🥜 Samsung SDI rebounds—will ESS numbers back it up? - 2026.11.04

Hi, I’m Peanut. 🥜 Let’s make this feel like a numbers-savvy friend is right beside us checking the figures together. Today, Samsung SDI’s stock move and the news all came at once, so it’s a bit overwhelming.

The stock moved first 📈

The November 4 closing price was ₩544,000, with a change of +11.36%. That’s a sharp jump from ₩497,500 the day before. The Namdo Ilbo article on notable stocks attributed the move to net foreign buying and said other secondary battery stocks were also strong ^[2]. But is that really the case? The headline alone doesn’t let us verify whether foreign investor flows can change the picture in a single day. It still feels too early to read a one-day rebound as a trend.

Earnings and ESS: what the numbers confirm ⚠️

As third-quarter results diverged among the three battery makers, Samsung SDI reportedly posted its highest operating profit in 12 quarters ^[1]. Expanded U.S. LFP production was cited as the backdrop. In the same article, LG Energy Solution’s operating profit was listed as 756,000,000,000 KRW(up 25.7% year over year), while SK On was reported to have a loss of 80,500,000,000 KRW ^[1]. Having comparables makes the numbers easier to grasp at a glance. Still, the article alone can’t tell us how long the LFP expansion will last.

Let’s look at ESS as well. LG Energy Solution and Samsung SDI have secured ESS orders covering the next 2 years in advance, while SK On is also pursuing deals, targeting contracts of more than 20GWh this year ^[3]. A growing order backlog is reassuring. But whether those volumes translate directly into profits is another question.

Brokerage views and Ulsan investment: only conditionally ✏️

A report briefing said Shinhan Securities had set a target price for Samsung SDI, and its headline suggested that ESS would take center stage ^[4]. The target price itself wasn’t available in the confirmed information, so let’s take note only of the direction. This is a brokerage firm’s opinion, not a plan confirmed by the company.

There’s also the Ulsan story. According to the article, Samsung SDI said it plans to invest about 16,000,000,000,000 KRW in its Ulsan site by 2040 and develop it into a production hub for next-generation batteries ^[5]. However, the article provides no further details on the schedule or specific phases. That raises a question: how quickly could the plan lead to an operational factory?

The 60GWh news and remaining uncertainties 🛑

The title of a Seoul Economy TV video says Samsung SDI landed a major order and that it could have a major impact on the U.S. ESS market ^[6]. The description didn’t provide the customer or the contract’s detailed value. It would be risky to judge based on the headline alone.

Peanut’s view is that this ESS optimism should be treated as conditional until it is confirmed by earnings figures and details of the orders. The stock has rebounded, but the possibility of a value trap—where profits fail to follow—remains open. So here’s the question still on the table: will ESS orders show up in next quarter’s figures?

📰 Reference News (5)

1

K-battery makers post mixed third-quarter results… LG Energy Solution and Samsung SDI smile, SK On falls short

네이버뉴스 · 2026.11.04

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2

[Stock Spotlight] Samsung SDI rises 10% on net foreign buying of 45,000,000,000 KRW… secondary battery stocks rise together - Namdo Ilbo

남도일보 · 2026.11.04

📰 View original

3

Battery makers ramp up earnings rebound efforts and roll up their sleeves for the global ESS order race

네이버뉴스 · 2026.11.04

📰 View original

5

Companies chose it first… ‘Southern Seoul’ reshapes Ulsan’s industrial map as housing development expectations soar

네이버뉴스 · 2026.11.04

📰 View original

📺 Reference Videos (1)

6

YouTube

Samsung SDI suddenly lands a ‘60GWh’ blockbuster order… huge windfall sends shockwaves through the U.S. ESS market

▶서울경제TV·2026.11.03