[E-Daily Reporter Hyera Lee ] On the 6th, Hana Securities projected that SamsungHeavyIndustries(010140)would see strengthened medium- to long-term growth as it expands its business scope to include floating data centers (FDCs), following its ventures into merchant ships and floating liquefied natural gas (FLNG) production facilities. The firm maintained its “Buy” investment rating and target price of 40,000 won.

Yoo Jae-seon, an analyst at Hana Securities, stated in a report released that day, “While growing with merchant ships and FLNG as its two main pillars, the company is expanding its business capabilities to include FDCs.” He added, “It appears that discussions on projects with a U.S. developer are underway, and if orders are confirmed, this will serve as a factor for a medium- to long-term revaluation of the company.”
The firm expects second-quarter earnings to fall slightly short of market expectations. Hana Securities forecasts second-quarter revenue of 3.3 trillion won and operating profit of 357.1 billion won. While revenue is projected to rise 12.8% and operating profit 30.8% quarter-over-quarter, the firm anticipates results will slightly miss the market consensus due to the impact of personnel expenses, such as performance bonuses.
However, Analyst Yoo explained, “In the merchant ship segment, steady revenue growth is expected through the second half of the year as the shipbuilding mix improves, launches from Dock 2 resume, and the benefits of global operations take full effect,” adding, “The offshore segment will also see continued robust revenue growth, led by FLNG.”
He also projected that profitability would gradually improve. “As the proportion of vessels from the 2022 order book being built decreases and the share of high-value vessels increases, margins are expected to rise as we move into the second half of the year,” he said. “Evaluation losses on forward foreign exchange contracts related to the Russia project are also expected to decrease significantly compared to the first quarter, leading to an improvement in pre-tax profit as well.”
He also assessed that new order intake is proceeding smoothly. As of the 10th of last month, SamsungHeavyIndustries had secured $9.6 billion in new orders, achieving 69.1% of this year’s target ($13.9 billion). The order backlog stands at $35.9 billion, continuing its upward trend from the previous quarter.
In particular, the company highlighted FDCs as a new growth driver. Analyst Yoo noted, “In April, we obtained conceptual design certification for a 50MW-class FDC from major classification societies,” adding, “In coastal areas with sufficient power supply capacity, FDCs can shorten the time required for permits and infrastructure construction compared to onshore data centers, giving them a competitive edge in markets where delivery time is critical.”
He continued, “Considering the construction costs of onshore data centers and the potential for continuous orders, FDCs are likely to exceed existing merchant ships in terms of contract value per vessel and construction profitability,” adding, “If these orders materialize in the future, they will have a positive impact on mid- to long-term growth and corporate value.”