[Edaily Reporter Kim Kyung-eun] On the 4th, SK Securities maintained its “Buy” rating on #Samsung C&T and raised its target price from 480,000 won to 590,000 won, citing a sharp rise in the value of its equity holdings.
Choi Kwan-soon, an analyst at SK Securities, stated in a report, “Expectations regarding rising equity value, improvements in core business operations, and expanded shareholder returns remain valid,” adding, “The current discount to net asset value (NAV) stands at 54.6%, making the valuation highly attractive.”
Samsung C&T’s current equity value stands at 165 trillion won, comprising 64.5% in #SamsungElectronics, 16.5% in #SamsungBiologics, and 11.3% in #SamsungLife. While Samsung Biologics’ stock price has fallen 19.4% compared to the end of last year, the stock prices of Samsung Electronics and Samsung Life have risen by 196.9% and 204.6%, respectively. On a standalone basis, net debt decreased by 972.7 billion won in the first quarter of this year compared to the end of last year, resulting in a 75.4 trillion won increase in NAV compared to the end of 2025.
Analyst Choi stated, “Considering the growth of the high-tech sector and the medium- to long-term potential of energy and small modular reactors (SMRs), the likelihood of an improvement in organic cash flow is high.”
This year’s dividend is expected to be 3,500 won, a 25% increase from the previous year. This is based on estimates that dividend income from affiliates will rise by approximately 100 billion won, as the dividends per share (DPS) of Samsung Electronics and Samsung Life Insurance increased by 15.4% and 17.8%, respectively, compared to the previous year. In February, Samsung C&T announced a shareholder return policy to raise the minimum dividend per share to 2,500 won from 2026 to 2028 and to redistribute 60–70% of its dividend income from affiliates.
Analyst Choi predicted, “Samsung C&T’s dividend for the next fiscal year will increase proportionally, as the company plans to redistribute 60–70% of its affiliate dividend income.” Next year’s DPS is expected to be 10,000 won.
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