KEPCO Plant Service & Engineering한전KPS

KEPCO KPS remains profitable but earnings have fallen from their 2023-2024 peak, and the shares are down about 24% over the past year.

KEPCO KPS is a power plant maintenance specialist that is majority-owned by Korea Electric Power Corporation. Trailing twelve-month revenue is about ₩1.62T with operating income of about ₩147B for the period to H1 2026, below the 2024 level. The share price of ₩40,100 sits near its 52-week low of ₩40,000, and the data shows no dividend.

What stands out

• Trailing operating margin is 9.1%, down from 13.5% in 2024, while revenue has grown only modestly, by 1.2% in 2025.
• Net income for the trailing period is about ₩130B, and free cash flow is about ₩30B; cash is about ₩167B and the data lists no borrowings.
• Valuation is 13.9x trailing P/E and 1.3x P/B, and the data's DCF base value is ₩48,838, above the current price, though this is a model output rather than a forecast.
• Recent filings are mainly contract announcements in October 2026, a shareholder meeting, and director appointments.
• Headlines from October 2026 describe a downcycle that may be ending and a medium-to-long-term growth outlook, attributed to brokers, plus a receivables insurance partnership with KODIT.

What to watch

• The shareholder register closure or record date notice filed on 27 October 2026, which may matter for any dividend timing (the data shows a 0% dividend yield).
• Whether the recent major sales contracts and their amendments translate into revenue growth in upcoming reports.
• Foreign ownership has slipped from 9.1% to 8.4% over 60 days; the data does not explain why.