<div id="readability-page-1"><p>11:40 AM EDT, 05/13/2026 (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 revised our 12-month target price to USD20 (from USD26), reflecting a 2026 forward P/E 3.7x, below its five-year average P/E of 4.8x, which is justified in our view by potential fluctuations in fuel costs. KEPCO's Q1 2026 revenue grew 0.8% Y/Y to KRW24.4 trillion, while operating profit was up 0.8% Y/Y to KRW3.78 trillion, but below consensus' estimates. Electricity sales volume declined by 0.9% Y/Y to 139.7 TWh. Still, the average selling price per kWh remained stable at KRW 170.4, matching the level seen at the end of 2025. KEPCO managed to offset rising fuel costs through aggressive internal cost-cutting and emergency management, but it sees a possibility that rising international fuel prices and exchange rates due to the Middle East war will act as a burden in H2 2026. We think there has been a fundamental shift in KEPCO's energy mix towards nuclear-heavy weighting, which may help it to improve margins. Maintain Buy.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

韩国电力

<p>CFRA 对韩国电力公司（Korea Electric Power Corp，简称 KEPCO）维持买入评级，并将其 12 个月目标价从 26 美元下调至 20 美元。KEPCO 在 2026 年第一季度的收入和营业利润同比均增长 0.8%，但未能达到市场共识预期。尽管电力销售量下降，平均售价保持稳定。KEPCO 通过削减成本来应对上升的燃料成本，但面临国际燃料价格和汇率的潜在挑战。向以核能为主的能源结构转型可能会改善利润率</p>

研究警报：CFRA 维持对韩国电力公司股票的买入评级