Samsung C&T: 2Q26 beat and robust E&C order outlook; share sentiment likely to remain volatile in the near term

研报英文原文证据摘录

Samsung C&T: 2Q26 beat and robust E&C order outlook; share sentiment likely to remain volatile in the near term

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

29 July 2026

Samsung C&T Overweight

028260.KS, 028260 KS

2Q26 beat and robust E&C order outlook; share Price (29 Jul 26):W282,500

sentiment likely to remain volatile in the near term Price Target (Dec-26):W570,000

• 2Q26 results beat on stronger E&C and Bio margin, historically high tech Technology - Semiconductors

AC backlog order ahead. Post 1Q26 one-off, SCT came back with strong 2Q26 Jay Kwon

earnings at above W1trn quarterly OP (quarterly record high), surprising (82-2) 758-5725

consensus and our estimates. Except for the leisure business, all divisions jay.h.kwon@jpmorgan.com

surpassed our initial estimates - E&C (higher high-tech project completion) Korea Conglomerates

and Bio (Bioepis turning to black with solid Biologics result) led the overall Jeongsuk Woo

profit growth. SCT management noted a robust order pipeline: Pyungtaek 5-1 (82-2) 758 5703

fab completion, 5-2 fab opening, Kiheung R&D, and other projects; from high- jeongsuk.woo@jpmorgan.com

tech projects (mainly captive customer groups related to semiconductor J.P. Morgan Securities (Far East) Limited, Seoul Branch

infrastructure buildout) and expects 2026E new backlog orders to be at a

historically high level (previous peak at W12trn in 2023), indicating SEC’s

accelerating infrastructure capex spending trend amidst memory up-cycle.

This is likely to be a strong tailwind to the E&C division's sales and margin

outlook in the next 12-18 months. We expect consensus earnings to move up

post results.

• After a 47% share correction from the June peak, SCT NAV discount is

now at -64%. Following an unprecedented memory share sell-off (SEC down