Samsung Heavy Industries Maintains Buy Rating at 40,000 Won as FDC Business Emerges as Growth Driver

According to SK Securities on July 13, Samsung Heavy Industries maintained a "buy" rating with a 40,000 won target price. The company's Q2 operating profit is estimated at 341.3 billion won, below market consensus of 390.2 billion won, as global operations expansion dilutes margins despite 19.9% revenue growth and 66.6% profit increase year-over-year. SK Securities analyst Han Seung-han attributed the miss to subcontracting's lower margins and quarterly incentive accounting.

However, the firm's floating data center (FDC) business has emerged as a medium to long-term growth driver. Samsung Heavy recently secured 50-megawatt FDC concept design certification from ABS and Lloyd's Register, and signed MOUs with ABB and U.S. data center developer M3. The company targets commercial FDC service launch in Q2 2028, with analysts projecting order wins in the near term. SK Securities noted FDC construction would utilize its highest-efficiency Dock 2, enabling potential multiple rerating as global FDC market expansion accelerates.