The authors are analysts of NH Investment & Securities. They can be reached at minjae.lee@nhqv.com and ys.jung@nhqv.com, respectively. -- Ed. Starting from 2H21, we expect to see a series of announcements regarding both nuclear and coal phase-out policies and renewable energy policies in the run-up
Korea Gas Corp. (KOGAS) announced on July 14 that it has launched a two-week test run before the commercial operation of Al-Jur Liquefied Natural Gas (LNG) Production Base in Kuwait.The base is the world’s fifth-largest facility after LNG production bases in Incheon, Pyeongtaek and Tongyeong of Kore
Korea Gas Corp. (KOGAS) has successfully issued US$800 million in foreign currency bonds at the lowest interest rate ever by a state-run company. The company has secured sufficient funds to expand its natural gas business and establish infrastructure for hydrogen production, supply and distribution.
The authors are analysts of NH Investment & Securities. They can be reached at minjae.lee@nhqv.com and ys.jung@nhqv.com, respectively. -- Ed. Following a recent change, the Ministry of Environment will take sole responsibility for approving the installation of hydrogen charging stations. Also, appro
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. We believe that renewable energy policy momentum will renew strengthening from 2H21. In the case of Korea, revisions to hydrogen energy-related legislation and the announcement of ‘Roadmap 2.0’ for h
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. For KOGAS’s Australian GLNG project, W1.6tn of impairment losses have been recognized over the past five years. With investment for the project now decreasing, the project’s BEP oil price has fal
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed Maintain HOLD; Raise TP by 18.8% to KRW38,000 We maintain HOLD on KOGAS, but lift our TP by 18.8% to KRW38,000. We have revised up 2021E-2030E OP by an average of 3.6% in light of a sharper-than-expected gr
Korea Gas Corp. will begin production and supply of liquefied hydrogen by recycling liquid natural gas (LNG) cold energy in earnest.KOGAS announced on May 30 that it has formed a strategic alliance with GS Caltex to launch a liquefied hydrogen production and supply business. The two companies are pl
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed 1Q21 preliminary OP of KRW764.6bn (-20.3% YoY) falls short of market consensus— KOGAS announced preliminary 1Q21 revenue of KRW7.7tn (-3.2% YoY, +43.3% QoQ), OP of KRW764.6bn (-20.3% YoY, +193.8% QoQ) and N
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. Prior to the introduction of the HPS, concerns are likely to remain in play over lackluster orders. However, fuel cell market growth forecasts for 2022 remain unchanged thanks to the planned introduc
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. We note that the success of Korea’s hydrogen economy roadmap will likely depend upon the pace of KOGAS rolling out its hydrogen distribution network. The firm plans to make large-scale investment
The authors are analysts of NH Investment & Securities. They can be reached at ys.jung@nhqv.com. -- Ed. Large domestic corporations rolling out hydrogen investment plansWith the Korean government having confirmed its strong commitment towards nurturing of the domestic hydrogen industry, private comp
The authors are analysts of NH Investment & Securities. They can be reached at ys.jung@nhqv.com. -- Ed. Classification of hydrogen refueling stations (HRSs) by hydrogen supply methodBy hydrogen supply method, HRSs are classified as either off-site or on-site. Currently, off-site HRSs using by-produc
The authors are analysts of NH Investment & Securities. They can be reached at ys.jung@nhqv.com. -- Ed. Storage solutionsIn general, physical and chemical solutions are adopted for hydrogen storage. The physical method is to store hydrogen physically as either gas or a liquid, while the chemical met
The authors are analysts of NH Investment & Securities. They can be reached at ys.jung@nhqv.com. -- Ed. Reducing carbon emissions becoming ever more importantWith implementation of the Paris Agreement starting on Jan 1 2021, a number of countries have started to reinforce renewable policies and anno
The author is a strategist at NH Investment & Securities. He can be reached at lawrence.kim@nhqv.com. -- Ed.Urakami Kunio, a prominent analyst of Japan, believed that the stock market follows a cycle, much like the four seasons of nature. Based on his theory, we believe that the Korean stock market
Korea Gas Corp. (KOGAS) announced on March 3 that it has signed an MOU with Thai Petrochemical Industry Polene Power (TPIPP) and Korea Western Power to cooperate for Thailand's Songkhla Gas to Power (GTP) project.An MOU signing ceremony was held online with the attendance of Park Young-kwon, hea
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed 4Q20 preliminary OP of KRW260.3bn (-38.1% YoY) falls short of consensus — KOGAS reported 4Q20 preliminary consolidated revenue of KRW5.4tn (-21.8% YoY, +58.8% QoQ), OP of KRW260.3bn (-38.1% YoY, TTB QoQ), a
Korea Gas Corp. (KOGAS) announced on Jan. 11 that it has conducted a reorganization to set itself up for the hydrogen business. Through the reorganization, KOGAS has launched a new hydrogen business headquarters to pave the way to the establishment of an entire hydrogen value chain.To support this m
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. We believe that KEPCO’s earnings stability has been secured via the restructuring of the electricity tariff system, a change which has taken three years. Also, if the amendment to the Electricity