Fact Source: IM Securities Report (Published on July 6, 2026) Investment Rating & Target Price: BUY / KRW 270,000 Core Momentum: Strategic execution of mega-scale capital deployment and rapid capacity expansion across high-performance AI data centers
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📊 1. [Valuation & Investment Indicator Analysis]
Key Investment Guidelines
- Investment Rating: BUY (Maintained)
- Target Price: KRW 270,000 (Upgraded)
- Closing Price (As of July 3, 2026): KRW 195,400
Annual Financial Facts & Forecast Key Metrics
- 2025: Revenue KRW 13,930 billion, Operating Profit KRW 957 billion, Net Profit (Controlling Interest) KRW 760 billion, ROE 7.9%, PER 17.5x, PBR 1.3x
- 2026 (E): Revenue KRW 14,246 billion, Operating Profit KRW 820 billion, Net Profit (Controlling Interest) KRW 696 billion, ROE 6.8%, PER 21.7x, PBR 1.5x
- 2027 (E): Revenue KRW 14,971 billion, Operating Profit KRW 1,053 billion, Net Profit (Controlling Interest) KRW 864 billion, ROE 8.1%, PER 17.5x, PBR 1.4x
- 2028 (E): Revenue KRW 15,693 billion, Operating Profit KRW 1,151 billion, Net Profit (Controlling Interest) KRW 936 billion, ROE 8.2%, PER 16.2x, PBR 1.3x
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🚀 2. [Market Opportunities (TAM) & Detailed Earnings Forecasts]
Long-Term Capital Allocation & Asset Deployment Plans
- KRW 10 Trillion Investment Roadmap: The group plans to deploy a cumulative KRW 10 trillion by 2031, allocating KRW 5 trillion for AI infrastructure, KRW 4 trillion for inorganic growth and strategic M&As, and KRW 1 trillion for AX·AI service platform solutions.
- Funding Framework: Financing will be sustained by utilizing the firm’s organic cash-equivalent assets of KRW 6.6 trillion, a KRW 1.2 trillion capital influx secured via KKR, and internal cash generation from operating activities.
Data Center Pipeline & Segment Revenue Projections
- Dongtan Data Center Operations: Following full capacity deployment at the high-performance computing (HPC) East Wing (20MW), the recently expanded West Wing (20MW) is fully online, projected to expand annualized revenue metrics by KRW 0.6 trillion.
- Gumi AI Data Center: Positioned as a core terminal for GPU-as-a-Service (GPUaaS), the 60MW facility targets a March 2029 launch with an estimated annual revenue baseline exceeding KRW 1 trillion, with further plans for an additional 60MW expansion.
- National AI Computing Center Consortium: Selected as the preferred negotiator for the state-backed 40MW AI data center project in Haenam, the site is expected to generate annualized revenues of over KRW 1 trillion, with intermediate steps to double capacity by another 40MW.
- DBO Business & 2031 Target Modeling: Advancing data center DBO operations to secure over 500MW in cumulative orders to hit an individual KRW 1 trillion revenue track by 2031. Combined with the legacy data center revenue base of KRW 1.6 trillion, the unit’s aggregate annual sales are forecasted to scale to KRW 6.6 trillion by 2031, generating an operating profit above KRW 1 trillion.
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📝 Editor’s Comment
- Samsung SDS is rapidly transcending its conventional identity as an IT service integrator, restructuring itself into a critical foundational asset within the sovereign AI infrastructure ecosystem. The core highlight is its massive balance sheet capability; funding a monumental KRW 10 trillion infrastructure layout via its own KRW 6.6 trillion reserves and private equity ties establishes a tremendous capital moat that peers cannot replicate. By aggressively transforming physical footprints into highly scalable GPUaas engines, the group effectively aligns its forward growth vector with the compounding computing demands of global enterprises. Investors should look beyond near-term operational noise and place emphasis on the highly structured data center multi-year milestones that anchor its structural multiple expansion.
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📢 Disclaimer & Source
Source
This content has been restructured and newly generated based on the financial facts and data points from officially published securities research reports.
Investment Risk Warning
This information is provided for informational and educational purposes only. Under no circumstances does it constitute financial advice, or a solicitation or recommendation to buy or sell any specific securities. All investment decisions and subsequent financial liabilities rest entirely with the individual investor.
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