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LS Securities Raises GS Engineering & Construction Target Price
From 44,000 Won to 50,000 Won
On September 29, LS Securities maintained its "Buy" investment rating on GS Engineering & Construction and raised its target price from 44,000 won to 50,000 won.
Kim Saeryun, a researcher at LS Securities, stated, "We believe GS Engineering & Construction's valuation expectations should be elevated due to its involvement in both artificial intelligence (AI) data centers and nuclear power projects."
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Kim explained that GS Engineering & Construction is particularly strong in the field of AI data centers. He noted, "The strengths of the GS Group's Donghae AI Data Center—such as its site, backup power, and synergy among affiliates—are increasingly highlighted, and it is now a time when new orders for GS Engineering & Construction can be expected, including its subsidiary, GS S&D." He further emphasized, "GS Engineering & Construction reported the highest domestic data center completions in the first quarter of this year, and as group company construction projects totaling at least 100MW become visible within the year, its growth potential is set to expand."
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Performance is also strong in the nuclear power sector. He said, "GS Engineering & Construction has participated domestically in the Shin Wolsong Units 1 and 2 (as part of a Daewoo Engineering & Construction consortium), Shin Hanul Units 1 and 2 (as part of a Hyundai Engineering & Construction consortium), and auxiliary facilities of the Shin Kori Units 1 and 2, and it has a workforce of more than 100 personnel specializing in nuclear power and small modular reactors (SMRs)." He added, "With strong expectations for Team Korea to win the Ninh Thuan nuclear power project contract in Vietnam, now is the right time to continue betting on GS Engineering & Construction’s first potential nuclear export deal."
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