Samsung C&T (028260 KP) Buy: Earnings growth and dividends, at 0.7x PB

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Samsung C&T (028260 KP) Buy: Earnings growth and dividends, at 0.7x PB

Equities ● Diversified Consumer Services

23 June 2026

Exhibit 1: Samsung C&T – DPS forecasts Exhibit 2: DPS forecasts for key affiliates

(KRW) (KRW)

20,000 16,000

18,000 14,000

16,000

12,000

14,000

12,000 10,000

10,000 8,000

8,000 6,000

6,000

4,000

2,000 2,000

0 0

2020 2022 2024 2026e 2028e 2020 2022 2024 2026e 2028e

Samsung Elec Samsung Life

Source: Company data, HSBC estimates Source: Company data, HSBC estimates

Samsung C&T has a shareholder return policy of redistributing 60-70% of dividend income from

group affiliates through dividends. Accordingly, the increase in dividend income from affiliates in

2026e will be redistributed to shareholders through 2027e DPS. We forecast Samsung C&T’s

2026/2027/2028e DPS at KRW3,500/KRW12,800/KRW17,600, respectively.

Exhibit 3: Samsung C&T – Shareholder return policy history

Period Details

[Feb. 2026] - Maintain consistent dividend policy and enhance financial stability

3-year shareholder return - Redistribute 60-70% of dividend income from group affiliates through dividends

policy (2026-28) - Focus on generating tangible results in growth engine business while strengthening existing

business portfolio

[Feb. 2023] - Maintain consistent dividend policy and improve shareholder returns through treasury shares cancellation

policy (2023-25) - Annual DPS to be determined depending on each financial year’s business performance and cash

flow status (minimum DPS: KRW 2,000)

- Cancel all treasury shares over the next five years

[Feb. 2020] - Redistribute 60-70% of dividend income from group affiliates through dividends

3-year shareholder return - Minimum DPS of KRW2,000; annual DPS will be determined after taking account of business