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051600KOSPI

KEPCO Plant Service & Engineering

43,550
-850 (-1.91%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

KEPCO Plant Service & Engineering was established in 1984 and is headquartered in Naju, Jeollanam-do. The company is a joint-stock company listed on the KOSPI market.

The company provides maintenance services for power generation facilities, including thermal, nuclear, pumped storage, and transmission and distribution systems. It supplies these technical services to domestic and international customers in regions such as the UAE and South Africa.

Business overview as filed

한국전력공사가 전액 출자한 발전설비정비 전문회사로 설립되어 51년간 국내외의 다양한 발전설비를 책임 정비해 온 당사는 전력의 안정적 공급이라는 공익적 목적을 달성하기 위해 우수한 전문기술인력과 첨단 장비를 바탕으로 국내외 산업설비의 가동률과 효율성 향상을 위한 고품질의 정비서비스를 제공하고 있습니다. 발전설비의 성능 향상과 설비가동율 제고를 위한 기술력을 축적하여 최고의 전력설비정비전문회사로 성장하면서 해외에서도 기술력을 인정받아 UAE, 남아프리카 공화국, 우루과이등지에서 적극적으로 해외시장을 개척해 나가고 있습니다.

가. 사업부문별 현황지배회사 및 종속회사의 사업부문별 현황을 요약하면 아래와 같습니다.○ 한전KPS(주)

○ 종속회사

나. 사업부문별 요약 재무현황

○ 매출실적(연결기준)

○ 회사의 각 사업부문별 자세한 사항은

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적

·

상업적 명칭

1) 국문명칭 : 한전케이피에스주식회사(한전KPS주식회사)2) 영문명칭 : KEPCO Plant Service & Engineering Co.,Ltd. (약칭: KEPCO KPS)

다. 설립일자

○ 설립일자 : 1984. 4. 1. (한전전액출자로「한국전력보수주식회사」 설립)

라. 본사의 주소, 전화번호 및 홈페이지

1) 주소 : 전라남도 나주시 문화로 211(빛가람동 377) (국가균형발전 특별법 제18조에 따른 공공기관 지방이전 : '14.12.05)

2) 대표전화 : 061)345-01143) 홈페이지 : www.kps.co.kr

마. 회사사업 영위의 근거가 되는 법률 : 상법

○ 상법 제317조(설립의 등기) : 상법상 주식회사

바. 중소기업 등 해당 여부

사. 주요사업의 내용

지배회사인 한전KPS(주)가 영위하는 사업으로는 전력설비정비(화력, 원자력/양수, 송변전, 대외, 해외) 및 이와 관련되는 기술개발 등이 있습니다. 2011년부터 당사가 도입한 K-IFRS에 따라 연결대상 종속회사인 KEPCO KPS PHILIPPINES CORP.와 KEPCO KPS SOUTH AFRICA PTY., LTD.가 영위하는 사업은 해외 발전설비 운전/정비와 이에 부대되는 사업, KPS파트너스(주)가 영위하는 사업은 미화, 시설관리 및 이에 부대되는 사업입니다. 향후 해외 발전설비 시장을 확장하고 원전해체사업, 신재생에너지 사업 등의 신규 사업을 추진중에 있습니다.

아. 신용평가

등급의 정의1) 기업신용등급

2) 기업어음

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.11%
[1.41%, 7.02%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 37.4% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.33
Beta [0.21, 0.46] · KOSPI200 · As of 2026-10-08
Intercept
-0.132%[-0.459%, +0.195%]
R squared
0.14
Observations
252
Trading-time corrected beta
0.36[0.12, 0.60]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M11,79712,23112,36812,42512,46913,03213,80614,29115,33915,57115,76516,249
Revenue growth%—3.681.120.460.364.515.943.517.331.511.25—
Operating incomeKRW 100M1,7521,0581,6411,9151,9391,3541,2401,3061,9942,0951,4011,473
Operating income growth%—-39.6355.1216.741.26-30.18-8.435.2952.725.08-33.13—
Net incomeKRW 100M1,6998831,3601,6131,5338719871,0021,6271,7241,2431,298
Net income growth%—-48.0554.0018.66-4.96-43.2213.351.5262.386.00-27.95—
Attributable to ownersKRW 100M1,6998831,3601,6131,5338719871,0021,6271,7241,2421,298
Attributable to minoritiesKRW 100M00000000000-0
Operating margin%14.858.6513.2615.4115.5510.398.989.1413.0013.458.899.06
Net margin%14.407.2210.9912.9812.306.687.157.0110.6111.077.887.99
ROE%21.6111.1815.0216.3914.428.288.878.2412.7812.989.239.64
ROA%16.448.0811.3312.5911.286.456.926.4110.1810.207.297.71
Debt ratio%31.4538.3332.5930.1627.8428.3528.3228.4825.5227.2326.5825.07
Current ratio%281.94211.40226.12235.29314.63297.33298.86273.35303.73302.57287.43306.91
Quick ratio%281.03210.78225.54234.78314.05288.02289.93264.29295.81295.46280.39299.63
Reserve ratio%—————————14,650.6914,837.9914,841.65
Free cash flowKRW 100M9296506078171,3172501,032434-7934,909739—
FCF margin%7.875.324.916.5810.561.927.473.04-5.1731.534.69—
OCF conversion%82.29139.7597.7180.64104.7185.64135.0881.20-23.42313.42109.24—
Capex to revenue%3.984.775.843.892.313.802.182.652.693.183.92—
Receivable daysdays—53.557.660.195.9133.0132.6142.0171.7160.0121.8—
Inventory daysdays—0.60.60.60.54.27.58.07.97.26.7—
Payable daysdays—24.726.428.930.227.625.325.326.527.726.7—
Cash conversion cycledays—29.531.831.766.1109.7114.8124.7153.1139.5101.8—
EPSKRW3,7761,9623,0213,5853,4071,9352,1932,2263,6153,8322,7612,885
PERx—27.6213.449.2611.4915.3517.5814.919.4211.5117.9115.35
BPSKRW—17,55020,11321,87023,63223,37124,71127,01628,28029,52029,90629,928
PBRx—3.092.021.521.661.271.561.231.201.491.651.48
Dividend per shareKRW1,6906801,4701,7901,9201,1461,1991,3052,1582,4691,651—
Payout ratio%44.7634.6648.6649.9356.3559.2254.6758.6359.7064.4359.80—

Consolidated basis

Profit flowKRW 100M

Revenue
15,765
Cost of sales
13,387
Gross profit
2,378
Operating income
1,401
SG&A expenses
977
Non-operating income
159
Profit before tax
1,560
Net income
1,243
Income tax expense
317

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
10,33610,92512,00012,80913,59413,49914,26915,62015,97316,90217,036
2,4733,0272,9492,9682,9602,9823,1493,4633,2473,6173,577
7,8637,8989,0519,84110,63410,51711,12012,15712,72613,28513,459

Income statement

20152016201720182019202020212022202320242025
11,79712,23112,36812,42512,46913,03213,80614,29115,33915,57115,765
1,7521,0581,6411,9151,9391,3541,2401,3061,9942,0951,401
2,2131,1291,7522,1051,9851,1101,3591,3462,1092,2521,560
1,6998831,3601,6131,5338719871,0021,6271,7241,243
Basic earnings per shareKRW3,7761,9623,0213,5853,4071,9352,1932,2263,6153,8322,761
Diluted earnings per shareKRW3,7761,9623,0213,5853,4071,9352,1932,2263,6153,8322,761
1,6347961,4591,4521,5987471,1191,5771,1561,5291,285

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,6998831,3601,6131,5338719871,0021,6271,7241,243
Total adjustments to operating cash flowcomputed-301351-31-31272-125346-188-2,0083,680115
1,3981,2341,3281,3011,606*7461,333813-3815,4051,357
-1,046798-1,934-1,237-887270-398273303-3,803357
-751-760-306-661-838-902-559-597-653-1,112-1,248
Cash at beginning of periodKRW 100M1,0386381,9109813852633547401,226491997
6381,9109813852633547401,2264919971,456
Net change in cash and cash equivalentsKRW 100M-3991,272-930-596-12292386485-735506458

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 42한영회계법인2025-12-31
2024적정의견Term 41한영회계법인2025-12-31
2023적정의견Term 40한영회계법인2025-12-31
2022적정Term 39한영회계법인2022-12-31
적정Term 38한영회계법인2022-12-31
적정Term 37한영회계법인2022-12-31
2019적정Term 36삼정회계법인2019-12-31
적정Term 35삼정회계법인2019-12-31
적정Term 34삼정회계법인2019-12-31
2016적정Term 33안진회계법인2016-12-31
적정Term 32안진회계법인2016-12-31
적정Term 31안진회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.39
%
%
Cost of equity6.36%
Weighted average cost of capital—
Initial growth3.7%
Effective tax rate20.3%
Base fiscal year2025
Current priceKRW43,550

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model38,591-11.4%
Dividend discount model DDM40,166-7.8%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE39,966-8.2%
Residual income model RIM50,775+16.6%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.39 × 5.00% = 6.36%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(9.23% × (1 − 59.80%), 0) = 3.71%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,651 × (1 + 2.00%) / (6.36% − 2.00%) = 1,684 / 0.0436 = 38,591 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,651, g_1 = 3.71%, g_T = 2.00%, r = 6.36%

YearGrowthDividend KRWDiscount factorPresent value KRW
13.71%1,7120.94021,610
23.28%1,7680.88391,563
32.86%1,8190.83101,512
42.43%1,8630.78131,456
52.00%1,9000.73461,396
Terminal value2.00%44,4210.734632,630
Total40,166

P_0 = 40,166 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 29,906 KRW, ROE = 9.23%, payout ratio = 59.80%, r = 6.36%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
129,9062,7611,9038580.9402806
231,0162,8631,9748890.8839786
332,1672,9692,0479220.8310767
433,3613,0802,1239570.7813747
534,5993,1942,2029920.7346729
Terminal value23,1900.734617,034

P_0 = 29,906 + 3,835 + 17,034 = 50,775 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,357.3 − 618.1 + 0.0 (net borrowing) = 739.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.71%766.70.9402720.8
23.28%791.90.8839699.9
32.86%814.50.8310676.9
42.43%834.20.7813651.8
52.00%850.90.7346625.1
Terminal value2.00%19,889.70.734614,610.3
Total17,984.8

P_0 = 17,984.8 KRW hundred million ÷ 45,000,000 (shares) = 39,966 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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