Samsung C&T directly runs four businesses — construction, trading, fashion, and resorts — while also holding large stakes in core group companies such as Samsung Electronics, Samsung Biologics, and Samsung Life, making it in effect a holding company. In the first quarter of 2026 it posted consolidated revenue of ₩10.4660 trillion and operating profit of ₩720 billion; trading and fashion were strong, while construction operating profit fell 30% from a year earlier and resorts swung to a loss on one-off costs. The key point lately is that the market value of the listed stakes it holds, on its own, far exceeds its market cap, so a large holding-company discount exists — and shareholder returns such as a higher minimum dividend and staged buyback cancellation are the force narrowing that discount. Worth noting, though, is that the value of those stakes moves together with the share prices of Samsung Electronics and Samsung Biologics.
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 4.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 8.1%.
- 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.
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 Fairly valued50% 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
- Samsung C&T is a company with two faces.
- On one side are the businesses it runs directly.
- It earns money from construction (large plants, housing, overseas projects), trading (raw-materials trading in steel, chemicals, energy, and renewables), fashion (in-house brands such as Beanpole and Kuho), and resorts (theme parks such as Everland, plus catering and food materials).
- By revenue as of the first quarter of 2026, construction and trading are the largest, followed by fashion and resorts.
- On the other side are its shareholdings.
- Samsung C&T holds about 5.0% of Samsung Electronics, about 43.1% of Samsung Biologics, and about 19.3% of Samsung Life, placing it at the top of the group's ownership structure.
- So although its accounting sector is classified as "wholesale (trading)," the substance of its corporate value depends heavily on this block of holdings.
- The latest close is ₩378,500 and the market cap is ₩61.4 trillion.
- The price sits below its 20-day line (₩461,100) and below its 60-day line (₩406,642).
- Being under both the short- and mid-term moving averages, the trend looks subdued.
- The RSI (a gauge that scores the balance of up-moves against down-moves over the last 14 days on a 0-100 scale) is 40.3, a neutral reading.
- It is down 7.1% over one month and up 38.1% over three months, and it stands 29.2% below its 52-week high.
- Relative strength versus the KOSPI is 66 (on a 1-99 scale that weights the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 34% of all stocks by strength.
- Over the past three months it lagged the index by 1.4%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- In beginner's terms, the metrics run like this.
- The P/E ratio (how many times one year of earnings the share price is) is 25.17x, and the P/B (how many times book net assets the share price is) is 1.23x.
- ROE (how much the company earns in a year on its equity) is a modest 4.9%.
- There is an important trap here.
- Samsung C&T's book equity carries its holdings at low values such as acquisition cost, so they are reflected at far less than the stakes' actual market value.
- As a result, a P/B of 1.28x only looks high on the surface; recalculated on true net asset value, the shares are in fact deeply undervalued.
- Financial stability is sound.
- The debt ratio (debt relative to equity) is a low 58.2%, and the interest-coverage ratio (how many times operating profit can cover interest) is a comfortable 17.7x.
- Net debt is negative — a net-cash position with more cash than borrowings.
- That said, the free-cash-flow yield (free cash generated relative to market cap), which shows the actual cash it puts in hand, is a modest 1.7%, because as a holding company a large part of its profit is equity-method income from subsidiaries (an accounting profit rather than cash).
- Growth in the directly run businesses is gentle.
- Annual revenue in 2025 was ₩40.7 trillion, down 3.2% from the prior year, yet operating profit rose 10.4% and net profit 9.4%, so profitability improved — revenue stalled but margins held and profit grew.
- The first quarter of 2026 started well, with revenue of ₩10.5 trillion (up 7.5%) and net profit of ₩1.09 trillion (up 15.9%).
- But the segments differ sharply.
- Trading's operating profit rose 73% from a year earlier on strong steel and fertilizer sales and trading, and fashion also improved.
- Construction's operating profit, by contrast, fell 30%, and resorts swung to a loss on one-off costs.
- This year's profit is set by the gentle trajectory of these direct businesses plus equity-method income tied to subsidiary results.
- Equity-method income is uneven from quarter to quarter, so net profit tends to jump around; the first quarter's net profit rising much faster than operating profit appears to reflect that equity-method contribution being pulled forward.
- So the annual profit trend is best read as a gentle improvement, while the true value is judged by the net asset value in the next section (valuation).
- The most notable trend in 2026 is a strengthening of shareholder returns.
- The company formally announced that, for 2026-2028, it will raise the minimum dividend per share to ₩2,500 and return 60-70% of the dividend income it receives from affiliates to shareholders.
- It is also continuing a plan to cancel its treasury shares in stages over five years.
- Cancelling treasury shares reduces the number of shares outstanding and thereby raises per-share value.
- On results, it filed the first-quarter report on May 15 and has continued to communicate with the market by scheduling several investor briefings (IRs).
- Regular disclosures on the large business group and on related-party holdings also appear, confirming its position at the top of the group's ownership structure.
- Samsung C&T clearly has the character of a "cheaply neglected holding company." Its strengths are clear.
- Adding up just the market value of the listed stakes it holds far exceeds its market cap, leaving it at a large discount of roughly half its net asset value.
- Its finances are solid, with net cash and a low debt ratio.
- Stronger shareholder returns — a higher minimum dividend and staged buyback cancellation — are a real force narrowing that discount.
- In the direct businesses, trading and fashion are holding up the earnings base as construction weakens.
- On the other hand, the cautions are just as clear.
- A large part of the company's value rests on the Samsung Electronics and Samsung Biologics stakes, so if those share prices wobble, net asset value moves with them.
- Holding-company discounts can persist for a long time, so the pace at which the discount narrows depends on the execution of shareholder returns and on ownership policy.
- Ups and downs in the direct businesses — such as a slowing construction market and one-off resort losses — are also factors that shake profit.
- In short, it is strong when the value of its stakes and shareholder returns are in focus, and weak when the share prices of core subsidiaries or sentiment toward the holding-company discount turn worse.
🔎 Valuation vs peers Undervalued
Samsung C&T is not a single-business company but in effect a holding company with large group stakes. So rather than comparing sector multiples, it is more fitting to weigh the market value of the stakes it holds (net asset value) against its market cap, with the core held affiliates viewed alongside for reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Biologics | 34.37x | 8.23x | 23.95% |
| Samsung Electronics | 36.72x | 3.83x | 10.43% |
| Samsung Life Insurance | 28.31x | 1.04x | 3.67% |
On P/E of 26.3x and P/B of 1.28x alone, the shares look ordinary or a touch expensive. But these metrics do not fit a holding company well. First, a large part of net profit is equity-method income from subsidiaries, so the P/E jumps around from quarter to quarter and distorts the true state of any earnings inflection. Second, the book equity that anchors P/B carries the holdings at around acquisition cost and fails to reflect the stakes' actual market value. So this company should be viewed by net asset value (NAV). Adding up just the market value of its three main listed stakes — about 5.0% of Samsung Electronics, about 43.1% of Samsung Biologics, and about 19.3% of Samsung Life — comes to roughly ₩122 trillion, about double the ₩64 trillion market cap. And that does not yet include the value of the profitable direct businesses or stakes in other affiliates. In other words, it trades at a large discount of about half its net asset value, and from this angle it reads as undervalued. That said, the pace at which the discount narrows depends on the execution of shareholder returns, on ownership policy, and on the share prices of the core subsidiaries.
Price history Close · MA20 · MA60
The latest close is ₩378,500 and the market capitalization is ₩61.4 trillion. The price sits below its 20-day moving average (₩461,100) and below its 60-day moving average (₩406,642). 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 40.3, a neutral level. The one-month change is -7.1%, the three-month change is +38.1%, and the position relative to the 52-week high is -29.2%. Relative strength versus the KOSPI is 66 (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 66% of all stocks. Over the past three months it lagged the index by 1.4%. 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 -1.35% / 6M -9.65% / 12M -0.58%
Key metrics vs sector median
Valuation
The P/E of 25.17x is above the sector median (6.67x). The P/B of 1.23x is above the sector median (0.49x).
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)
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 1.188x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.9%, in line with the sector average (5.0%). The operating margin is 8.1%. The debt ratio is 58.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $27.8B | $27.9B | $27.0B | -3.23% ↓ slower |
| Operating profit | $1.9B | $2.0B | $2.2B | +10.37% ↑ faster |
| Net profit | $1.5B | $1.5B | $1.6B | +9.36% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $22.8B | $28.6B | $27.8B | $27.9B | $27.0B |
| Operating profit | $792.7M | $1.7B | $1.9B | $2.0B | $2.2B |
| Net profit | $1.1B | $1.4B | $1.5B | $1.5B | $1.6B |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- 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
- 2026-05-15EarningsFirst-quarter 2026 quarterly report disclosed. Consolidated revenue of ₩10.4660 trillion and operating profit of ₩720 billion. Trading and fashion improved, construction operating profit fell, and resorts swung to a loss on one-off costs.Short term: trading and fashion filled in for weak construction to defend company-wide profit, while net profit rose sharply on the equity-method contribution. Medium term: the direct-business earnings base held, but a slowing construction market is a drag. Source
- 2026-02-01IR2026-2028 shareholder-return policy disclosed. Minimum dividend per share raised to ₩2,500, with a plan to return 60-70% of dividend income from affiliates.Medium term: raising the dividend floor improves predictability and is a real incentive to narrow the holding-company discount. If affiliate dividends grow, so does the capacity to return capital. Source
- 2026-05-26FilingDisclosure on changes in holdings of the largest shareholder and on treasury shares. The company is continuing a plan to cancel its treasury shares in stages over five years.Medium term: cancelling treasury shares reduces the shares outstanding and raises per-share value — a real signal that shareholder returns are being executed. Source
- 2026-06-01FilingRoutine disclosures on the large business group and on related-party holdings. Confirms, as the company at the top of the group's ownership structure, the holding structure of core affiliate stakes such as Samsung Electronics, Samsung Biologics, and Samsung Life.Medium term: a structural basis reaffirming that the substance of the company's value rests not on the direct businesses but heavily on the stakes it holds. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated revenue | ₩10.47 trillion (base quarter revenue ₩10,465,823,172,864) | 10₩466.0 billion | Confirmed | link |
| Minimum dividend per share (2026-2028) | 2025 DPS ₩2,800 (base) | ₩2,500 | Confirmed | link |
| Discount to net asset value (NAV) | ₩64.1 trillion | 5.0%+ 43.1%+ 19.3% approx. ₩122 trillion | Unverified | link |
Recent filings
- 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.