Samsung Heavy Industries: 2Q26 earnings could miss on labor provisions and margin dilution from global operations; focus shifts to FDC update; Maintain Neutral

研报英文原文证据摘录

Samsung Heavy Industries: 2Q26 earnings could miss on labor provisions and margin dilution from global operations; focus shifts to FDC update; Maintain Neutral

J P M O R G A N Asia Pacific Equity Research

01 July 2026

Samsung Heavy Industries

2Q26 earnings could miss on labor provisions and Neutral

margin dilution from global operations; focus shifts to 010140.KS, 010140 KS

FDC update; Maintain Neutral Price (01 Jul 26):W23,650

▼Price Target (Dec-26):W27,000

Prior (Dec-26):W28,000

We expect Samsung Heavy’s OP to come in at W354B, 14% below Street estimates

on quarterly labor cost provisions and potential margin dilution with rising sales Korea Shipbuilding

contribution from global operations that construct relatively lower margin tankers. Simon Han AC

There should be no impact on input costs from the Middle East conflict in 2Q, while (82-2) 758-5711

we would monitor and hear from the company on the labor union negotiations that simon.x.han@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

will take place through 3Q26. The new order trend has been favorable with strong Branch

order intakes on both commercial ships and offshore, currently tracking 69% of Karen Li, CFA

2026 guidance. Market interest, however, seems to lie in the floating AI DC (852) 2800-8589

progress where the company signed a cooperation agreement with Greek karen.yy.li@jpmorgan.com

shipowner Capital and UK Lloyd’s Register. We need more clarity from the J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

company on the order outlook, sales/earnings upside or any quantifiable market

Jeongsuk Woo

measures for shares to re-rate. Penciling in the potential 2Q26 miss, we lower our (82-2) 758 5703