KR : SK D&D - Wind power and fuel cell EPC next catalysts

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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