External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, we expect Samsung E&amp;A to post consolidated revenue of W2.28tr (-1.4% YoY) and operating profit of W168.8bn (-17.2% YoY), with the latter being broadly in line with the consensus (W165.3bn).</li><li>In the hydrocarbon segment, we estimate revenue improved markedly YoY due to steady progress on large overseas projects, particularly the Saudi Fadhili plant.</li><li>Meanwhile, the non-hydrocarbon segment likely remained weak due to a lull in orders from group affiliates. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, we expect Samsung E&amp;A to post consolidated revenue of W2.28tr (-1.4% YoY) and operating profit of W168.8bn (-17.2% YoY), with the latter being broadly in line with the consensus (W165.3bn).In the hydrocarbon segment, we estimate revenue improved markedly YoY due to steady progress on large overseas projects, particularly the Saudi Fadhili plant.Meanwhile, the non-hydrocarbon segment likely remained weak due to a lull in orders from group affiliates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung E&A (028050 KS/Buy)In-Line Results Likely

<ul><li>Samsung E&amp;A’s non-hydrocarbon orders, which totaled only W330bn in 1H25, appear poised to recover in 2H25.</li><li>Indeed, the company signed a contract for Samsung Electronics’ (SEC) Pyeongtaek P4 project in July (W909.6bn; finishing work), and SEC’s broader investment plans are likely to move forward now that legal risks involving certain group affiliates have been resolved.</li><li>Additionally, Samsung E&amp;A is awaiting bid results for Samsung Biologics’ Plant 6 project. Of note, the contract value for Samsung Biologics’ Plant 5 in Songdo was raised to around W1.9tr (vs. the initially disclosed W1.2tr). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung E&amp;A’s non-hydrocarbon orders, which totaled only W330bn in 1H25, appear poised to recover in 2H25.Indeed, the company signed a contract for Samsung Electronics’ (SEC) Pyeongtaek P4 project in July (W909.6bn; finishing work), and SEC’s broader investment plans are likely to move forward now that legal risks involving certain group affiliates have been resolved.Additionally, Samsung E&amp;A is awaiting bid results for Samsung Biologics’ Plant 6 project. Of note, the contract value for Samsung Biologics’ Plant 5 in Songdo was raised to around W1.9tr (vs. the initially disclosed W1.2tr). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung E&A (028050 KS/Buy)Relative Investment Appeal Highlighted; Order Wins to Resume

Thematic (Sector/Industry)

<ul><li>We anticipate only a modest recovery for the construction sector in 2026.</li><li>Within the sector, we expect share performances to diverge depending on momentum in non-housing segments (such as overseas nuclear power projects) and overall earnings trajectories.</li><li>The construction sector’s P/B discount vs. the KOSPI has widened to 58%. We see room for the valuation gap to narrow.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We anticipate only a modest recovery for the construction sector in 2026.Within the sector, we expect share performances to diverge depending on momentum in non-housing segments (such as overseas nuclear power projects) and overall earnings trajectories.The construction sector’s P/B discount vs. the KOSPI has widened to 58%. We see room for the valuation gap to narrow.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

[2026 Outlook] Construction/Building MaterialsA time for selective positioning

South Korea

Samsung E&A Co.,Ltd provides engineering construction and project management services in the domestic and international markets. The Company constructs refinery plants, petrochemical plants, gas plants, hydrocarbon upstream, power plants, metallurgy plant, industrial plants, and water treatment facilities. Samsung E&A conducts businesses across worldwide.

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Samsung E&A (028050 KS)