<div id="readability-page-1"><p>07:05 AM EST, 11/19/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>We raise our 12-month target price to USD18 (from USD15), reflecting a higher target 2025 P/BV multiple of 0.72x (more than double its five-year average of 0.3x). KEP's structural margin improvement and surge in earnings, led by elevated nuclear utilization, disciplined cost control, and stable tariff enforcement, support the higher valuation anchor in our view. We believe the stock's re-rating reflects not only the return to profitability but also investor confidence in management's ability to balance capex with gradual deleveraging and dividend reinstatement. We acknowledge that political risks remain in place following the June 2025 elections and possible populist moves, but we expect the regulatory environment to remain broadly supportive and preserving earnings visibility. We maintain our earnings per ADS estimates of KRW6,028 for 2025 and KRW6,494 for 2026.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

韩国电力

<p>CFRA 对韩国电力（Korea Electric Power Corp.，KEP）股票维持持有评级，将 12 个月目标价从 15 美元上调至 18 美元。更高的估值得益于利润率改善、收益增加和稳定的电价。尽管存在政治风险，但监管环境预计将保持支持。2025 年每股美国存托凭证（ADS）收益预估为 6,028 韩元，2026 年为 6,494 韩元</p>

研究警报：CFRA 维持对韩国电力公司股票的持有评级