In the grand theater of the capital markets, few sectors have experienced as dramatic a reversal of fortune as the nuclear power industry. Once relegated to the shadows due to policy shifts and global safety concerns, nuclear energy has returned to the center stage, driven by the dual imperatives of energy security and carbon neutrality. At the heart of this 'K-Nuclear Renaissance' stands Doosan Enerbility. Recently, the company's stock price has shown movements that are too significant to be dismissed as mere fluctuations. On February 13, 2026, the stock touched a 52-week high of 98,100 won, inching ever closer to the symbolic '100,000 won' mark. This column aims to dissect the layers behind this surge, moving beyond the surface-level excitement to understand the fundamental and technical undercurrents driving Doosan Enerbility today.
To understand the current market sentiment, we must first look at the language of the charts. As of the latest close, Doosan Enerbility recorded a 14-day Relative Strength Index (RSI) of 59.05. For the uninitiated, the RSI is a momentum oscillator that measures the speed and change of price movements. An RSI above 70 is typically considered 'overbought,' while below 30 is 'oversold.' A reading of 59.05 is fascinatingly poised. It indicates that the bulls are in control, yet the stock is not overheated. There is still 'room to run' before technical alarms sound for a correction. It suggests a healthy accumulation phase where buying pressure is steady rather than frantic. However, investors should note the Analysis Score of 40. While this proprietary metric might seem underwhelming or neutral compared to the stock's recent price performance, in the context of a rising trend, it often implies that the market is climbing a 'wall of worry.' The disconnect between a moderate technical score and a strong price trend (up 1.26% recently and over 7% in the past week) often signals that the fundamental turnaround is outpacing the technical algorithms' ability to catch up.
The catalyst for this re-rating is undoubtedly the tangible materialization of the Czech Nuclear Power Plant Project. For years, this project was a 'hope'; now, in 2026, it is a 'revenue stream.' The company has announced that full-scale revenue recognition from this project, estimated to contribute approximately 3.8 trillion won, will commence this year. In the construction and heavy industry sectors, the transition from 'order backlog' to 'recognized revenue' is the most critical moment for valuation. It is the moment when promises turn into cash flow. The guidance for 2026 orders stands at 13.3 trillion won, surpassing internal forecasts. This is not just about adding numbers to the order book; it represents high-quality revenue that secures the company's workload for years to come.
Furthermore, the quality of earnings is undergoing a significant transformation. The forecast that operating profit will surge by 80% year-over-year in 2026 is perhaps the most striking data point for fundamental investors. Interestingly, the revenue for the Enerbility division is projected to decrease slightly by 3%, yet profit is skyrocketing. This divergence is the hallmark of a company gaining pricing power and shedding low-margin legacy projects in favor of high-value contracts. An operating margin expected to reach 6.2% in a heavy industry manufacturing context is robust, signaling immense efficiency gains. The market loves growth, but it rewards profitable growth even more.
Beyond the traditional large-scale reactors, the Small Modular Reactor (SMR) narrative is finally maturing into a tangible investment thesis. SMRs have long been the 'dream' of the nuclear industry—safer, flexible, and modular. Doosan Enerbility is now positioned to capture actual orders in this segment, with large-scale SMR orders worth 1.1 trillion won expected to materialize throughout 2026. By serving both Korea Hydro & Nuclear Power (KHNP) and Westinghouse, Doosan has effectively hedged its bets, positioning itself as the indispensable 'foundry' of the global nuclear supply chain. Whether the customer is in Korea, the US, or Eastern Europe (Poland, Bulgaria), the road to reactor construction inevitably leads through Doosan's changwon plant.
We must also pay attention to the supply and demand dynamics. Over the past week, foreign investors purchased approximately 1.32 million shares, while institutional investors swept up nearly 1.59 million shares. In the Korean stock market, such synchronized buying by 'smart money' often precedes a sustained rally. Institutions and foreigners typically base their decisions on long-term fundamental shifts rather than short-term news. Their aggressive accumulation suggests they believe the current price, even near 52-week highs, undervalues the company's future cash flows. They are likely looking at the target prices set by major securities firms, some of which have been raised to 122,000 won, and seeing a clear upside potential.
However, a prudent investor must always weigh the risks. The Analysis Score of 40 serves as a whisper of caution. It reminds us that the stock has risen sharply and may be due for consolidation. The 100,000 won price level is a significant psychological barrier. Historically, stocks often struggle to break through such 'round numbers' on the first attempt. Profit-taking by retail investors who have held the stock through difficult times could create temporary headwinds. Additionally, the global political landscape remains a variable. While the nuclear renaissance seems secular, project delays due to regulatory hurdles or geopolitical friction in Europe could dampen the sentiment. The slight year-over-year decrease in expected revenue, while offset by profitability, also indicates that the company is in a consolidation phase regarding its top-line growth.
Another pillar supporting the valuation is the gas turbine business. Often overshadowed by the nuclear narrative, Doosan’s prowess in gas turbines provides a stable cash cow and a bridge to the hydrogen economy. The expectation of continued growth in gas turbine orders in 2026 adds a layer of stability to the portfolio. It diversifies the revenue mix, ensuring that the company is not solely dependent on the often volatile timeline of nuclear projects. The fact that they maintain exclusive maintenance for 16 domestic nuclear reactors further provides a recurring revenue base that acts as a safety net for earnings.
In conclusion, Doosan Enerbility is currently standing at a pivotal inflection point. It is transitioning from a 'turnaround story' based on restructuring to a 'growth story' based on global industrial trends. The technicals show a stock that is strong but not yet euphoric (RSI 59), while the fundamentals show a dramatic improvement in profitability (+80% Op Profit). The convergence of the Czech project execution, the dawn of the SMR order cycle, and the synchronized buying by major market players creates a compelling case for the bulls.
For investors, the strategy should be one of measured optimism. The path to 122,000 won will likely not be a straight line. The 100,000 won level will be a battleground. However, if the company delivers on its 2026 guidance and the SMR orders materialize as predicted, the current valuation may well look cheap in hindsight. We are witnessing a rare alignment where policy, technology, and financials are moving in the same direction. Doosan Enerbility is no longer just repairing the past; it is actively constructing the future of global energy. As the heavy industry giant awakens, the market watches with bated breath to see if it can smash through the ceiling and establish a new paradigm for K-Nuclear stocks.