Samsung E&A: Upside to both Group and non-Group works; Buy

研报英文原文证据摘录

Samsung E&A: Upside to both Group and non-Group works; Buy

Global Research

1 July 2026ab

Samsung E&A Equities

KoreaUpside to both Group and non-Group works;

Buy Heavy Construction

12-month rating Buy

12m price target Won71,000Solid fundamentals; Affirm Buy

Prior : Won64,000

We affirm Buy and raise PT by 11% to Won71,000 as we expect Samsung E&A (SE&A) to

benefit from Samsung Group plan to invest Won2,450trn over next 15 years. We Price (01 Jul 2026) Won51,700

estimate the announcement could add 15-50% to 2027-30E EPS if all Group works RIC: 028050.KS BBG: 028050 KS

were to execute as planned. Beyond Group works, we continue to see healthy demand

for hydrocarbon/new energy projects, including reconstruction works in Middle East, Trading data and key metrics

albeit small, to provide additional catalysts. We do not view the positives fully priced in 52-wk range Won64,400-22,900

yet. Market cap. Won10,133b/US$6.50b

Shares o/s 196m (ORD)

Samsung Group to invest Won2,450trn over next 15 years Free float 64%

Samsung Group is expected to invest a total of Won2,655trn over a 15-year period Avg. daily volume ('000) 3,389

(2026-2040), with Samsung Electronics responsible for Won2,450tn. Within this, Avg. daily value (m) Won173,025.5

Won2,100trn is to be set aside for the DS division (including Won1,650trn for the Common s/h equity (12/26E) Won5327b

Yongin cluster and other existing facilities + Won400trn on the new cluster) and the rest P/BV (12/26E) 1.9x

for the DX and Display divisions. Key investments outside of the new cluster include (1) Net debt to EBITDA (12/26E) NM

cutting-edge HBM fabs in Cheonan and Onyang (Won56trn), (2) Samsung Display

production facilities for next-generation smartphone displays (including foldables) and EPS (UBS, diluted) (Won)

From To % ch Cons.