Source Fact: DS Investment & Securities / June 25, 2026
Investment Opinion & Target Price: BUY (Maintain) / 42,000 KRW
Core Momentum: Market dominance in FDC (Floating Data Center) technology to solve land-based power and regulatory bottlenecks, combined with explosive revenue scaling from FLNG (Floating Liquefied Natural Gas) operations
📊 1. [Section Title: Valuation and Earnings Acceleration Outlook]
- Target Price & Rating: Maintained a ‘BUY’ rating and kept the target price at 42,000 KRW.
- Significant Profitability Level-Up (2027E–2028E):
- Revenue Growth: Projected to scale rapidly from 1.3 trillion KRW in 2027 to 1.5 trillion KRW in 2028.
- Operating Profit: Expected to reach 189.4 billion KRW in 2027 and 247.2 billion KRW in 2028, reflecting significantly strengthened earnings capacity.
- Margin Expansion: Entering a high-margin territory exceeding 20% profitability as FLNG revenue begins full-scale reflection.
🚀 2. [Section Title: Target Addressable Market (TAM) & Key Technological Edge]
- Why Floating Data Centers (FDC)?:
- Land-based data centers are currently stalled by massive power supply and zoning/permit bottlenecks.
- FDCs are emerging as a game-changer, providing three core advantages: maximized cooling efficiency, flexible regulatory navigation, and significantly faster deployment speeds.
- Samsung Heavy Industries is rated as the front-runner among Korean shipbuilders in FDC order races, underpinned by verified seawater cooling systems and GPU safety technology.
- The Global FLNG Leader’s Prowess:
- Following the delivery of the Delphin FLNG unit 1, the company is in negotiations for additional orders including unit 2 and Western-type FLNGs.
- Beyond simple construction, the company has internalized 30–35% of FLNG costs by utilizing its proprietary liquefaction processing equipment, ‘SENSPO’, thereby maximizing overall profitability.
📝 Editor’s Comment (by K-STOCK Editor)
Wait, Samsung Heavy Industries is planning to float data centers on the ocean? Honestly, my first thought was, “Is this some kind of wild pipe dream?” But once you peel back the layers, this is a legit genius move! Building land-based data centers these days is an absolute nightmare—you’ve got power shortages, angry locals blocking construction, and endless permit paperwork that would make anyone lose their mind. Then Samsung Heavy Industries steps up and goes, “Well, why don’t we just float them on the ocean?” It’s a total “floating GPU kingdom” vibe, completely bypassing the cooling and regulatory headache! Since Samsung Heavy Industries is already the world champion in FLNG construction, their proprietary seawater cooling tech is the perfect match for this FDC market. Investors, prepare for some serious dopamine hits—once these orders start printing and we hit that 20%+ margin sweet spot by 2027, this stock is going to cruise upward like a well-oiled ship. I’m grabbing my popcorn to watch this play out until we hit that 42,000 KRW finish line!
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