[Edaily Reporter Kim Yoon-jeong] LS Securities assessed that #Samsung C&T is expected to see not only an increase in the value of its stakes in affiliates but also a full-scale acceleration of momentum in its nuclear power and small modular reactor (SMR) businesses. The firm maintained its “Buy” investment rating and raised its target price from 550,000 won to 630,000 won.

On the 20th, Kim Se-ryeon, an analyst at LS Securities, stated, “While the rise in the value of stakes in core affiliates is a factor driving the stock’s re-rating, we believe it is now time for the stock price to reflect the revaluation of business value stemming from tangible order wins in the construction sector for nuclear power plants and SMRs as a key momentum driver.”
Samsung C&T is pursuing a two-track strategy in large-scale nuclear power projects: the APR1400 route—a “Team Korea” collaboration between Korea Electric Power Corporation (KEPCO) and Korea Hydro & Nuclear Power (KHNP)—and the Westinghouse AP1000 or Canadian CANDU reactor routes, which involve collaboration with North American engineering firms.
Analyst Kim explained, “Samsung C&T’s large-scale nuclear power plant capacity is estimated at three units based on peak construction volume, with a workforce of 350 to 400 people. Considering past construction projects such as the Vogtle nuclear power plant in the U.S., identifying and partnering with local firms is also a crucial strategy for ensuring timely construction within budget.”
The small modular reactor (SMR) business is also expected to expand its mid- to long-term pipeline. Through a strategic partnership with GVH, Samsung C&T is reviewing business opportunities and developing its pipeline, with a focus on Europe and Southeast Asia.
Researcher Kim analyzed, “Projects such as NuScale’s initiatives in Romania and the U.S., as well as GVH’s projects in Sweden, Estonia, the U.S., Poland, and Finland, constitute our mid- to long-term pipeline,” adding, “We also plan to actively pursue cooperation with companies specializing in fourth-generation non-light-water reactor SMR technologies.”
He also gave a positive assessment of the strategy to expand the energy business value chain. While the trading division has traditionally operated as a developer in the renewable energy sector—handling site development and permitting before selling assets prior to construction—it plans to expand its business scope to include operations and services in the future.
Researcher Kim explained, “The company plans to expand its value chain to include operations (electricity sales and brokerage) and services (maintenance, grid management, etc.).”
LS Securities analyzed that Samsung C&T’s market capitalization is currently trading at a discount of approximately 39% relative to its net asset value (NAV).
Analyst Kim assessed, “Considering the increase in captive project orders, the company’s re-emergence as a key player in nuclear power and small modular reactors (SMRs), the potential for higher dividends per share (DPS) due to increased dividends from affiliates, and the balanced earnings turnaround across business segments outside of construction, there is still ample upside potential.”