1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited,Seoul Securities Branch View HSBC Global Investment Re

2、search at:https:/ 14 to 16April2026Find out moreHSBC Global Investment Summit The US is poised to become the largest market for nuclear power and the Korea supply chain is well positioned to benefit We view Doosan Enerbility and Samsung C&T as key beneficiaries of potential US-Korea nuclear co-opera

3、tion Maintain Buy on Doosan Enerbility,Samsung C&T,Hyundai E&C;Hold on Daewoo E&C and GS E&C;increase all TPs Nuclear revival.The nuclear industrys revival is underway with a high level of interest globally amid support from both public and private stakeholders.The US has announced an ambitious targ

4、et of quadrupling nuclear capacity to 400GW by 2050 in May 2025.Many countries,including Korea,are turning positive towards nuclear.EU Commission President,Ursula von der Leyen,said that Europes reduction in nuclear was a strategic mistake and presented a new EU strategy for SMRs(EU Commission,10 Ma

5、rch).In this regard,we expect to see final investment decisions(FIDs)for nuclear power plants in the US market for the first time in more than a decade.Who has built the most?With this note,we look at the historical record of Korea NPP constructions(Exhibit 5 on page 3)to quantify the key beneficiar

6、ies of nuclear power plant project revival.The company with the most experience and competency in nuclear EPC among Korean companies is Hyundai E&C(HDEC),which has participated in c56%of the domestic nuclear projects over the past 55 years.As a result,HDEC has formed a strong partnership with Westin