JPMorgan: Samsung Heavy Industries (010140.KS) — 3Q26 Earnings in Line with Expectations; Neutral Rating Maintained
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Key Views
- 3Q26 operating profit forecast: KRW 356.0 billion; operating margin 10.9%.
- 3Q26 revenue projected at KRW 3.2 trillion, up 24% year-on-year.
- Q3 orders: 4 LNG carriers, 8 tankers, 2 container ships.
- LNGC newbuild price: USD 263 million; tanker newbuild price: USD 91 million.
- Target price cut to KRW 21,000; target order-book multiple lowered from 0.48x to 0.41x.
Outlook
Watch progress in the floating data center (FDC) business; greater clarity is needed on the order outlook (especially LNGC) and on sales and earnings upside.
Recommended Securities
- Samsung Heavy Industries (010140.KS): Neutral; target price KRW 21,000.