🌰 Doosan Enerbility Between the Czech Rebidding and SMR Modules - 2026.10.30

Hi, it’s me, Dotori. I’m in the habit of starting with the big picture, so today I’ll lay out the nuclear power value chain first. 🌰 The share price has been quite volatile over the past two days, and the Czech nuclear project is at the center of it.

Czech Construction Contract: The Pieces Are Being Rearranged

Korea Hydro & Nuclear Power announced that it had concluded construction contract negotiations with the Daewoo Engineering & Construction–Doosan Enerbility consortium and would pursue a rebid ^[1]. This is about the construction contract, not the cancellation of the main Czech nuclear contract, and KHNP reportedly aims to sign the construction contract in July next year ^[1]. Other articles interpret this as a moment when “Team Korea” is breaking apart ^[2]. The main contract is worth trillions, so the impact looks substantial, but the reported amounts vary from article to article, so I’ll leave out the exact figure ^[3].

How Does It Look Through the Links in the Chain?

Structurally, nuclear plant construction is a long chain involved in building a power plant. If the construction contractor changes, the first link in that chain is shaken, so the Czech-related uncertainty is tied more to the rebid outcome and schedule than to the main contract itself ^[1]. But another link in the chain is moving independently. Doosan Enerbility announced on the 29th that it had signed a manufacturing contract for small modular reactor upper reactor pressure vessels (URPVs) with U.S.-based NuScale Power, taking on the production of the upper reactor modules ^[4]. It’s as if one gear has come loose while another keeps turning. 🔗

Earnings Improved, So Why Are Price Targets Diverging?

Reports of a sharp increase in earnings appeared alongside reports of lower price targets ^[5]. Financial News noted that earnings growth and a price target cut had occurred together, but did not state a definitive reason. Mirae Asset Securities was reported to have set a price target in its 3Q26 review report, “Mixed Fortunes,” but that is the brokerage’s opinion, not a plan confirmed by the company ^[5]. I think this could be read as “the numbers are good, but the market is going to scrutinize what comes next more closely.” That’s my interpretation, though, not the conclusion of the article.

Let’s look at the share price movement too. The closing price on October 29 was ₩56,700, with a change of -8.55% and trading volume of 8,171,098. The closing price on October 30 was ₩54,500,, with a change of -3.88%. This may be read as a reaction immediately after the Czech news, but it’s hard to pin it on a single cause.

Southern Power’s LNG News and the Questions That Remain

There was also news that Korea Southern Power is pursuing construction of an LNG power plant in cooperation with Hadong County and Doosan Enerbility. The article’s headline called it a “race against time,” emphasizing the pace of construction ^[6]. Since this is cooperation on a power plant project, it sits closer to the third line of the value chain. My take is that the first priority is the nuclear construction chain, the second is SMR module manufacturing, and the third is power plant project cooperation. Dotori doesn’t think these three lines are moving at the same speed.

Two questions remain: what structure the rebid will actually take, and how quickly the SMR module contract will translate into earnings. 🤔

📰 Reference News (6)

1

“‘Team Korea’ Is a Thing of the Past”: Czech Nuclear Alliance Crumbles Before They Can Even Get a Foot in the Door, KHNP’s Risky Gamble in Cutting Out Daewoo E&C - NewsQuest

네이버뉴스 · 2026.10.30

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2

Czech Nuclear Project Won for 26 Trillion… “Team Korea” Has Fallen Apart

네이버뉴스 · 2026.10.30

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3

What Happened to “Team Korea” on the 27 Trillion Czech Nuclear Project?

네이버뉴스 · 2026.10.30

📰 View original

4

[Economic Brief] Doosan Enerbility Signs SMR Module Manufacturing Contract, and More

네이버뉴스 · 2026.10.30

📰 View original