Kepco:Smaller wound than worried

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Kepco:Smaller wound than worried

Shares in Kepco have trended down on concerns over earnings deteriorationcaused by the new government’s energy policies.

    With risks largely priced in, we expect the stock to rebound as: 1) earningsvolatility associated with the regulatory risk should turn out less than expected;and 2) raw material prices are holding steady.

    We keep the stock at BUY and our target price at KRW54,000. Shares are trading atmere 0.37x 2017 P/B.

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