Although Samsung Heavy Industries announced the news of a massive 3.6 trillion won offshore plant order, its short-term stock price is showing a breather trend. The market evaluates this order as a key factor that will drive future earnings improvement and structural enhancement.

[FLNG Construction Main Contract Signed, Worth 3.6536 Trillion Won] During the morning trading session on the 9th, Samsung Heavy Industries was traded at 25,850 won, down 250 won (0.96%) from the previous trading day, showing a shaken investment sentiment in shipbuilding stocks. However, expectations for the large-scale order announced the previous day remain intact.

According to the Financial Supervisory Service's Electronic Disclosure System, Samsung Heavy Industries signed a main contract for the construction of an FLNG (Floating Liquefied Natural Gas production, storage, and offloading facility) worth 3.6536 trillion won with an African region shipowner. The scale of this contract corresponds to a significant portion of last year's consolidated sales, making it a large order even on a single-project basis. FLNG is a high-value-added offshore plant capable of performing the production, liquefaction, storage, and offloading of natural gas at sea all at once. As a sector requiring high technical expertise, it is evaluated as a representative high-profitability business in the shipbuilding industry.

[Green Light for Achieving Annual Target by Continuing 'Two-Track' Order Strategy] With this contract, Samsung Heavy Industries is set to continue its 'two-track order' trend of simultaneously securing LNG carriers and offshore plants. Within the industry, it is viewed that the possibility of achieving the annual order target has increased significantly, as this year's cumulative order volume has already expanded beyond last year's annual order performance.

The recent expansion of LNG development projects by global energy companies is also cited as a positive factor. This is because investment demand for LNG-related facilities continues to persist, driven by the growing importance of energy security centered around Europe and Asia. The securities sector evaluates that the FLNG business has higher profitability than general merchant ships, and thus will be of great help in improving profitability as well as future sales growth.

[Structural Enhancement Centered on High-Value-Added Vessel Types and Future Outlook] Samsung Heavy Industries is promoting structural enhancement by strengthening its order strategy centered on high-value-added vessel types such as LNG ships, FLNG, and offshore plants. The market is paying attention to whether this large-scale contract will act positively in future competitions for additional offshore plant orders.

However, some analysts suggest that short-term stock prices may be influenced by global stock market trends, raw material prices, and exchange rate fluctuations, making it necessary to monitor related variables.

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