iM Securities said on the 4th that it expects Samsung E&A(028050) to win more than 8 trillion won in advanced industry orders by 2030. It maintained a "Buy" investment opinion and a target price of 69,000 won. Samsung E&A's closing price is 44,400 won.
iM Securities analyzed that Samsung E&A is expected to secure more than 7 trillion won in new advanced industry orders this year. It also said that, depending on the semiconductor investment cycle, the company could expect more than 8 trillion won in advanced industry orders from 2027 to 2030.
Bae Se-ho, an iM Securities researcher, said, "On the assumption that Samsung Electronics' investment execution proceeds as scheduled, Samsung E&A is expected to maintain annual orders of about 8 trillion won in the advanced industry institutional sector through 2030," and added, "The company is expected to complete the Pyeongtaek P5 and P5-2 projects by 2029, while breaking ground on the Yongin cluster from 2027."
iM Securities estimated that the potential order amount for Samsung E&A's Yongin cluster is about 60 trillion won. A simple conversion over the planned nine-year project period suggests that more than 6 trillion won in annual orders would be possible.
Bae said, "The area of the military airport site, the planned site for the Gwangju semiconductor cluster, is 8.2 million square meters, similar to the site area of Samsung Electronics' Yongin campus," and added, "Although there are no concrete plans, the number of planned fabs by Samsung Electronics is two, and if realized, Samsung E&A is expected to secure more than 20 trillion won in new orders."
Even without factoring in the Gwangju semiconductor cluster, Samsung E&A's advanced industry revenue is estimated to rise from 320 billion won in 2026 to 630 billion won in 2028, and gross profit is projected to increase from 413 billion won in 2026 to 855 billion won in 2028.
Operating profit is also expected to increase significantly. It is seen rising from 954.8 billion won this year to 1.2 trillion won in 2028.
Bae said, "Expansion in 2027 and 2028 is visible, and expectations for LNG orders remain valid, so we recommend it as the top pick in the construction sector."
He also said the company is expected to show competitiveness in new energy businesses such as water treatment and LNG. Bae said, "Samsung E&A, which has built numerous semiconductor utility facilities, is expected to demonstrate competitiveness in water treatment orders based on its secured water treatment capabilities."