Samsung C&T (028260)

[Business Overview] Samsung C&T, established in 1938, is the parent company of Samsung Group. It adopted its current business structure through the merger of Samsung C&T and Cheil Industries in 2015. The company operates in six business divisions: Construction, Trading & Investment, Fashion, Resort, Food & Beverage/Food Service, and Bio. It is growing as a global business partner and a lifestyle innovation company. The Construction division possesses world-class technological capabilities in areas such as super high-rise buildings, high-tech facilities, and power plants. Through its residential brand 'Raemian', it has established a unique position in the domestic housing market. The Trading & Investment division conducts trading and project organizing businesses in chemicals, steel, energy, and industrial materials (semiconductors, white bio, EV-related materials and components), based on its global network spanning 40 countries worldwide. According to the business report dated March 7, 2024, the Construction division accounts for approximately 46.09% of the total business portfolio, and the Trading & Investment division accounts for 31.66%, together representing about 80% of total revenue. Its main customers are corporate (B2B) and government (B2G) clients, and it has secured high competitiveness in the global market by winning large-scale overseas projects. [Key Strengths] Samsung C&T possesses world-class technological capabilities in construction, including super high-rise buildings, high-tech facilities, and power plants. Its domestic apartment brand 'Raemian' boasts strong brand power, having ranked first in the National Customer Satisfaction Index (NCSI) survey for 27 consecutive years. Furthermore, it has secured a stable business foundation in the Trading & Investment division through its extensive global network spanning 40 countries worldwide. The company is securing future growth engines by expanding into eco-friendly future businesses (solar power, green hydrogen, SMR) and data center businesses, and is continuously developing innovative business models utilizing advanced technologies such as AI and IoT. [Performance Analysis] Examining Samsung C&T's recent financial performance, revenue showed a slight decreasing trend from KRW 43,161.7 billion in 2022 to KRW 40,742.2 billion in 2025. However, operating income steadily increased from KRW 2,528.5 billion in 2022 to KRW 3,292.7 billion in 2025. Notably, net income grew significantly from KRW 2,545.0 billion in 2022 to KRW 3,906.7 billion in 2025, indicating improved profitability. The operating income margin rose from 5.86% in 2022 to 8.08% in 2025, demonstrating an overall improvement in profitability. [Financial Soundness] Samsung C&T's financial soundness is very strong. The debt-to-equity ratio significantly improved from 84.52% in 2022 to 50.50% in 2025, strengthening financial stability. The current ratio also steadily increased from 123.76% in 2022 to 153.95% in 2025, indicating excellent short-term liquidity. Return on equity (ROE) showed a slight fluctuation from 7.96% in 2022 to 6.79% in 2025, but generally maintained a stable level. [Outlook] Despite uncertainties in the domestic housing market, Samsung C&T is seeking growth by expanding its orders for large-scale overseas infrastructure and plant projects. In particular, the company is expected to pursue sustained growth through portfolio diversification into high-value-added future businesses, such as eco-friendly energy projects (solar power, green hydrogen, Small Modular Reactors (SMRs)) and data center construction. The Bio division is anticipated to drive overall profitability improvement, supported by the expansion of CMO outsourcing by pharmaceutical companies and the growth of the biosimilar market.