KB Securities

Report published August 25, 2026

Hyundai E&C (000720): Full Nuclear Lineup and U.S. Catalysts Drive BUY Rating – KB Securities

Source and citation context

Issuer
KB Securities
Report date
August 25, 2026
Analysis as of
August 21, 2026

Authors / editors: Moonjoon Chang (Analyst)

Finvaulta summarizes KB Securities's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

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KB Securities maintains a BUY rating on Hyundai E&C with a target price of KRW170,000, identifying it as a top pick. The company is set to benefit from 2H26–2027 nuclear catalysts spanning large-scale NPPs and Gen III+/IV SMRs.

Key Takeaways

  • 1.KB Securities maintains a BUY rating and KRW170,000 target price on Hyundai E&C, positioning it as their top pick in the construction sector.
  • 2.Multiple U.S. nuclear milestones are expected in 2H26–2027, driven by the DOE's USD 17.5bn Supply Chain Loan, Holtec developments, and Korean investment plans.
  • 3.Hyundai E&C possesses the most diverse partnerships and pipelines in nuclear EPC globally, spanning full-size reactors (Team Korea/Westinghouse) to Gen III+/IV SMRs (Holtec, TerraPower).

Table of Contents

  • Maintain BUY and TP of KRW170,000: Top pick
  • Multiple U.S. nuclear project milestones expected in 2H26–2027
  • Partnerships and pipelines across full nuclear spectrum
  • Investment Opinion & Risks
  • Base-case scenario: Catalysts
  • Bull-case scenario: Upside risks
  • Bear-case scenario: Downside risks
  • Revised Earnings Estimates
  • KB Estimates vs. Consensus
  • Valuation & Target Price Calculation
  • Earnings Sensitivity Analysis
  • Peer Group Comparison
  • Fig 1. Nuclear EPC Capability & Global Expansion Strategy
  • Fig 2. Large-scale NPP Construction Sites
  • Income Statement
  • Operating Statistics & Ratios
  • Statement of Cash Flows
  • Statement of Financial Position
  • Key Ratios
  • Disclosures

Report data

Earnings Forecast & Valuation — as of August 21, 2026.

MetricEstimateContext
Target Price170000 KRWTarget price for Hyundai E&C based on 2.1x 12m fwd P/B multiple
Current Stock Price105600 KRWClosing share price as of August 21
Expected Total Return61.9%Estimated total return at target price
DOE Supply Chain Loan17.5 USD bnU.S. Department of Energy loan program expected to spur utility nuclear projects
2026E Revenue28317 KRW bnConsolidated full-year revenue forecast
Source: KB Securities; KRX; DOE; KB Securities estimates. This is a dated model snapshot, not a live forecast.

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Authors / Editors

Moonjoon Chang · Analyst

Reported Data Context

  • Target Price: 170000 KRW (12-month forward) · Source: KB Securities
  • Current Stock Price: 105600 KRW (2026-08-21) · Source: KRX
  • Expected Total Return: 61.9 % (12-month forward) · Source: KB Securities
  • DOE Supply Chain Loan: 17.5 USD bn (2H26) · Source: DOE
  • 2026E Revenue: 28317 KRW bn (2026E) · Source: KB Securities estimates

Securities

Vinci SA000720LT INAtkinsRealis

Themes

Nuclear Power EPC ExpansionSmall Modular Reactor (SMR) CommercializationU.S. Department of Energy Nuclear Financing Catalysts

Regions

Asia PacificNorth AmericaSouth KoreaUnited States

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