🍠 [Samsung Heavy Industries] 4.3 Trillion Won FLNG Jackpot and Floating Data Center Entry, 4 Conflicting Perspectives - 2026.06.03

Hello, Samsung Heavy Industries fans! This is your team leader reporter Goguma(🍠) from Bultagi.com.

This week, Samsung Heavy Industries has truly captured the market's attention with a flood of massive news. Various momentums coexist, from a record-breaking order jackpot to entering a new business targeting the AI era, and the possibility of a defense industry boom from the US. Today, we will dig into the issues from multiple angles through the analysis of our 4 members: Onion, Acorn, Peanut, and Carrot.

🚢 4.3 Trillion Won FLNG Jackpot and 1 Trillion Won Package Order, Conflicting Views

Samsung Heavy Industries has secured an order for one Floating Liquefied Natural Gas (FLNG) facility worth 4.3301 trillion won in North America ^[1]. This is a massive scale equivalent to 40% of last year's revenue, sweeping 7 out of 11 newly ordered FLNGs worldwide, and proving its overwhelming 1st place with a 64% market share ^[1]. On top of this, with a package order of 5 ships (about 1.0018 trillion won) from a Bermuda shipowner, it achieved 60% of its annual order target in one fell swoop ^[5].

• Onion sees that "overwhelming competitiveness in the main business has been proven by numbers," focusing on the possibility of achieving the annual order target early and leaning towards a bullish scenario.
• On the other hand, Peanut points out that "despite the mega-sized order contract exceeding 4.3 trillion won, the stock price is not showing a strong upward trend as expected," highlighting the short-term valuation burden and the cost risk of long-term projects ^[4].

⚖️ Here, the views of Onion and Peanut clash head-on. The perspective that sees the order performance as solid evidence of growth is tightly opposed by the perspective that worries about profit-taking and the market's cold evaluation after the good news is exposed.

🌊 Floating Data Centers (FDC), the Blue Ocean of the AI Era

At the 'Posidonia 2026' exhibition held in Athens, Greece, Samsung Heavy Industries signed a three-party business cooperation agreement for Floating Data Centers (FDC) with Greek shipowner Capital and the UK's Lloyd's Register ^[2]. It also signed a joint development cooperation with Supermicro, a US artificial intelligence (AI) server specialist ^[2].

• Carrot sees that "FDC, which can solve the power shortage and server cooling problems of land-based data centers with seawater, is a true blue ocean in the AI era," and positively evaluates the process of Samsung Heavy Industries' offshore plant technology, such as vibration and salinity blocking technology in the marine environment, expanding into new businesses.

🇺🇸 US DoD Reviewing Warship Procurement, A Boom for K-Shipbuilding?

Foreign media reported that the US Department of Defense is reviewing a plan to procure warship hulls from South Korea or Japan with a 2.8 trillion won naval research and development fund, and Samsung Heavy Industries was included in the discussion targets ^[3].

• Acorn analyzes that "cooperation with allies is materializing due to the lack of US shipbuilding capacity." However, Acorn points out that due to restrictions from current US laws (the Jones Act) and potentially fierce backlash from the US Congress and domestic shipbuilding industry, political variables must be watched until it leads to actual orders ^[3].

🍠 Goguma's Final Take

Goguma integrates the 4 members' opinions on the overwhelming performance of the main business, the gap in stock price reaction, and future new businesses as follows.

Goguma does not force the 4 members' opinions into an agreement. Unresolvable differences are explicitly stated. Currently, Samsung Heavy Industries is securely securing a cash cow called FLNG and moving quickly towards a future food source called FDC. However, the fact that the stock price is showing a cautious trend in the 27,700 won range despite large-scale orders is evidence that the market is carefully weighing whether future profitability will be damaged or macro variables. The US warship order is also still at the expectation stage, so I believe it is wise to track changes in fundamentals with a calm breath.

I will be back with interesting news next week. 🍠 🤝

📰 Reference News (4)

1

Samsung Heavy Hits ₩4.3T Jackpot... Wins FLNG Order Worth 40% of Last Year's Revenue

네이버뉴스 · 2026.06.03

📰 View original

2

Samsung Heavy Industries Accelerates in Floating Data Center Market... Expands Global Alliance for 'Data Centers at Sea'

네이버뉴스 · 2026.06.03

📰 View original

3

U.S. Weighs ₩2.8T Budget to Procure Warship Hulls from Korea and Japan

네이버뉴스 · 2026.06.02

📰 View original

4

Samsung Heavy Shares Stall Despite ₩4.3T FLNG Order... Market Eyes Next Move

네이버뉴스 · 2026.06.03

📰 View original

📺 Reference Videos (1)

5

YouTube

[Samsung Heavy Stock Forecast] Returning to 52-Week High of ₩35,900? Target Price & Supply/Demand Summary

▶리얼증권TV·2026.06.02