External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Samsung Heavy Industries / Equity Bottom-Up

<ul><li>2Q25 OP forecast to beat consensus at W178bn</li><li>Margin gains set to accelerate in 3Q as legacy orders are completed</li><li>FLNG project bid quietly progressing despite concerns</li></ul><p><em>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.</em></p>

2Q25 OP forecast to beat consensus at W178bnMargin gains set to accelerate in 3Q as legacy orders are completedFLNG project bid quietly progressing despite concernsContent 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 Heavy Industries (010140 KS Jul 8, 2025)