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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Korea Electric Power (KEPCO) / Equity Bottom-Up

<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><p><em>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.</em></p>

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