External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Korea Electric Power (KEPCO) / Equity Bottom-Up

<ul><li>In 1Q-3Q25, KEPCO recorded revenue of W73.75tr (+5.5% YoY). In 3Q25, revenue growth was driven by a 1% YoY increase in electricity sales volume along with tariff hikes (+5% YoY), which lifted electricity sales revenue by 6% YoY.</li><li>Meanwhile, other revenue (including contributions from overseas operations) declined 0.9% YoY in the quarter.</li><li>For 3Q25, operating profit came in at W5.65tr, beating the consensus of W5.11tr, aided by declines in both fuel costs (-16% YoY) and power purchasing costs (-0.8% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 1Q-3Q25, KEPCO recorded revenue of W73.75tr (+5.5% YoY). In 3Q25, revenue growth was driven by a 1% YoY increase in electricity sales volume along with tariff hikes (+5% YoY), which lifted electricity sales revenue by 6% YoY.Meanwhile, other revenue (including contributions from overseas operations) declined 0.9% YoY in the quarter.For 3Q25, operating profit came in at W5.65tr, beating the consensus of W5.11tr, aided by declines in both fuel costs (-16% YoY) and power purchasing costs (-0.8% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEPCO (015760 KS/Hold)Conditions for a Re-Rating

<ul><li>For 2Q25, KEPCO reported revenue of W21.95tr (+7.2% YoY). Growth was driven by a 0.4% YoY increase in electricity sales volume along with continued tariff hikes, which lifted electricity sales revenue by 6.7% YoY.</li><li>Operating profit came in at W2.14tr (+70.8% YoY). While revenue expanded, cost growth was relatively contained.</li><li>That said, despite a 9.3% YoY decline in fuel costs, increases in power purchasing costs (+7.9% YoY) and other operating expenses (+14.9% YoY) caused total costs to exceed expectations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q25, KEPCO reported revenue of W21.95tr (+7.2% YoY). Growth was driven by a 0.4% YoY increase in electricity sales volume along with continued tariff hikes, which lifted electricity sales revenue by 6.7% YoY.Operating profit came in at W2.14tr (+70.8% YoY). While revenue expanded, cost growth was relatively contained.That said, despite a 9.3% YoY decline in fuel costs, increases in power purchasing costs (+7.9% YoY) and other operating expenses (+14.9% YoY) caused total costs to exceed expectations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEPCO (015760 KS/Hold)Limited Room for Further Industrial Electricity Rate Hikes

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY)</li><li>2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite higher USD/KRW exchange rate</li><li>Appealing dividend payout (DPS W1,760, dividend yield 7.6%) amid ongoing financial structure improvement</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY)2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite higher USD/KRW exchange rateAppealing dividend payout (DPS W1,760, dividend yield 7.6%) amid ongoing financial structure improvementContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEPCO (015760 KS Apr 15, 2025) - Reliable Defensive Play

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Tariff turmoil crashed S&amp;P500 by 18% and MSCI Asia ex Japan by 13% over the past couple of weeks. But even amid this carnage, a handful of stocks have appreciated.</li>
<li>These "genuine defensives" are predominantly from utilities, telecommunications and consumer staples. HK/China and Korea dominate with one entry from Singapore. They have cheap valuations, stable earnings estimates and revenue visibility.</li>
<li>In addition to eleven defensives we highlight, there are other stocks that have appreciated - notably few HK pharmaceutical stocks HK and 18 Indian stocks. They are not cheap, however.</li>
</ul>


Tariff turmoil crashed S&amp;P500 by 18% and MSCI Asia ex Japan by 13% over the past couple of weeks. But even amid this carnage, a handful of stocks have appreciated.
These "genuine defensives" are predominantly from utilities, telecommunications and consumer staples. HK/China and Korea dominate with one entry from Singapore. They have cheap valuations, stable earnings estimates and revenue visibility.
In addition to eleven defensives we highlight, there are other stocks that have appreciated - notably few HK pharmaceutical stocks HK and 18 Indian stocks. They are not cheap, however.


Asian Equities: A Few Genuine Defensives in This Bloodbath

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

Event-Driven

<ul>
<li>Following the short sell ban announced on the weekend, the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> opened higher on Monday and rallied through the day.</li>
<li>A lot of the intraday gains on Monday have been given up over the next two trading days. Surprisingly, KRX data indicates that not a lot of shorts have covered.</li>
<li>Foreigners have been net cash buyers since Monday (could indicate covering of offshore borrow) while retail were big sellers on Monday.</li>
</ul>


Following the short sell ban announced on the weekend, the KOSPI 200 and KOSDAQ 150 opened higher on Monday and rallied through the day.
A lot of the intraday gains on Monday have been given up over the next two trading days. Surprisingly, KRX data indicates that not a lot of shorts have covered.
Foreigners have been net cash buyers since Monday (could indicate covering of offshore borrow) while retail were big sellers on Monday.


Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

South Korea

Korea Electric Power Corporation (KEPCO) generates, transmits, and distributes electricity to South Korea for a variety of uses. The Company also builds and operates hydro-power, thermal-power, and nuclear power units in South Korea.

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Korea Electric Power (KEPCO) (KEP US)

KEPCO (015760 KS/Hold)Conditions for a Re-Rating

In 1Q-3Q25, KEPCO recorded revenue of W73.75tr (+5.5% YoY). In 3Q25, revenue growth was driven by a 1% YoY increase in electricity sales volume...

Mirae Asset Securities

KEPCO (015760 KS/Hold)Limited Room for Further Industrial Electricity Rate Hikes

For 2Q25, KEPCO reported revenue of W21.95tr (+7.2% YoY). Growth was driven by a 0.4% YoY increase in electricity sales volume along with continued...

Mirae Asset Securities

KEPCO (015760 KS Apr 15, 2025) - Reliable Defensive Play

1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY). 2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite...

Daishin Securities

Asian Equities: A Few Genuine Defensives in This Bloodbath

Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

Manishi Raychaudhuri

Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

Not a lot of shorts were covered on Monday. There could be more covering in the near term as the market drifts lower. KOSPI200 underperformed...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KEPCO (015760 KS/Hold)Conditions for a Re-Rating

In 1Q-3Q25, KEPCO recorded revenue of W73.75tr (+5.5% YoY). In 3Q25, revenue growth was driven by a 1% YoY increase in electricity sales volume...

Mirae Asset Securities

KEPCO (015760 KS/Hold)Limited Room for Further Industrial Electricity Rate Hikes

For 2Q25, KEPCO reported revenue of W21.95tr (+7.2% YoY). Growth was driven by a 0.4% YoY increase in electricity sales volume along with continued...

Mirae Asset Securities

KEPCO (015760 KS Apr 15, 2025) - Reliable Defensive Play

1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY). 2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite...

Daishin Securities

Asian Equities: A Few Genuine Defensives in This Bloodbath

​Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

Manishi Raychaudhuri

Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

Not a lot of shorts were covered on Monday. There could be more covering in the near term as the market drifts lower. KOSPI200 underperformed...

Brian Freitas

Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...