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[Alpha Biz=(Chicago) Reporter Paul Lee] Daol Investment & Securities lowered its target share price from 12,000 won to 11,000 won on the 23rd, saying that Samsung Heavy Industries' operating profit was lower than expected in the fourth quarter of last year due to one-off costs related to the lawsuit, and that its performance is expected to be sluggish in the future due to rising labor costs.
"A number of lawsuits on compensation for losses caused by KC-1 storage defects is expected to cause large-scale non-business one-time costs," said Daol Investment & Securities Co., lowering its previous estimate (KRW 156.2 billion) by 28%, predicting Samsung Heavy Industries' operating profit of KRW 111.3 billion in the fourth quarter of last year.
KC-1 technology is a warehouse development project for a Korean liquefied natural gas (LNG) vessel, which began in 2004 as a national project to solve the problem of overseas dependence on LNG storage tank production technology. At that time, domestic shipbuilders such as Samsung Heavy Industries were in charge of ship production.
"This year, we are expected to increase profits due to high-priced orders received since 2022 and increased construction of LNG carriers, but we will lower our annual operating profit estimate to reflect rising outsourced unit prices and labor costs," said Daol Investment & Securities Co.
Specifically, the company estimated operating profit of 478 billion won this year and lowered its previous forecast (530 billion won) by 10%.
On the previous day, Samsung Heavy Industries closed at 7,590 won, up 0.93% from the previous trading day.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
