Eugin Investment & Securities conducted a tour of Samsung Heavy Industries' Geoje shipyard on the 25th, reviewing the progress of three strategic initiatives: floating data centres (FDC), floating liquefied natural gas facilities (FLNG), and global manufacturing operations. The brokerage maintained its buy rating and target price of 41,000 won.
Samsung Heavy has obtained approval in principle (AiP) for a concept design of a 50MW-class FDC, and is building a consortium of partners that includes ABB, Super Micro, and LR Advisory. Company management told visiting analysts that prospective American clients are showing keen interest specifically in predictable delivery schedules — a notable contrast with the chronic delays that have plagued land-based data centre construction in the United States.
Eugin's analysts conclude that delivery reliability, rather than price, is the FDC's decisive competitive advantage. They expect profitability on FDC contracts to match or exceed that of LNG carriers and FLNG units, and suggested the business could take concrete commercial form before 2030. Collaborative development work with the broader Samsung Group and OpenAI on FDC technology is also continuing.
On the FLNG front, all three vessels under construction — ZLNG, Cedar, and Coral — have been launched and are undergoing quayside outfitting. The company is internalising topside engineering capabilities and is examining ways to compress the construction cycle from its current roughly 50 months to under 40. A healthy order pipeline remains in place, encompassing a second Delfin unit as well as prospective projects in Canada, Argentina, and Golar.
Analysts also noted a newly confirmed development in global operations: Samsung Heavy is evaluating an expansion of production capacity in Vietnam, though the scale of any additional investment has yet to be determined. If existing facilities in China, Vietnam, and South Korea were all running at full capacity, the combined potential revenue from those operations is estimated at just over one trillion won (approximately $730m).
Eugin forecasts Samsung Heavy's 2026 revenues at 13.042 trillion won and operating profit at 1.461 trillion won, representing year-on-year increases of 22.5% and 69.5% respectively. The shares currently trade at 24,600 won, implying upside of roughly 67% to the analyst's target price.