[Edaily Reporter Kim Kyung-eun] On the 11th, KB Securities raised its target price for #SamsungSDS by 17% to 270,000 won, citing growing expectations for its artificial intelligence (AI) infrastructure business. The firm maintained its “Buy” rating.

Kim Jun-seop, an analyst at KB Securities, stated in a report released that day, “This reflects the long-term profitability of Samsung SDS’s GPUaaS (GPU-as-a-Service) business and market expectations for its AI infrastructure business.”

Key investment points for Samsung SDS include: △monetization of non-earning assets △expectations for earnings improvement centered on the AI infrastructure business △stock revaluation driven by rising return on equity (ROE).

Analyst Kim noted, “Interest in Aigent AI and the AI Factory business (GPUaaS) required to operate it has surged following last week’s Computex 2026 and GTC Taipei events,” adding, “With Naver’s announcement on the 8th that it would operate an AI Factory business in collaboration with NVIDIA, Samsung SDS’s GPUaaS business is also drawing attention.”

He continued, “Samsung SDS has been operating a GPUaaS-style business since 2021 and recently launched services using NVIDIA’s flagship B300 model.” He noted, “As the Gumi AI Data Center and the National AI Computing Center are expected to launch GPU-centric services in the future, the company is projected to secure GPUaaS production capacity (Capa) of over 200MW in the long term.”

Researcher Kim emphasized, “Even considering that the profitability of the GPUaaS business depends on utilization rates, the perspective of monetizing non-revenue-generating assets remains a valid investment point.”

He added, “Samsung SDS has announced plans to invest 5 trillion won in AI data centers (presumed to be GPUaaS assets) as part of its 10 trillion won investment plan through 2031,” He added, “If the difference between the return on invested capital (ROIC) and the interest rate is 5%, a 5 trillion won investment would result in an increase of 250 billion won in after-tax profit (based on an estimated net profit of 900 billion won in 2026). This structure should be viewed from the perspective of monetizing non-revenue-generating assets.”