Samsung C&T: Updated NAV Analysis + A Key Beneficiary of Share Price Rise of Samsung Electronics

• Our NAV analysis of Samsung C&T suggests implied market cap of 43 trillion won or target price of 253,146 won per share which is 28% higher than current price.

• The biggest components of Samsung C&T’s value is its stakes in Samsung Electronics and Samsung Biologics which are worth 54.1 trillion won (161% higher than Samsung C&T’s current market cap).

• In the past three months, the share price discrepancy between Samsung Electronics and Samsung C&T is more noticeable (Samsung Electronics - up 47.3% versus Samsung C&T - up 15.9%).