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  "documentTitle": "Samsung C&T Corporation (028260 KS)",
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  "presentationDate": "2023-12-06 00:00:00",
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      "text": "The operating businesses are well managed. In recent years, profits have improved substantially and reached normalised levels",
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      "text": "We value SCT's operating businesses at over $8bn. Unfortunately, the market pays little attention to these assets as relevant disclosures are unhelpfully high-level and associated free cash flows are not returned to shareholders",
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      "kind": "list",
      "text": "E&C and T&I are international businesses that offer growth potential through synergy with the new business initiatives and wider Group, while other businesses are domestically focused with lower growth potential (see Appendix B for further details)",
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      "text": "Operating Profit: $8bn",
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      "text": "Zero value is currently attributed to SCT's well-managed operating businesses. Although some of the divisions have matured towards GDP-level growth, they have strong market share and produce consistent cash flow",
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      "kind": "source-note",
      "text": "Source: Company, Analyst research. Note: Samsung Biologics is consolidated by SCT but is excluded from analysis as it is a separately listed company and therefore, we do not classify it as an operating business of SCT",
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      "text": "SCT's Operating Businesses – A Significant Source of Value That Has Been Entirely Overlooked But is Worth ~60% of SCT's Market Capitalisation",
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