Samsung SDS (018260 KP): Buy: Stronger datacentre commitment

研报英文原文证据摘录

Samsung SDS (018260 KP): Buy: Stronger datacentre commitment

June and 86% y-t-d, 52-WEEK PRICE (KRW)

supporting a logistics margin of 2.0% (+0.5%pt q-o-q). These factors should also lead 390000.00

to a strong 2H26e as well, with OP of KRW582bn (+88% h-o-h, +27% y-o-y).

250000.00

Strong AI DC commitment: We see improving earnings visibility and a scalable capex

model as SDS converts its long-term AI infrastructure blueprint into a clearer capacity 07/25 01/26 07/26110000.00

ramp. We estimate AI DC footprint expanding ~7x from 114MW to +800MW by 2031, led Target price: 280000.00

High: 362000.00 Low: 145900.00 Current: 198700.00

by Dongtan west wing expansion (20MW, 2026), Korea AI Computing Centre (40MW, Source: LSEG IBES, HSBC estimates

2028) and Gumi AIDC (60MW, 2029), plus +500MW cumulative asset-light DBO capacity

as well. We like the three-track approach (captive-anchored owned DCs, sovereign JV Ricky Seo*

capacity, and fee-based DBO) which should improve capital efficiency as inference Head of Korea Research, Semiconductor and Display

The Hongkong and Shanghai Banking Corporation

demand localises onshore. Differentiation is supported by being a fast-mover in GPUaaS Limited, Seoul Securities Branch

domestically (including next-gen B300/Vera Rubin), with additional upside from cloud- rickyjuilseo@kr.hsbc.com

+82 2 3706 8777

enabled AI software opportunities across both captive and external clients. We expect this

Han Kil Chang*

to lift AI-related revenue to ~10% of total cloud revenue by 2028e (from ~6% in 2026e). Research Analyst, Korea Technology

Maintain Buy; raise TP to KRW280k (from KRW240k): Following 2Q results and a Limited, Seoul Securities Branch

stronger growth outlook for IT services and logistics—driven by the ramp-up in CSP han.kil.chang@kr.hsbc.com