KOREA ALPHA

Industrials

Samsung E&A Q3 2026 operating profit surges 183.6% to KRW 500.6 billion, shown alongside an industrial petrochemical plant.

Samsung E&A industrial EPC project with KRW 27.2 trillion order backlog and KRW 19 trillion 2026 new orders target.

Samsung E&A planned KRW 690 billion share cancellation, representing approximately 6.4% of its October 22, 2026 market capitalization.

Samsung E&A valuation outlook showing 25.6% upside to a pre-earnings consensus target of KRW 69,591, with margins, cash flow and buyback execution as key indicators.

Industrials

Samsung E&A Profit Surges 184%: Can a KRW 690B Share Cancellation Drive Revaluation?

October 22, 2026 · 7 min read

PhilEnergy secures a KRW 86.1 billion battery equipment contract worth 259.3% of its 2025 revenue, illustrated with an automated battery cell assembly line.

PhilEnergy's three disclosed 2026 battery equipment contracts total KRW 172 billion, with a bar chart comparing May, July and October orders.

PhilEnergy reports negative KRW 46.6 billion operating cash flow in the first half of 2026, despite securing new battery equipment orders.

PhilEnergy Korea Alpha fair value of KRW 10,000 per share implies 19.3% downside, with order execution, project margins and cash conversion as key indicators.

Industrials

PhilEnergy Wins KRW 86B Battery Equipment Order: Can Earnings Recover?

October 21, 2026 · 7 min read

LS Marine Solution Q3 2026 operating profit surges 234.6%, illustrated with a subsea cable-laying vessel and offshore wind infrastructure.

LS Marine Solution operating margin rises from 2.7% to 9.3%, shown alongside a subsea cable-laying vessel and offshore wind turbines.

LS Marine Solution KRW 820 billion order backlog compared with KRW 244.2 billion in 2025 revenue, illustrated with offshore wind and submarine cable infrastructure.

LS Marine Solution brokerage consensus target of KRW 42,000 with 47.9% potential upside, highlighting vessel utilization, project margins and cash flow.

Industrials

LS Marine Solution's Q3 Profit Jumps 235%: Can Its KRW 820B Backlog Deliver?

October 21, 2026 · 7 min read

Haein shares surge 29.98% after a KRW 46.4 billion AI data center backup-generator contract, illustrated with Caterpillar generators and a modern data center.

AI data center backup-power diagram showing 20 Caterpillar generators with 61.5 MW of combined rated capacity supporting emergency electricity supply.

Financial infographic comparing Haein's KRW 46.4 billion AI data center order with KRW 241.7 billion in 2025 revenue, representing 19.18%.

Haein valuation infographic showing Korea Alpha fair value of KRW 12,200, 16.7% potential upside, and catalysts including 2027 deliveries, profitability and additional orders.

Industrials

Haein Surges 30% on KRW 46.4B AI Data Center Order: Can Earnings Follow?

October 21, 2026 · 7 min read

SK Inc. shares surge 12.62% to KRW 482,000 on October 21, 2026, after Align Partners discloses a 1.5% stake.

Ownership diagram showing SK Inc.'s 32.2% stake in SK Square and SK Square's approximately 20% stake in SK hynix, alongside Align's estimated 75% NAV discount.

Bar chart comparing Align Partners' estimated SK Inc. NAV of KRW 99.5 trillion with its KRW 24.9 trillion economic market capitalization on October 16, 2026.

SK Inc. investment outlook highlighting value-up plans, capital allocation and governance, with a KRW 822,545 brokerage consensus target and 70.7% implied upside.

Industrials

SK Inc.'s 75% NAV Discount: Can Align Unlock SK hynix Value?

October 21, 2026 · 8 min read

Gaon Cable Q3 2026 earnings infographic showing a 99.1% increase in operating profit to KRW 52.0 billion and revenue of KRW 986.5 billion.

AI data center power distribution infographic illustrating how electricity flows from the power grid through substations, busducts and cables to AI servers.

Gaon Cable operating margin infographic comparing 4.0% in Q3 2025 with 5.3% in Q3 2026, alongside revenue and operating profit growth.

Gaon Cable investment outlook infographic showing three factors to monitor: confirmed AI data-center orders, sustainable operating margins and stronger cash flow.

Industrials

Gaon Cable Q3 Profit Jumps 99%: Can AI Data Center Margins Last?

October 20, 2026 · 7 min

Hyundai Rotem K2 tank infographic showing Q3 2026 operating profit falling 11.0% year over year from KRW 277.8 billion to KRW 247.1 billion.

Hyundai Rotem AD&RH division infographic showing Q3 2026 revenue down 10.1% and operating profit down 10.5%, while operating margin remained at 28.1%.

Hyundai Rotem defense acquisition infographic illustrating its planned KRW 358.4 billion purchase of Hyundai Wia's defense business, including K2 tank main guns and weapon components.

Hyundai Rotem K2 tank outlook infographic showing three factors for potential 2027 earnings recovery: Polish K2 deliveries, AD&RH margin stability and export revenue growth.

Industrials

Hyundai Rotem's K2 Earnings Test: Can the Wia Deal Help?

October 19, 2026 · 7 min

SolDefense secures KRW 12.15 billion in defense electronics orders, including KRW 8.62 billion for LAH avionics and KRW 3.53 billion for the Chunmoo program.

Infographic showing SolDefense's electronic component supply role in Korea's LAH helicopter avionics and Chunmoo guided-rocket programs.

SolDefense H1 2026 financial chart showing revenue growth of 11.9% year over year alongside a KRW 1.23 billion operating loss.

SolDefense investment outlook infographic illustrating three indicators of earnings recovery: defense contract execution, operating margins and cash flow.

Industrials

SolDefense's KRW 12.15bn LAH and Chunmoo Orders: Can Margins Recover?

October 19, 2026 · 6 min

Daewoo E&C Sangdo 15 redevelopment contract infographic showing KRW 1.44 trillion in contract value, 3,207 residential units and a Seoul apartment development.

Daewoo E&C construction infographic illustrating the transition from a signed redevelopment contract to construction and revenue, with the commencement date not yet disclosed.

Daewoo E&C earnings recovery chart comparing H1 operating profit of KRW 233.5 billion in 2025 with KRW 487.9 billion in 2026, an increase of 109.0%.

Daewoo E&C investment outlook infographic showing the progression from KRW 53.4 trillion in construction backlog to sustainable margins and operating cash flow.

Industrials

Daewoo E&C's KRW 1.44tn Sangdo Deal: Can Backlog Turn Into Profit?

October 16, 2026 · 9 min

Taihan Cable & Solution's KRW 116.8 billion high-voltage cable supply agreement with its U.S. subsidiary, illustrated with underground power cables and grid infrastructure.

Taihan's U.S. turnkey power infrastructure business model showing three stages: high-voltage cable manufacturing, local installation and project delivery.

Taihan H1 2026 financial infographic comparing 117.8% year-over-year operating profit growth with negative KRW 317.9 billion operating cash flow.

Taihan investment outlook infographic showing order backlog, operating margins and cash flow as key indicators of project profitability.

Industrials

Taihan's U.S. Grid Win: Can Turnkey Projects Deliver Returns?

October 16, 2026 · 7 min