We expect revenue from SK DD’s new wind power and fuel cell projects to come in from 3Q and 4Q, respectively. These are potential re-rating catalysts. SK DD is Korea’s no.1 renewable energy developer. It obtains regulatory approvals, secures land, builds power farms as well as runs operations. Reiterate Add with a lower TP of W45k on 1.4x FY21-22F P/BV (12% ROE). Renewable energy could contribute 42% of revenue in 2023F (28% in 2021).
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