Amid surging global energy security and eco-friendly power demand, Doosan Enerbility, a leading Korean player in nuclear power and energy infrastructure, is emerging as a key market leader in June, driven by expectations of a final contract for the Czech nuclear power plant and large-scale Middle East order achievements.
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Executive Summary
Doosan Enerbility has recently shown a strong stock price recovery, boosted by a 530 billion KRW gas-fired combined-cycle power plant EPC contract in Oman and trickle-down expectations from Rolls-Royce SMR being selected as a supplier in Sweden.
With expectations for the final contract of the new Dukovany nuclear power plant in the Czech Republic solidifying for the second half of the year, the stock price in June is attempting to establish a foothold at the "100,000 KRW level."
In terms of market supply and demand, with the KOSPI breaking past the 8,700 level, there is a fierce battle between strong buying inflows from retail investors and profit-taking absorption by foreign investors.
Its exclusive possession of manufacturing technology for SMRs and nuclear power equipment in a global supplier-dominant market is being evaluated as a mid-to-long-term investment momentum.
Current Status Overview
As of the close on June 16, 2026, the KOSPI index settled at 8,726.60, supported by global macro tailwinds such as news of a ceasefire agreement between the US and Iran.
On the same day, Doosan Enerbility (034020) closed at 103,200 KRW, up 3.41% from the previous trading day.
In particular, news on the previous day, June 15, that a consortium including Korea Western Power signed a contract worth approximately 530 billion KRW for the construction of the Duqm gas-fired combined-cycle power plant in Oman accelerated the recovery of the stock price.
In addition, as the UK's Rolls-Royce SMR was announced as the final supplier of next-generation nuclear power plants by Sweden's state-owned power company, expectations grew that Doosan Enerbility, its strategic partner, would see an expansion in global supply volumes.
According to the Daily Stock Fear & Greed Index, the KOSPI market currently indicates a "Neutral (53.7)" level, showing a gradual recovery in investor sentiment compared to a week ago (48.3).
On the other hand, the Nasdaq market is currently "Neutral (41.3)," passing through the "Fear (32.4)" phase from a week ago, yet still maintaining a cautious trend.
Financial Analysis
Doosan Enerbility's consolidated performance for the first quarter of 2026 recorded revenue of 4.2611 trillion KRW and operating profit of 233.5 billion KRW, significantly exceeding the market consensus (194.2 billion KRW).
This is because older projects won at lower margins in the past are nearing completion, and structural profit improvements are being realized as high-margin gas turbines and nuclear reactor equipment sales increase.
In particular, not only the performance of the core Enerbility division but also the solid earnings improvements of major subsidiaries Doosan Bobcat and Doosan Fuel Cell are interpreted to have made positive contributions to defending consolidated profits.
Having succeeded in mass-securing domestic and international gas turbine orders (10 units ordered in Q1), Doosan Enerbility significantly raised its new order target for 2026 from the original 13.7 trillion KRW to 16.3 trillion KRW.
| Classification | 2025 Performance | 2026 Forecast (E) | 2027 Forecast (E) |
|---|---|---|---|
| **Consolidated Revenue (100M KRW)** | 17,057.9 | 17,500.4 | 20,113.8 |
| **Consolidated Operating Profit (100M KRW)** | 762.7 | 1,069.9 | 1,664.8 |
| **Operating Profit Margin (%)** | 4.5% | 6.1% | 8.3% |
| **Net Debt Ratio (%)** | 25.3% | 20.7% | 16.0% |
(Source: Processed from Kiwoom Securities Research Center data)
Valuation
Currently, Doosan Enerbility's price-to-earnings ratio (PER) stands at a somewhat high level of approximately 415.35 times the industry average, as recent expectations have been priced in first.
However, the securities industry analyzes that the current moment is the entry phase into a "golden cycle of high-profitability equipment sales" under a supplier-dominant market, breaking away from the past low-margin order frame.
Accordingly, major research institutions have significantly raised their cumulative order backlog estimates through 2035 from the previous 76.3 trillion KRW to 79.9 trillion KRW.
As the global shortage in the gas turbine market intensifies, the average selling price (ASP) is rising, suggesting that the price-to-book ratio (PBR) and EV/EBITDA indicators will normalize rapidly in the future.
Analyst & Institutional View
Most major brokerage firms have raised their target price for Doosan Enerbility from the 140,000 KRW level to up to 150,000 KRW, firmly maintaining their "Buy" rating.
Institutional investors particularly highlight that the company is the only one in the world capable of simultaneously manufacturing large nuclear reactor components and SMRs in a single factory.
According to a report by Daeshin Securities, the core driver behind the rising corporate value of the holding company, Doosan Corp., is also the vertical rise in Doosan Enerbility's nuclear power order scale from around 900 billion KRW last year to approximately 6.8 trillion KRW this year.
In addition, as supply relationships with global SMR designers such as TerraPower and Rolls-Royce solidify, further upward revisions of earnings estimates are highly likely to follow.
Risk Factors
However, in the short term, as the stock price has rapidly risen from the 90,000 KRW range to the 100,000 KRW level, profit-taking by foreign and institutional investors could increase supply-demand volatility.
In particular, with the USD/KRW exchange rate remaining at a high level of 1,508.30 KRW, the outflow of foreign capital due to geopolitical shifts remains a factor that could slow the pace of the stock price recovery.
Furthermore, for some large global nuclear power projects, including Bulgaria, risks of delay in the ordering schedule exist due to local funding uncertainties or regulatory licensing extensions.
The final contract for the Czech nuclear plant also cannot completely exclude uncertainties until the final signing announcement is made, as minor noise such as detailed condition adjustments or patent-related lawsuits with Westinghouse of the US can occur at any time.
Investment Outlook
In conclusion, Doosan Enerbility is benefiting from a strong double tailwind: a renaissance in large nuclear power orders and a surge in electricity demand for gas turbines and SMRs driven by AI data center expansion.
Its transition from a portfolio previously focused on simple construction to one centered around core equipment and component supply based on proprietary technology is positive.
However, for investors considering a new entry, an approach of buying in installments while technically checking whether the "100,000 KRW level" is maintained in June appears effective.
Since a concentration of supply and demand across large-cap stocks may occur depending on the easing of geopolitical risks and exchange rate trends, coordination with macro indicators must be continuously monitored.
Investor Checklist Q&A
Q1. What is the most key order achievement that has led Doosan Enerbility's recent stock price recovery?
A1. The direct trigger was the EPC construction contract and core steam turbine manufacturing supply achievement for the Duqm gas-fired combined-cycle power plant in Oman, worth approximately 530 billion KRW, announced on June 15, 2026.
Q2. How is the progress of the Czech nuclear power plant order going?
A2. Doosan Enerbility has already secured a steam turbine supply contract (approx. 320 billion KRW) for Dukovany Units 5 and 6 through its Czech subsidiary Doosan Skoda Power, and the industry expects the final signing of the entire contract, including construction, to be completed smoothly within the year.
Q3. Is there any expected global momentum in the SMR (Small Modular Reactor) business division?
A3. As the UK's Rolls-Royce SMR was selected as the final next-generation nuclear power supplier in Sweden, the long-term manufacturing benefits for Doosan Enerbility, its strategic partner, are becoming more visible.
Q4. What is the key price range to watch technically in the June stock price outlook?
A4. As the stock is attempting to settle above 100,000 KRW after a short-term surge, it is important to watch whether the 90,000 KRW level, which served as a support line, is firmly consolidated and the strength of foreign profit-taking absorption.
Q5. Is the net debt or liability level stable under the current corporate financial structure?
A5. The net debt ratio, which was around 25.3% as of 2025, is expected to steadily decrease to 20.7% based on the 2026 forecast and 16.0% in 2027, indicating that financial stability is improving rapidly.