Samsung E&A (a subsidiary of the parent company) and Shinhan Investment Securities announced on the 23rd that, through its third‑quarter results and future outlook, the share price may rise and dividends could be expanded. Shinhan Investment Securities highlighted Samsung E&A’s revenue and operating profit growth, raising the target share price from KRW 68,000 to KRW 79,000.

Samsung E&A reported a third‑quarter revenue of 2.9105 trillion won and an operating profit of 5006 billion won. Revenue rose 45.8% versus the same period last year, while operating profit increased 183.6%, achieving about twice the consensus estimate of 2520 billion won. Net income also grew 60.7% from the prior year’s figure to 2280 billion won.

Shinhan Investment Securities argued that this growth stemmed from combined effects of related‑company sales expansion and one‑time gains such as the return of operating profit from a joint venture. In particular, it emphasized that about 1000 billion won was returned from the final settlement of a construction project, and that incentive payments for cost reductions at the site and a portion of the contractor’s earnings were reflected in the results.

Researcher Kim Seon‑mi said, “The strong performance of the related‑company sales base and the one‑time gains are most encouraging because they translate into sustainable profitability and dividend expansion.” She added that if the business opportunities arising from an uncertain global environment are realized through new contractor expansions in 2027, Samsung E&A will not only serve as a construction industry but also become a compelling investment.

Samsung E&A revised its annual revenue target to KRW 11 trillion and operating profit target to KRW 1.140 trillion, each increased by 10% and 75% respectively from previous estimates. It also projected that related‑company sales would remain above KRW 7 trillion for the next two to three years.

Shinhan Investment Securities expected that with enhanced energy infrastructure capabilities and public works capacity, Samsung E&A’s combined operating margin would stay around 15% beyond 2027. Under such outlook, the potential share price increase and dividend expansion of Samsung E&A could attract significant investor interest.

(Reporter Han Kyung‑woo, Hankyung.com, case@hankyung.com)