⚙️ Doosan Enerbility: Tug-of-war between target price cuts and the nuclear power rally - 2026.07.23

Hi, it's Dotori, here to break down everything from the big picture to the value chain! 🌰 Today, Doosan Enerbility's stock price showed quite dynamic movement, fluctuating around the 70,000 KRW level during the day. Let's dive into how news of U.S. nuclear order delays is interacting with the overall strength of nuclear stocks.

📉 Order delays? Checking the U.S. nuclear timeline

First, we need to check the shift in perspective from securities firms. There was news that KB Securities lowered its target price for Doosan Enerbility ^[2]. Digging a step deeper into the reasoning, it is said that the timing of U.S. nuclear power orders is being delayed compared to initial expectations ^[1]. Structurally, large-scale nuclear power or SMR projects only move when massive gears—such as government policies, licensing, and financing—mesh perfectly. If even one of these gears is delayed, the entire relay is pushed back. The key here is to determine whether the project itself has been canceled or if just the timeline has shifted. For now, the current narrative is focused on 'delays' in orders.

📈 Why the nuclear stock rally remains unshaken

What’s interesting is that the market's reaction differed despite this conservative outlook. On the 22nd, the stock closed at ₩69,200, up 4.19%, and even reclaimed the 70,000 KRW mark during the day ^[4]. It continued to rise by 5.49% on the 23rd, finishing trading at ₩73,000 ^[3]. The overall market warmth, including the KOSPI reclaiming the 7000 level due to AI investment expectations, also had a significant impact ^[5]. Although it experienced sharp volatility early in the session due to a margin call liquidation incident, some evaluate that it ultimately sent a signal of rebound ^[7].

This connection is the core. The market is placing a higher value on the massive growth cycle of the entire nuclear power industry, which is coupled with increasing AI electricity demand, rather than concerns over short-term order timelines for individual stocks. The fact that other companies in the nuclear value chain, such as KEPCO and KEPCO E&C, rose in unison supports this context ^[3].

💧 Hydrogen production, a new gear

It's not just about nuclear power. There was also news that Korea Hydro & Nuclear Power (KHNP) is pursuing hydrogen production linked to nuclear plants via high-temperature electrolysis, and that industry-academia-research experts, including Doosan Enerbility, participated in discussions on verification plans ^[6]. Hydrogen is key to long-term energy transition; if this technology, which uses heat and electricity from nuclear plants to produce hydrogen, becomes commercialized, it could provide a strong boost to diversifying Doosan Enerbility's portfolio.

Dotori believes that rather than being swayed by short-term news on order delays, it is important to calmly track how the nuclear value chain will receive differential benefits within the massive power supercycle, from the perspective of 1st tier (main equipment), 2nd tier (design/construction), and 3rd tier (parts/operation). Let's keep watching how the actual progress of U.S. nuclear projects and order momentum in other regions, such as the Czech Republic, will affect the next quarterly earnings relay! 🔍

📰 Reference News (6)

2

[Report Briefing] Doosan Enerbility, 'Visibility of the new nuclear market is a matter of time', Target price 140,000 KRW - KB Securities - Newspim

뉴스핌 · 2026.07.22

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3

Nuclear stocks generally strong... Doosan Enerbility, Woori Technology, Orbitec, etc. all jump

네이버뉴스 · 2026.07.23

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4

Nuclear stocks generally strong... Doosan Enerbility, Woori Technology, etc. prices jump, what is the future trend?

네이버뉴스 · 2026.07.23

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5

KOSPI reclaims 7000 level on AI investment expectations... overcame Middle East risks - Good Morning Economy

네이버뉴스 · 2026.07.23

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6

KHNP to pursue hydrogen production linked to nuclear plants via high-temperature electrolysis

네이버뉴스 · 2026.07.23

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📺 Reference Videos (1)

7

YouTube

Doosan Enerbility, margin call liquidation incident... will it be a signal for a rebound?

▶서울경제TV·2026.07.22