[Edaily Reporter KIM YOON-JEONG ] SKSecurities forecast that SAMSUNG C&T CORPORATION(028260)will be able to deliver shareholder returns exceeding market expectations, driven by improved core business performance and SamsungElectronics’ increased dividends. The firm maintained its “Buy” rating and target price of 550,000 won.

On the 23rd, Choi Kwan-soon, an analyst at SKSecurities, projected that SAMSUNG C&T CORPORATION’s revenue for this year would reach 45.8 trillion won, a 12.3% increase year-over-year, while operating profit would rise 15.1% to 3.8 trillion won.
He believes the construction division will lead the earnings improvement. This year, the construction division’s revenue is expected to reach 15.9 trillion won, a 12.5% increase year-over-year, while operating profit is projected to rise 37.3% to 736 billion won. Last year, sales to SamsungElectronics accounted for 16.1% of SAMSUNG C&T CORPORATION’s standalone revenue, but this figure rose to 29.2% in the first half of this year. Analyst Choi predicted that earnings improvements would continue in the second half as high-tech manufacturing processes ramp up in earnest.
He also highlighted the possibility that SamsungElectronics’ increased dividends could lead to greater shareholder returns at SAMSUNG C&T CORPORATION. According to Analyst Choi, SAMSUNG C&T CORPORATION redistributes 60–70% of the dividend income it receives from affiliates. Consequently, the analysis suggests that if SamsungElectronics’ dividends increase, expectations for SAMSUNG C&T CORPORATION’s cash dividends could also rise.
The dividend to be paid by SAMSUNG C&T CORPORATION in early 2027 is linked to the dividend income it receives from affiliates this year, and SamsungElectronics’ third-quarter dividend is also expected to be included in this amount. Analyst Choi projected that, when converted to SAMSUNG C&T CORPORATION’s dividend per share (DPS), the expected DPS for early next year would be 8,550 won, significantly exceeding the market forecast of 3,882 won.
The possibility of increased dividends from Samsung Life Insurance was also cited as a factor contributing to additional growth in dividend funds. The explanation is that if Samsung Life Insurance’s dividends increase in line with SamsungElectronics’ dividend expansion, SAMSUNG C&T CORPORATION’s dividend funds could also rise further.
The analysis noted that despite a significant increase in the value of its listed subsidiaries’ equity stakes, the discount to SAMSUNG C&T CORPORATION’s net asset value (NAV) has not narrowed significantly. It was assessed that SAMSUNG C&T CORPORATION’s current equity value consists of 62.0% in SamsungElectronics, 21.4% in SAMSUNG BIOLOGICS, and 8.6% in Samsung Life Insurance.
Although SAMSUNG BIOLOGICS’ stock price has fallen 17.9% since the start of the year, SamsungElectronics’ stock has risen 127.8% and Samsung Life Insurance’s has risen 84.6%, resulting in a 48.2% increase in the value of Samsung C&T’s stakes in its listed subsidiaries. The company’s financial position also shifted to a net cash position in the second quarter.
Although SAMSUNG C&T CORPORATION’s expanded shareholder returns became more tangible following SamsungElectronics’ announcement of a large-scale shareholder return policy last August, the analyst assessed that the discount to NAV—at 57.8%—showed only a marginal improvement compared to the 58.5% recorded at the beginning of the year.
Analyst Choi stated, “If SamsungElectronics’ quarterly dividend is finalized in October and SAMSUNG C&T CORPORATION’s solid earnings are confirmed, we expect the discount rate relative to SAMSUNG C&T CORPORATION’s NAV to narrow further.”