Risk Reward Update: Samsung C&T | Asia Pacific

Research evidence excerpt

Risk Reward Update: Samsung C&T | Asia Pacific

UpdateM

RiskRisk RewardReward– Samsung- SamsungC&T (028260.KS)C&T (028260.KS)

Optionality Xoming from AI Capex, Energy Transition and Holdco Positioning; OW

PRICE TARGET W360,000 OVERWEIGHT THESIS

Sum of the parts: reflects our view that Korea's corporate reform policies will likely move ▪Core operations, especially construction,

forward and our outlook for SCT's core businesses, provide fundamental support through a

Core operations including construction: Based on peer average valuation multiple solid order pipeline and improving earnings

Listed subsidiaries: Market Value visibility.

Private subsidiaries: Latest BV ▪The stock offers optionality across AI-

Discounts to NAV: base 55%, bear 69%, bull 48% related capex and Energy Security, given its

positioning as one of the leading W574,063

construction companies doing businesses in

Consensus Price Target Distribution W210,000.00 W700,000.00 Nuclear, LNG, Semiconductor fabs and MS PT

Datacenter.Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates

▪We believe SCT should be a beneficiary of

the corporate reform drive. There is upside

to capital management in the medium/long

RISK REWARD CHART term even without a large-scale group

restructuring.

KRW

W490,000W490,000(+71.63%)W490,000(+71.63%)(+71.63%) Consensus Rating Distribution

480000 100%Overweight

0% Equal-weight

0% Underweight

360000 W360,000W360,000(+26.09%)W360,000(+26.09%)(+26.09%)

MS Rating

W285,500W285,500W285,500 Source: Refinitiv, Morgan Stanley Research

W200,000W200,000(-29.95%)W200,000(-29.95%)(-29.95%) Risk Reward Themes

120000 Self-help: Positive

View descriptions of Risk Rewards Themes here

JUL '25 JAN '26 JUL '26 JUL '27

Key: Historical Stock Performance Current Stock Price Price Target