[Edaily Reporter Kim Hyung-il ] Leading Investment Securities analyzed that BHI Co., LTD.(083650)(BHI) is highly likely to benefit from the government’s “First U.S. Investment” initiative, noting that investors should pay close attention to whether the company expands its investments in gas-fired combined-cycle power plants in the U.S.

On the 10th, Han Je-yoon, an analyst at Leading Investment Securities, stated, “Driven by rising global electricity demand and expanded investment in liquefied natural gas (LNG) combined-cycle power generation, demand for BHI Co., LTD.’s flagship product—heat recovery steam generators (HRSGs)—remains robust,” adding, “Annual new HRSG orders this year are projected to exceed 1 trillion won.”

He continued, “Driven by increased revenue recognition from high-margin projects and cost efficiency measures, the operating profit margin also reached a record-high quarterly level of 15.4%,” and predicted, “Reflecting this, the projected 2026 performance is expected to set a new all-time high with revenue of 1.1212 trillion won and operating profit of 133.8 billion won.” These figures represent year-over-year increases of 45% and 77%, respectively.

One analyst also highlighted that the construction of a 6.3 GW gas-fired combined-cycle power plant in Texas is underway as the government’s first investment project in the U.S. He said, “Of this, 4.9 GW is planned as a combined-cycle system requiring HRSGs, so BHI Co., LTD. is expected to benefit directly.”

Assuming orders for 8 to 10 HRSGs, the potential order value was estimated at approximately 400 to 500 billion won. One analyst assessed, “BHI Co., LTD. has a track record of supplying HRSGs to Calpine in the U.S., in addition to numerous other HRSG delivery references, making it highly likely to benefit from this U.S. investment initiative.”

The analyst also suggested that North America could emerge as a new growth region if investments in gas-fired combined-cycle power plants expand to meet the electricity demand of AI data centers in the U.S.

One analyst emphasized, “If, starting with this project, investment in gas-fired combined-cycle power plants expands to meet the power demand of AI data centers in the U.S., North America will emerge as a new growth region beyond our existing core markets in the Middle East and Asia,” adding, “This could be a key driver of a valuation re-rating, making this a critical time to pay close attention to BHI Co., LTD.”