<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>

韓國電力

<p>CFRA 對韓國電力（Korea Electric Power Corp.，KEP）股票維持持有評級，將 12 個月目標價從 15 美元上調至 18 美元。更高的估值得益於利潤率改善、收益增加和穩定的電價。儘管存在政治風險，但監管環境預計將保持支持。2025 年每股美國存託憑證（ADS）收益預估為 6,028 韓元，2026 年為 6,494 韓元</p>

研究警報：CFRA 維持對韓國電力公司股票的持有評級