge Drives Upside

Strong demand for JSW's forgings driven by nuclear restarts and record defense budgets, Q1 FY25 results show solid growth with margins lifted by...

Rahul Jain

KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

We analyzed KRX short interest report for the past week and highlighted short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

​AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Rahul Jain

KEPCO E&C (052690.KQ) – Nuclear Tailwinds, Proprietary Edge, and Execution Challenges

​KEPCO E&C poised to benefit from nuclear power revival with strong APR1400 reactor platform, but high valuations and project risks require caution.

Rahul Jain

JSW: Backlog 2× Sales, Nuclear Edge Drives Upside

​Strong demand for JSW's forgings driven by nuclear restarts and record defense budgets, Q1 FY25 results show solid growth with margins lifted by...

Rahul Jain

KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

We analyzed KRX short interest report for the past week and highlighted short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan...

Ke Yan, CFA, FRM

AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

KEPCO E&C poised to benefit from nuclear power revival with strong APR1400 reactor platform, but high valuations and project risks require caution.

Strong demand for JSW's forgings driven by nuclear restarts and record defense budgets, Q1 FY25 results show solid growth with margins lifted by...