Daishin Securities reaffirmed its buy recommendation and target price of 40,000 won for Samsung Heavy Industries on the 9th. The shipbuilder's shares closed at 21,150 won on the 8th, implying upside of roughly 89%.
For the second quarter of 2026, Daishin forecasts Samsung Heavy's revenue at 3.3975 trillion won, up 26.6% year on year, with operating profit of 365.2 billion won, a 78.3% increase that would represent an operating margin of 10.8%.
The brokerage notes that the company's order book is fully booked through the second half of 2029, driven by large-scale projects including Qatari liquefied natural gas (LNG) carriers. Daishin says Samsung Heavy has entered a period of clear revenue acceleration, aided by the broader global operations of Pax Ocean — a subsidiary — and the full ramp-up of its second dry dock.
In the offshore segment, contract negotiations are under way for Canada's Western LNG project and a second Delfin floating LNG unit. The company is also pursuing additional orders to secure annual production capacity of four floating LNG (FLNG) vessels. Daishin expects FLNG revenue to account for approximately 21–22% of Samsung Heavy's total annual sales in 2026.
Looking further ahead, the company is developing a floating data centre (FDC) as a strategic growth initiative. The concept, based on a newly built barge design, has already received Approval in Principle (AIP) from American Bureau of Shipping and Lloyd's Register. Samsung Heavy has designed nearshore modules in the 25–50 megawatt range, with plans to offer packages of 20 vessels when configured for 1 gigawatt of total capacity. Initial nearshore-focused deliveries are expected in 2026–27, with commercial service targeted for 2028.
For the full year 2026, Daishin estimates revenue of 12.0835 trillion won and operating profit of 1.397 trillion won. By 2027, it projects revenue of 14.076 trillion won and operating profit of 1.98 trillion won.