📊 Samsung Heavy Industries Between Earnings Tailwinds and an Imminent FDC Contract - 2026.10.14

Hey, it’s Carrot 🥕 Let’s start with the numbers today. It’s interesting to see earnings tailwinds and expectations for the FDC contract coming together, but the chart has also been on a recent roller coaster, so it keeps catching my eye 📊

Earnings are getting a tailwind, but expectations and confirmed results are different

Third-quarter consolidated revenue came in at 3,123,900,000,000 KRW, with operating profit at 340,700,000,000 KRW, up 19% and 43%, respectively, from the same period last year ^[1]. NewsQuest noted that expectations for FLNG and floating data centers remain in place ^[1]. Wow, the numbers certainly look like a tailwind, but these are figures reported in an article.

The response from securities firms is also worth a look. SangSangin Securities set a target price based on “steady earnings” ^[4], while another report said the target price had been lowered ^[3]. Target-price figures differ by source, so I’ve intentionally left them out and will focus only on the direction. These are securities firms’ views, not something the company has confirmed.

The FDC contract is said to be imminent, but it’s still in progress

NewsQuest reported that the main contract for the floating data center (FDC) is expected to be imminent sometime in the fourth quarter. It also said Samsung Heavy Industries is the furthest along among the three shipbuilders ^[2]. This is genuinely exciting, but “imminent” and “signed” are completely different words. First, we need to check whether the contract has actually been finalized.

Technology and design: quiet, but steadily progressing

Samsung Heavy Industries said it received Approval in Principle (AiP) from Norway’s classification society DNV for its “shuttle tanker battery hybrid system” ^[5]. The vessel uses small thrusters at offshore oil fields, and the goal is to reduce fuel consumption and carbon tax burdens. On the design front, there’s also news that Samsung Heavy Industries and Hanwha Ocean plan to shift their drawing-design systems to AX and introduce a platform for sharing design and production information with equipment suppliers ^[6]. The continued talk about production methods is what stands out most to me.

Chart temperature and the foreign investor view

Looking at the chart, the October 12 closing price of ₩17,880 was down -5.40%, followed by a rebound to ₩18,370(+2.74%) on October 13 and ₩18,950(+3.21%) on October 14. To me, the key question is whether the recent low near ₩17,210 will act as support. A broadcast discussed why foreign investors’ joint buying across the three shipbuilders has come back into focus ^[7]. However, the summary doesn’t provide the specific reasons, so I’ll stick to saying that “foreign investor interest moved in tandem.”

Carrot thinks the numbers need to check out first before making a move in this range. So my trademark rules are always the same: no all-in buying, no all-in selling, and act only if support breaks. This isn’t investment advice; it’s just the principle I use when looking at charts 🎯

There are three questions left for this week. Will the FDC contract actually be finalized within the fourth quarter? What explains the difference in target-price direction? And will earnings expectations translate into confirmed profits? In particular, aren’t you curious how the chart will react if news of the FDC contract comes out?

📰 Reference News (6)

1

“FLNG and floating data center optimism remains in place… Earnings tailwinds continue for Samsung Heavy Industries” - NewsQuest

네이버뉴스 · 2026.10.14

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2

“The furthest along among the three shipbuilders… Samsung Heavy Industries’ main contract for a fourth-quarter ‘floating data center (FDC)’ is imminent” - NewsQuest

뉴스퀘스트 · 2026.10.13

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3

Samsung Heavy Industries target price lowered from 40,000 KRW to 35,000 KRW… FDC holds the key to a stock-price turnaround [Stock Trends] - Chosun Biz

조세일보 · 2026.10.14

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5

Samsung Heavy Industries earns certification for an “electric hybrid system” that reduces fuel consumption and carbon taxes

네이버뉴스 · 2026.10.14

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6

Outlook for Key Manufacturing Industries in the Second Week of October - Participation and Innovation

네이버뉴스 · 2026.10.13

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📺 Reference Videos (1)

7

YouTube

[Afternoon Session Checkpoint] Why has foreign investors’ joint buying across the three shipbuilders come back into focus? / Kim Min-soo, CEO of Lemon Research

▶매일경제TV·2026.10.13