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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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  "notes": "The slide uses a pie chart to show the scale of new business capex and a visual map of specific growth sectors with icons indicating synergy with construction and trading divisions.",
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      "text": "Limited information on applicable investment framework and opportunities likely leads to market cautiousness when valuing the New Business Initiatives",
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      "text": "Visual map of business sectors: SMR, Battery Recycling, Solar PV, Hydrogen, Bio/healthcare",
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      "text": "Main focus: future growth industries for Korea that have some synergy with SCT construction and trading\nLimited information on applicable investment framework and opportunities likely leads to market cautiousness when valuing the New Business Initiatives",
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      "text": "New Capex for New Business Initiatives: KRW 2-3 tn",
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      "kind": "paragraph",
      "text": "Free cash flow is being reinvested in eco-friendly energy and bio/healthcare projects. While Samsung has a strong record of developing new businesses, limited disclosures are preventing the market from attributing proper value to these important projects",
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      "kind": "source-note",
      "text": "Source: Company, Analyst research. Note: Capex breakdown from the announced KRW 3-4Tr as per Palliser's estimates based on communication with the Company",
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      "text": "SCT's New Business Initiatives – Investment in Promising Sectors is Substantial But Poorly Understood",
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