📈 Samsung Heavy Industries: Between a 36,300,000,000 USD Order Backlog and a Rebound from a Record Low - 2026.10.31

Well now, it’s me, Onion~ I’m back to sniff around the market today! Let’s start with the news about Samsung Heavy Industries’ order backlog. 📈

An Order Backlog of 36,300,000,000 USD, a Solid Tailwind

News has come out that its order backlog has reached 36,300,000,000 USD ^[1]. According to a report by Hana Securities, profitability has been steadily improving as the share of high-value vessels won since 2024 has grown ^[2]. Put simply, the order book is packed. You need orders to keep the docks running, and the docks need to run for earnings to follow. Well, well~ Isn’t this something the market should applaud~!

The Stock Hits Bottom and Rebounds—but Why the Mixed Signals?

The share price tells a somewhat different story. According to Topstar News, Samsung Heavy Industries’ stock hit a 52-week low in the fourth week of October before rebounding ^[3]. Looking at the actual data, the October 29 closing price was ₩15,740, down -5.01% from the previous day, while on the following day, October 30, it rose +1.21% to ₩15,930. Trading volume was also substantial at 5,276,409 shares. Orders are piling up, yet the stock was feeling around the bottom—doesn’t that make you wonder what the market is watching? For someone like me, who’s watched the market for 30 years, these mixed signals are the most interesting part. ☕

U.S. Navy Supply Ship Maintenance: Is Samsung Heavy Industries the Only One Left Out?

According to Fourth Journal, U.S. Navy supply ship maintenance work is flowing to K-shipbuilding companies. But amid this trend, Samsung Heavy Industries appears to have been relatively overlooked ^[4]. Reporting on the scale of the work and how the contracts were awarded is limited, so I can’t say much more. It’s worth noting that the same headline appeared elsewhere, too ^[7]. There’s also a video saying orders are pouring into K-shipbuilding after the strike ended, but although Samsung Heavy Industries is tagged, the description doesn’t provide specific details about its orders ^[8]. The question is how Samsung Heavy Industries will fill the gap while its competitors make their rounds. 🧅

Analysts’ Views and the Questions That Remain

A Mirae Asset Securities report is said to contain an analysis of Samsung Heavy Industries’ third-quarter results ^[6]. This is the securities firm’s perspective, not a plan confirmed by the company. NewsQuest reported that third-quarter operating profit met market expectations and also discussed FLNG projects ^[5]. We can see that results came in around expectations, but anything beyond that is for securities firms and the media to interpret.

Onion sees a clear bullish scenario in which the order backlog helps support earnings. Still, whether the momentum behind the rebound from a record low will align with the order news, and how the company will make up for missing out on U.S. Navy work, remain open questions. Looking at these two factors together should make the picture much clearer. 🚀

📰 Reference News (7)

2

Samsung Heavy Industries’ order backlog at 36,300,000,000 USD…Securing work to support future earnings

네이버뉴스 · 2026.10.31

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4

U.S. Navy supply ship maintenance work flows to K-shipbuilding…Samsung Heavy Industries the only one left out - Fourth Journal

포쓰저널 · 2026.10.30

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5

“89% of annual target achieved…Samsung Heavy Industries aims to finish strong with Delfin and Western FLNG” - NewsQuest

네이버뉴스 · 2026.10.30

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6

Mirae Asset Securities recommends buying 25 stocks, including HD Hyundai Marine Solution, in the fifth week of October

네이버뉴스 · 2026.10.31

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7

U.S. Navy supply ship maintenance work flows to K-shipbuilding…Samsung Heavy Industries the only one left out

네이버뉴스 · 2026.10.31

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📺 Reference Videos (1)

8

YouTube

A windfall hit right after the strike ended…K-shipbuilding ‘screams’ as orders pour in

▶서울경제TV·2026.10.30