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Investing.com - UBS downgraded Samsung Engineering Co Ltd. (KS:028050) from Buy to Neutral and lowered its price target to KRW27,000 from KRW33,000, representing an 18% reduction.
The downgrade comes despite Samsung Engineering ’s strong execution quality and solid cash position, with UBS citing limited upside potential at current valuations.
UBS pointed to several challenges facing the company, including order misses, a petrochemical capital expenditure downturn expected to last until 2026, and increasing competition from low-cost competitors.
The firm believes the 54% rally in Samsung Engineering’s share price has largely priced in the resumption of Samsung Group capital expenditure and the company’s strong execution performance.
UBS indicated it could adopt a more positive outlook if Samsung Engineering improves its shareholders’ return policy and if there is recovery in both group and non-group construction demand.
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