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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Korea Electric Power Corporation    A015760   KR7015760002

KOREA ELECTRIC POWER CORPORATION

(A015760)
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Investors heap pressure on Vietnam's Vung Ang 2 coal power project

10/21/2020 | 07:02am EST

TOKYO (Reuters) - Investors with assets totalling $3.6 trillion are writing to sponsors and financiers to urge them withdraw from Vietnam's Vung Ang 2 coal power station project, which they say is incompatible with Paris agreement goals on reducing emissions.

The action highlights a shift in strategy among shareholders concerned about the impact of climate change from selling their shares in coal mining and power companies to pressuring banks and contractors involved in projects.

The letter being sent to the Vung Ang consortium on Thursday has been written by Nordea Asset Management's head of responsible investment Eric Pedersen, and backed by other investors including the Church of Sweden and Brunel Pension Partnership.

"Vung Ang 2 is fast becoming the prime exhibit in the case against companies taking on irresponsible transition risk on coal plants, not to mention the obvious conflict with the commitments of those same companies to align with the Paris agreement," Pedersen said in a statement on Wednesday.

Nordea said it holds shares worth nearly 400 million euros ($474 million) in the publicly listed members of the consortium building the project. Other members of the investor group did not outline their specific exposure.

The 1.2 gigawatt Vung Ang project, one of a number of coal power stations under construction in Southeast Asia, is being built to meet Vietnam's surging demand for power, with the support of the Japanese and Vietnamese governments.

The letter is being sent to all sponsors, financiers and contractors involved in the project, according to the statement.

They include Mitsubishi Corp, Korea Electric Power, Japan Bank for International Cooperation [JBIC.UL], Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.

The banks and companies within the consortium declined to comment when contacted by Reuters. Japanese banks have recently tightened lending criteria to coal projects.

(Reporting by Aaron Sheldrick; Additional reporting by Joyce Lee in Seoul; Editing by Jan Harvey)

By Aaron Sheldrick


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
KOREA ELECTRIC POWER CORPORATION -1.35% 21950 End-of-day quote.-21.04%
MITSUBISHI CORPORATION 0.08% 2504.5 End-of-day quote.-13.64%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -0.36% 471.3 End-of-day quote.-20.55%
MIZUHO FINANCIAL GROUP, INC. -1.43% 1382 End-of-day quote.-17.88%
NORDEA BANK ABP. 0.39% 74.53 Delayed Quote.-1.47%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -0.41% 3191 End-of-day quote.-20.98%
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Financials
Sales 2020 58 334 B 52,8 B 52,8 B
Net income 2020 1 668 B 1,51 B 1,51 B
Net Debt 2020 68 414 B 61,9 B 61,9 B
P/E ratio 2020 9,24x
Yield 2020 3,11%
Capitalization 14 059 B 12 730 M 12 723 M
EV / Sales 2020 242x
EV / Sales 2021 240x
Nbr of Employees -
Free-Float 81,5%
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Technical analysis trends KOREA ELECTRIC POWER CORPORATION
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 26 340,91 KRW
Last Close Price 21 900,00 KRW
Spread / Highest target 48,4%
Spread / Average Target 20,3%
Spread / Lowest Target -8,68%
EPS Revisions
Managers
NameTitle
Jong-Kap Kim President, Chief Executive Officer & Director
Jeong-soo Kim Head of Finance & IR Team
Jong-Hwan Lee Head-Technological Innovation
Bong-Su Mun Director & Head-Power Grid
Jwa-Kwan Kim Independent Director
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