Compact Heat Exchangers (CHXs) have a large number of miniature channels inside their core, which makes them highly thermal efficient and thus, prime utile for Next Generation Nuclear Plant (NGNP) applications. The fabrication of a CHX involves diffusion, brazed or welded bonding of plates to form CHX block with a channeled core. The elevated temperature and transient conditions of NGNP operation may induce excessive strain and creep-fatigue failure in channel ligaments. The primary objective of this study is to evaluate the design of CHX for application to NGNPs, following the ASME Code Elastic Perfectly Plastic (EPP) Analysis criteria in a draft ASME Code Section III, Division 5 and using the currently available Division 5 Code Cases (N-861 and N-862). As global analysis considering channels in the core is computationally intensive, a new analysis method is evaluated. In this method, the global analysis is performed by representing the channeled core by an elastic orthotropic material core. Subsequently, at the local level, EPP analysis is performed using models that include the channels, with thermal and pressure loading conditions. An ASME Draft Code Case is under development for the construction of CHXs. The analysis results are used to assess proposed stress limits and classification for load controlled stresses. For strain limits, the analysis results are evaluated using Code Cases N-861 and N-862 against the strain limit and creep-fatigue damage using the channel level submodel analysis. The applicability of the new analysis method, and use of the analysis results for evaluation against ASME proposed limits for various regions of the CHX are presented and discussed.