Samsung SDS Co.,Ltd.
018260.KS · KSC
Company research
Samsung SDS Co., Ltd. (KRX: 018260) is a South Korea-based Information Technology Services company and a subsidiary of Samsung Group, founded in 1985 and headquartered in Seoul. The company operates through two core business divisions — IT Services and Logistics BPO — offering a broad suite of solutions including cloud transformation, AI-powered platforms (such as Brightics AI and Brity Copilot), blockchain, enterprise mobility, system integration, and IT consulting and outsourcing. Samsung SDS is also a leading provider of smart logistics services, encompassing global supply chain management, digital freight forwarding via its Cello platform suite, and warehousing and fulfillment solutions across air, sea, and multimodal transport. With approximately 11,296 full-time employees, operations spanning 40 countries across 56 global bases, and a market capitalization of approximately KRW 14.9 trillion, Samsung SDS is ranked among the top global IT services companies and holds the No. 1 domestic market share in South Korea's Managed Cloud Services (MSP) sector.
Research reports
Maintains BUY with a 230,000 KRW target price after a 1Q26 earnings miss driven largely by a one-off retirement benefit expense, and emphasizes a KRW10tn investment roadmap (AI data centers, AX services/AI platforms, and inorganic growth) designed to monetize non-earning cash assets and lift ROE toward 10–12% by 2028–2030, which is expected to act as a key catalyst for share-price re-rating.
KB Securities · March 24, 2026Freight Volatile, Cloud Building UpReiterates BUY and a 230,000 KRW target price, arguing that earnings momentum will be driven by AI infrastructure (GPUaaS based on Nvidia B300) and expanding cloud MSP business, with 1Q26 revenue and operating profit forecasts above consensus, while noting that logistics volatility from the Iran war and macro uncertainty could temper near-term IT services orders but is partly cushioned by strong cash holdings and diversified revenue streams.
KB Securities · March 12, 2026Selected as Preferred Bidder in AI Computing Center ProjectDescribes Samsung SDS’s selection as preferred bidder for Korea’s national AI computing center project (initial 15,000 GPUs, project size estimated at 2.5–2.9 trillion KRW via a public–private SPC) and argues this, together with Dongtan and Gumi data centers, positions the company for meaningful growth in AI cloud services and GPUaaS with a manageable direct cash burden thanks to government and policy-bank funding structures.
KB Securities · January 22, 2026Hopes of AI Segment Revenue DoublingMaintains BUY while raising the target price to 230,000 KRW, highlighting profitability improvement from cloud expansion and a full-stack generative AI offering, with management signaling ambitions to double AI-wing revenue by 2026 and at least double AI data center capex by 2029, and also points to a 2025 dividend payout ratio of 32.5% and high-dividend tax treatment as supportive for shareholder returns despite a 4Q25 earnings miss versus consensus.