Samsung C&T (028260) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samsung C&T builds semiconductor fabs and apartments through its construction arm, trades commodities through its trading arm, runs fashion brands such as Bean Pole, and operates Everland alongside a group catering business — while also holding core group stakes including 5.11% of Samsung Electronics and 43.06% of Samsung Biologics, which makes it a de facto holding company. Second-quarter 2026 revenue was ₩11.9951 trillion, up 19.7% from a year earlier, operating profit was ₩1.0317 trillion, up 37.1%, and first-half controlling-interest net profit rose 32.6% to ₩1.4397 trillion. What stands out right now is a strength — the market value of its listed stakes is more than twice its own market capitalization, widening the discount to net asset value (NAV) to about 55% — set against the caution that net profit swings sharply from quarter to quarter with subsidiary results and tax rates, and that the share price has corrected 19% in a month.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 3.2% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 7.5% higher than a year earlier.
- ROE is 4.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jae-yong 19.76% (individual)
Controlling bloc incl. related parties 36.01%
With the controlling bloc holding 36%, the ownership structure is stable.
Net asset value (NAV) assessment 52% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Samsung Biologics | 43.06% |
| Samsung Life Insurance | 19.34% |
| Samsung SDS | 17.08% |
| Samsung E&A | 6.97% |
| Samsung Electronics | 5.01% |
| Samsung Heavy Industries | 0.11% |
🔎 In-depth analysis Reading
Samsung C&T has a double character. First, it is an operating company that builds and trades directly. The construction division builds semiconductor fabs, housing and overseas plants, with group affiliates making up a large share of its clients — several trillion-won contracts for work at the Pyeongtaek semiconductor campus are in hand. The trading division sources and distributes steel, chemical and energy commodities worldwide. The fashion division runs brands such as Bean Pole and Kuho, and the resort and catering division operates Everland along with group catering and food material distribution. Second, it is the de facto holding company at the top of the Samsung group ownership structure. Disclosures as of the end of April 2026 confirm stakes in listed affiliates of 5.11% of Samsung Electronics (298,818,100 shares), 43.06% of Samsung Biologics (19,932,350 shares), 19.34% of Samsung Life Insurance (38,688,000 shares), 43.06% of Samsung Epis Holdings (10,714,354 shares), 17.08% of Samsung SDS (13,215,822 shares), 6.97% of Samsung E&A (13,668,989 shares) and 0.11% of Samsung Heavy Industries. Unlisted holdings include 100% of Samsung Welstory, 100% of Cheil Fashion Retail and 100% of Samoo Architects & Engineers. This is where the accounting diverges. Samsung Biologics is a consolidated subsidiary, so its revenue and operating profit are combined in full; its total assets as stated in disclosures are ₩11.0607 trillion, or 12.78% of Samsung C&T's consolidated assets. For Samsung Life Insurance and Samsung SDS, only earnings are reflected in proportion to the stake. The Samsung Electronics stake, by contrast, contributes no share of earnings to Samsung C&T's net profit and comes through only as dividends and changes in the value of the holding. That difference is the key to reading both results and valuation here. The nature of the biotech side is also worth noting. Samsung Biologics does not develop and market its own new drugs; it is a contract development and manufacturing organization (CDMO) that makes medicines for other pharmaceutical companies. So its results turn on order intake and plant utilization rather than clinical trial outcomes. Biosimilars are handled by Samsung Epis Holdings, established in December 2025 and listed separately, in which Samsung C&T also holds 43.06%.
The latest close is ₩334,000 and the market capitalization is ₩54.2 trillion. The price sits below its 20-day moving average (₩341,175) and below its 60-day moving average (₩410,050). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.1, a neutral level. The one-month change is -21.3%, the three-month change is -11.1%, and the position relative to the 52-week high is -37.6%. Relative strength versus the KOSPI is 54 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 54% of all stocks. Over the past three months it lagged the index by 1.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For a company with a strong holding-company character, the first metric to look at is net asset value (NAV — the summed market value of the stakes it holds). Rather than relying on the stored figure, this was recalculated directly. Multiplying the share counts confirmed in disclosures by the August 3 close puts the market value of the listed affiliate stakes at about ₩118.3 trillion: Samsung Electronics ₩71.6 trillion (60.5% of NAV), Samsung Biologics ₩28.4 trillion (24.0%), Samsung Life Insurance ₩11.1 trillion (9.4%), Samsung Epis Holdings ₩4.0 trillion (3.3%), Samsung SDS ₩2.7 trillion (2.3%), Samsung E&A ₩0.6 trillion and Samsung Heavy Industries ₩0.02 trillion. Market capitalization on the same day was ₩53.4 trillion. That is less than half the value of the listed stakes, which converts to a discount of about 55%. And this calculation leaves out entirely the operating value of the construction, trading, fashion and resort businesses as well as unlisted holdings such as Samsung Welstory. How the stakes are carried on the books was checked too. Dividing the ₩65.8894 trillion book value of the Samsung Electronics stake stated in disclosures by the number of shares held gives ₩220,500 per share, exactly the closing price at the end of April 2026. Samsung Life Insurance at ₩249,500, Samsung SDS at ₩166,200 and Samsung E&A at ₩53,100 also match the closing prices that day. In other words, these stakes are carried at market prices rather than at acquisition cost. Samsung Biologics, by contrast, is carried at about ₩108,000 per share and Samsung Epis Holdings at about ₩27,000 per share, less than a tenth of their August 3 closes (₩1,423,000 and ₩369,500 respectively), because they are consolidated subsidiaries, so the businesses themselves are combined rather than the market value of the stakes. Conventional metrics should be read with that in mind. The P/E (how many times a year's earnings the price is) is 22.21x and the P/B (how many times book equity the price is) is 0.87x. Earnings per share are ₩15,041 and net assets per share ₩307,780, both based on the confirmed financial statements at the end of last year. Yet Samsung Electronics' share price went from ₩119,900 at the end of last year to ₩239,500 on August 3, taking the value of that stake from ₩35.8 trillion to ₩71.6 trillion. That increase is not in the net assets per share as of the end of last year. The P/E also looks high against the peer holding company median of 7.83x largely because of the accounting structure: none of the earnings of Samsung Electronics, six-tenths of NAV, flows into net profit, so the denominator is structurally small. ROE (how much is earned in a year on equity) coming out low at 4.9% has the same cause. Financial stability is solid. The debt ratio (debt against equity) is 58.2%, the current ratio 154% and interest coverage (how many times operating profit covers interest) 17.7x. Net debt (debt less cash) is minus ₩865.6 billion, effectively a net cash position, so this is not a stage where running out of cash is a concern. Annual free cash flow is about ₩1.1 trillion and the payout ratio is 18.8%. Enterprise value (EV — market cap plus net debt) metrics need care about their reference date. The stored figures are EV of ₩65.1 trillion, EV/EBIT 19.8x, EV/EBITDA 15.0x, EV/Sales 1.6x and an FCF yield (the share of enterprise value actually left as cash — higher means more attractive cash generation) of 1.7%, all calculated at a higher share price than today. Recalculated with the August 3 market cap and net cash, EV is ₩52.5 trillion, EV/EBIT about 15.9x, EV/EBITDA about 12.1x, EV/Sales about 1.29x and the FCF yield about 2.1%. Because such cash-flow metrics count only the cash the core business generates and not the market value of the stakes held, at this company they must always be read together with NAV.
Over five years profit has risen steadily. Operating profit went from ₩1.20 trillion in 2021 to ₩3.29 trillion in 2025, and controlling-interest net profit from ₩1.64 trillion to ₩2.44 trillion. Revenue in 2025 was ₩40.74 trillion, down 3.2% from the prior year, largely because commodity prices and trading volumes fell in the trading division. Even so, operating profit rose 10.4% and net profit 9.4%, so profitability actually improved. The picture changed clearly in 2026. On a fair-disclosure preliminary basis, second-quarter revenue was ₩11.9951 trillion, up 19.7% from a year earlier. Operating profit was ₩1.0317 trillion, up 37.1% year on year and 43.2% above the first quarter's ₩720.4 billion. Cumulative first-half figures are revenue of ₩22.4609 trillion (+13.7%), operating profit of ₩1.7521 trillion (+18.6%) and controlling-interest net profit of ₩1.4397 trillion (+32.6%). Why it improved matters. First, semiconductor fab work in the construction division moved into full swing. In March the contract value for site development at Pyeongtaek Campus 2 and construction of the P5 fab rose to ₩2.8932 trillion (from about ₩596.0 billion at the previous amendment). In July, finishing work for Pyeongtaek P4 phase 4 rose from ₩2.3671 trillion to ₩2.6302 trillion. Both run through 2027. Construction revenue is recognised as work progresses, so this volume feeds directly into second-half and next-year results. Second, higher utilization at the consolidated biotech division is added in full to revenue and operating profit. Third, fashion has its peak season in the fourth quarter. The targets the company set out in a January fair disclosure are ₩44.5 trillion of revenue and ₩23.5 trillion of new orders for 2026 (no operating profit outlook was given). Last year, against a revenue goal of ₩42 trillion, the outcome was ₩40.74 trillion (a -3.0% gap), and against a new order goal of ₩18.8 trillion, the outcome was ₩19.60 trillion (+4.3%) — the gaps between plan and outcome were not large. For the full year, operating profit is seen growing by a double-digit percentage over last year, with controlling-interest net profit also above last year's ₩2.44 trillion. That is not one quarter multiplied by four. It is an estimate built quarter by quarter on the confirmed first- and second-quarter numbers, adding second-half high-tech construction volume, progress on overseas plants, biotech utilization and the fashion peak season. On that basis the forward P/E is 18.40x, below the 21.87x on confirmed results. Quarterly swings in net profit are large, though. In the first quarter, pre-tax profit (₩1.345 trillion) exceeded operating profit (₩720.4 billion) by ₩624.6 billion, because income from outside operations such as equity-method earnings and dividends was large. In the second quarter that gap narrowed to ₩45.6 billion. Add the share flowing to non-controlling interests from consolidating Samsung Biologics and the quarterly effective tax rate, and second-quarter operating profit rose 43.2% while controlling-interest net profit fell 29.5% from the first quarter. It is also worth noting that second-half growth rates may look lower than the first half, because a corporate tax refund was reflected in the second half of last year, making the comparison base high.
Recent disclosures show both faces — operating company and holding company. On results, preliminary consolidated second-quarter figures were released as a fair disclosure on July 29: revenue of ₩11.9951 trillion, operating profit of ₩1.0317 trillion and controlling-interest net profit of ₩595.5 billion, up 19.7%, 37.1% and 68.8% respectively from a year earlier. Against the immediately preceding quarter, however, controlling-interest net profit fell 29.5%. On orders, semiconductor fab work is the axis. On March 26 the contract for site development at Pyeongtaek Campus 2 and construction of the P5 fab was amended to ₩2.8932 trillion; the original December 2022 contract was ₩41.4 billion, so the scale has changed completely. On July 28, finishing work for Pyeongtaek P4 phase 4 rose from ₩2.3671 trillion to ₩2.6302 trillion. Both are ordered by Samsung Electronics, with construction periods running to July 2027 and April 2027 respectively. There are no down payments or advances; billing and payment follow work progress. On July 24, by contrast, a disclosure confirmed that the construction period for the Banpo Apartment (3rd district) redevelopment (₩1.2098 trillion) ended on July 23, so one large housing site has entered its final stage. There were holding-company moves as well. On July 20 the company disclosed that its consolidated subsidiary Samsung Biologics had decided to acquire up to 100% of Swiss-listed PolyPeptide Group AG through a public tender offer. PolyPeptide is a peptide contract development and manufacturing organization (CDMO); the acquisition value based on a maximum of 33,016,411 shares is about ₩2.7062 trillion (CHF 44.31 per share), with settlement due on November 30, 2026 — equivalent to 3.13% of Samsung C&T's consolidated total assets. Conditions apply: the acquisition will not proceed if tendered shares fall short of two-thirds on a fully diluted basis. The largest shareholder, with 55.65%, has committed to tender in full. Part of the consideration is to be funded with borrowings. The target's financials as disclosed alongside show revenue of ₩669.2 billion and a net loss of ₩36.1 billion, with net losses in each of the two preceding years as well. On shareholder returns, the February 19 fair disclosure is the reference point: a three-year policy for 2026-2028 to return 60-70% of dividend income from affiliates and to raise the minimum dividend per share to ₩2,500. The same disclosure set out plans to spend about ₩6.5-7.5 trillion over three years on growth businesses such as energy, life sciences and biotech, and about ₩1.5-1.9 trillion on strengthening the competitiveness of existing businesses. Closing out the previous three-year policy (2023-2025), on January 28 the company decided both a 2025 year-end dividend of ₩2,800 per share and the retirement of 7,807,563 treasury shares (with a planned retirement value of ₩2.3267 trillion and a retirement date of March 13). The retirement value is based on the ₩298,000 close on the day before the board meeting, and because it was carried out within distributable profit, paid-in capital does not decrease. The retirement reduced common shares from 169.97 million to about 162.17 million, a 4.6% decline. It is also notable that the retirement was far larger than the dividend. At the current price the dividend yield is about 0.9% and the payout ratio 18.8%. On the same day the company also set out its 2026 revenue and new order goals in a fair disclosure.
With Samsung C&T, the conclusion changes depending on which yardstick is used. On an earnings multiple alone it looks expensive: a forward P/E of 18.40x is far above the peer holding company median. But that multiple is structurally inflated, because the earnings of the Samsung Electronics stake — six-tenths of NAV — do not flow into net profit. So the accurate way to view this company is NAV, the summed market value of the stakes it holds. What is worth observing runs as follows. First, against about ₩118.3 trillion of market value in listed stakes, the market capitalization is ₩54.2 trillion, a discount of about 55%. The operating value of the core businesses and the unlisted holdings are not even included in that. Second, the core business really is improving. First-half operating profit rose 18.6%, and Pyeongtaek semiconductor fab work is booked through 2027. Third, the balance sheet is in net cash, and the higher dividend floor and the 4.6% treasury share retirement were confirmed in execution rather than in words. Fourth, Samsung Electronics, six-tenths of NAV, trades on a single-digit multiple of expected earnings — which means the explanation that the discount is natural because everything it holds is expensive is no longer sufficient. The cautions are equally clear. First, net profit swings sharply from quarter to quarter with subsidiary results, equity-method income, effective tax rates and non-controlling interests. The second quarter is an example: operating profit rose 43.2% while controlling-interest net profit fell 29.5% from the first quarter. Second, second-half profit growth may look lower than the first half, because a corporate tax refund in the second half of last year raised the comparison base. Third, NAV discounts tend to persist, so even when subsidiary values rise it takes time for the share price to reflect it. Fourth, Samsung Biologics, a quarter of NAV, trades above 30 times earnings on confirmed results and Samsung Epis Holdings above 100 times. If the value of those stakes wobbles, NAV shrinks with it. Fifth, the ₩2.7062 trillion overseas acquisition decided by the subsidiary is to be funded partly with borrowings, which could weigh on consolidated finances, and it may fall through if the tender conditions are not met. The target has posted net losses for three consecutive years. Sixth, a substantial part of construction revenue comes from group affiliates, so results are linked to the pace of group investment. Seventh, the share price has outpaced the KOSPI only over the past three months and lags the index over six and twelve months. In sum, the recovery in the core business and the deeper NAV discount are the observation points, while quarterly earnings volatility and the possibility of an entrenched discount are the cautions.
🔎 Valuation vs peers Fairly valued
The comparison group combines large Korean holding companies and holding-style conglomerates (LG, SK and CJ) with the two holdings that make up about 85% of NAV (Samsung Electronics and Samsung Biologics). The first three show how the market prices a holding company; the latter two show what price the underlying assets themselves carry. All figures are as of the same date (2026-08-03) on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LG Corp. | 21.86x | 0.53x | 1.69% |
| SK Inc. | 23.10x | 1.25x | 26.75% |
| CJ Corporation | 29.70x | 0.80x | 3.47% |
| Samsung Electronics | 30.45x | 2.84x | 17.57% |
| Samsung Biologics | 39.28x | 8.85x | 23.70% |
Start with the earnings multiple. The forward P/E of 18.40x is below the 21.87x on confirmed results, but far above the peer holding company median of 7.83x. Against individual peers — LG at 20.86x, SK at 23.74x and CJ at 26.69x — it is not clearly on the low side either. That comparison is hard to take at face value, though, because none of the earnings of the Samsung Electronics stake, about six-tenths of NAV, flows into Samsung C&T's net profit, so the denominator of the multiple is structurally small. The P/B of 1.07x is difficult to compare directly for the same reason. The Samsung Electronics and Samsung Life Insurance stakes are carried on the books at market prices, whereas Samsung Biologics and Samsung Epis Holdings are consolidated, so the businesses themselves are combined rather than the market value of the stakes. In addition, net assets per share of ₩307,780 are as of the end of last year, so they exclude this year's increase in the value of the Samsung Electronics stake from ₩35.8 trillion to ₩71.6 trillion. So look again through NAV, the first metric to consider for a holding company. Multiplying the share counts confirmed in disclosures by the August 3 close puts the market value of the listed stakes at about ₩118.3 trillion. The market capitalization of ₩54.2 trillion is less than half of that, a discount of about 55%. The operating value of the core businesses and the unlisted holdings are left out of the calculation entirely, so the effective discount is deeper still. Against the usual discount range for Korean holding companies, this is on the deep side. There are reasons for the discount, however. Samsung Biologics, a quarter of NAV, trades at a P/E of 36.92x and a P/B of 8.84x on confirmed results, which is on the high side, while Samsung Epis Holdings is at 107.77x and Samsung Life Insurance at 24.97x. The price attached to the underlying assets is layered on top of the holding company discount. On the other hand, Samsung Electronics, six-tenths of NAV, trades on a single-digit multiple of expected earnings, so it is hard to explain the discount purely as everything it holds being expensive. In sum, on earnings multiples it carries a premium to its peers, but much of that premium is an optical effect of the accounting structure, while on NAV it sits at the deep end of the usual range. The two yardsticks point in opposite directions, so neither can be asserted on its own; the assessment is that it sits within the usual holding company discount range, at a fair level.
Price history Close · MA20 · MA60
The latest close is ₩334,000 and the market capitalization is ₩54.2 trillion. The price sits below its 20-day moving average (₩341,175) and below its 60-day moving average (₩410,050). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.1, a neutral level. The one-month change is -21.3%, the three-month change is -11.1%, and the position relative to the 52-week high is -37.6%. Relative strength versus the KOSPI is 54 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 54% of all stocks. Over the past three months it lagged the index by 1.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -1.90% / 6M -9.77% / 12M -1.63%
Key metrics Computed vs sector median
Valuation
The P/E of 22.21x is above the sector median (8.18x). The P/B of 0.87x is above the sector median (0.53x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 8.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.207x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.2%, in line with the sector average (4.0%). The operating margin is 7.9%. The debt ratio is 56.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $29.4B | $29.6B | $28.6B | -3.23% ↓ slower |
| Operating profit | $2.0B | $2.1B | $2.3B | +10.37% ↑ faster |
| Net profit | $1.6B | $1.6B | $1.7B | +9.36% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $24.2B | $30.3B | $29.4B | $29.6B | $28.6B |
| Operating profit | $840.2M | $1.8B | $2.0B | $2.1B | $2.3B |
| Net profit | $1.1B | $1.4B | $1.6B | $1.6B | $1.7B |
| Revenue CAGR | 4-yr avg 4.28% | ||||
Revenue fell 3.2% year over year (2023 ₩41.9 trillion → 2024 ₩42.1 trillion → 2025 ₩40.7 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 10.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.3%. The two-year revenue CAGR is -1.4%. In the most recent quarter (Q1 2026), revenue was 7.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 3.2% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-07-29EarningsPreliminary consolidated results for Q2 2026 (fair disclosure) — revenue ₩11.9951 trillion (+19.7% YoY, +14.6% QoQ), operating profit ₩1.0317 trillion (+37.1% YoY, +43.2% QoQ), controlling-interest net profit ₩595.5 billion (+68.8% YoY, -29.5% QoQ). Cumulative first half: revenue ₩22.4609 trillion (+13.7%), operating profit ₩1.7521 trillion (+18.6%), controlling-interest net profit ₩1.4397 trillion (+32.6%).Short to medium term: high-tech construction volume and higher biotech utilization showed up in the actual numbers. At the same time, controlling-interest net profit fell from the prior quarter, revealing the quarterly volatility that comes from non-controlling interests, effective tax rates and non-operating items. Source
- 2026-07-28UpdateContract value for Pyeongtaek P4 Ph4 (upper section) finishing work raised from ₩2.3671 trillion to ₩2.6302 trillion (client Samsung Electronics, construction period 2025-07-18 to 2027-04-30, 6.25% of recent revenue). No down payment or advance; billing and payment follow work progress.Medium term: more finishing work at the semiconductor fab extends construction revenue recognition into 2027. Because it is on a progress basis, the money does not come in all at once. Source
- 2026-07-24FilingDisclosure confirming that the construction period for the Banpo Apartment (3rd district) housing redevelopment project (contract value ₩1.2098 trillion) ran from 2023-03-03 to 2026-07-23 and has ended (three basement levels to 35 floors above ground, 17 buildings).Short term: one large housing site is in its final stage. Revenue from that site declines, and this is a stretch where new orders need to fill the gap. Source
- 2026-07-20FilingConsolidated subsidiary Samsung Biologics decided to acquire a stake in Swiss-listed peptide contract development and manufacturing organization (CDMO) PolyPeptide Group AG — acquisition value of about ₩2.7062 trillion based on a maximum of 33,016,411 shares (a 100% stake) at CHF 44.31 per share, settlement due 2026-11-30, equal to 3.13% of Samsung C&T's consolidated total assets. The acquisition will not proceed if tendered shares fall short of two-thirds on a fully diluted basis, and the largest shareholder with 55.65% has committed to tender in full.Medium term: the biotech division extends from antibody contract manufacturing into peptides. That said, it can fall through if the conditions are not met, part of the consideration is to be funded with borrowings, and the target reported revenue of ₩669.2 billion and a net loss of ₩36.1 billion in the disclosure, with losses for three consecutive years. Source
- 2026-03-26UpdateContract value for site development at Pyeongtaek Campus 2 and construction of the P5 fab amended to ₩2.8932 trillion (original December 2022 contract ₩41.4 billion, previous amendment about ₩596.0 billion, client Samsung Electronics, construction period to 2027-07-31, 6.87% of recent revenue).Medium term: a large increase in new fab construction volume underpins the construction division's top line and profit. This is the practical reason behind the revenue increase in the first half of 2026. Source
- 2026-02-19FilingFair disclosure of the next three-year ('26-'28) shareholder return policy and future business plan — returning 60-70% of dividend income from affiliates and raising the minimum dividend per share to ₩2,500. Plans to invest about ₩6.5-7.5 trillion over three years in growth businesses such as energy, life sciences and biotech, and about ₩1.5-1.9 trillion in strengthening existing businesses.Medium term: the higher dividend floor and the principle of returning dividend income are favourable for narrowing the NAV discount. At the same time, the large investment plan means free cash is split between returns and investment. Source
- 2026-01-28DividendDecision to retire 7,807,563 treasury shares (planned retirement value ₩2.3267 trillion, based on the ₩298,000 close the day before the board meeting; retirement date 2026-03-13; 169,976,544 common shares outstanding before retirement). This fulfils the 2023-2025 shareholder return policy and, being within distributable profit, does not reduce paid-in capital. On the same day a 2025 year-end dividend of ₩2,800 per share was also decided.Short to medium term: the retirement cut common shares by about 4.6%, raising value per share. Because the retirement value far exceeded total dividends for the year, the weight of shareholder returns sits on retirement. Source
- 2026-01-28FilingOutlook for consolidated operating results (fair disclosure) — 2026 goals of ₩44.5 trillion of revenue and ₩23.5 trillion of new orders (no operating profit outlook given). For 2025, against a revenue goal of ₩42 trillion the outcome was ₩40.74 trillion (a -3.0% gap), and against a new order goal of ₩18.8 trillion the outcome was ₩19.60 trillion (+4.3%).Medium term: a top-line and order baseline set out by the company itself. The small gap between last year's plan and outcome is a useful reference point. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-half 2026 operating profit and controlling-interest net profit | 2026 1 | 2 operating profit 1₩31.7 billion· net profit ₩595.5 billion / operating profit 1₩752.1 billion(+18.6%), net profit 1₩439.7 billion(+32.6%) | Confirmed | link |
| Recalculation of the key metric — discount to net asset value (NAV) | 49.6% | approx. 54.9% — ₩118.3 trillion ₩53.4 trillion | Mismatch | link |
| Nature of the book value of the stakes held (whether market prices are reflected) | PBR 0.87x | 65₩889.4 billion ÷ 298,818,100 = ₩220,500. ₩249,500, ₩166,200, ₩53,100 . approx. ₩108,295, approx. ₩26,544 | Confirmed | link |
| Common shares outstanding | 162,167,581 | 169,976,544 − 7,807,563(2026-03-13) . 162,167,581 | Confirmed | link |
| 2026 full-year revenue and new order goals | 2025 revenue ₩40.74 trillion | revenue ₩44.5 trillion· ₩23.5 trillion | Confirmed | link |
| Reference date of the enterprise value (EV) metrics | EV ₩65.1 trillion, EV/EBIT 19.76x, EV/EBITDA 14.96x, EV/revenue 1.6x, FCF 1.7% | — | Unverified | link |
| 2026 forward P/E | 16.2x | — | Unverified | link |
Recent filings Source
- 2026-06-02Disclosure
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-06-01Disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Corporate governance report
- 2026-05-26OwnershipLargest-shareholder ownership change report
- 2026-05-26Disclosure
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-22Disclosure
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.