[Click e-Stock] "Samsung C&T Benefits from European SMR Business Expansion"

On the 17th, iM Securities stated, "The expansion of SMR (Small Modular Reactor) projects in European markets such as Romania and Sweden is becoming visible," and forecasted that Samsung C&T would benefit from this. The investment opinion 'Buy' and the target price of 188,000 KRW were maintained.

Samsung C&T, which has experience in conducting nuclear power-related projects both domestically and internationally, signed a business agreement on the 11th with Korea Hydro & Nuclear Power to establish a strategic partnership for developing overseas nuclear power projects. According to the agreement, they will cooperate on jointly proposing new nuclear power projects using B2B collaboration, strengthening competitiveness in large nuclear power plant bids, cooperating on SMR projects, and developing new overseas nuclear power projects reflecting the demands of customers.

Prior to this, in July last year, Samsung C&T agreed to jointly conduct the Front-End Engineering Design (FEED) for the Romanian SMR project with three global engineering companies from the U.S.?Fluor, NuScale Power, and Sargent & Lundy. FEED is the preparatory stage for project planning including permits, construction costs, and construction period, as well as for executing EPC (Engineering, Procurement, and Construction).

The Romanian SMR project is based on NuScale Power technology, which is regarded as the global leader in SMR development. It involves shutting down the existing coal-fired power plant located in the Doice?ti area and replacing it with a 462MW (77MW module x 6 units) SMR. Construction is scheduled to begin in 2026, with commercial operation targeted for 2030.

Lee Sang-heon, an analyst at iM Securities, said, "Participation in the FEED of the Romanian SMR project could serve as a foothold for growth as a global SMR player." He added, "Above all, as the SMR market is expected to grow rapidly in the future, collaboration with NuScale will help secure leadership and expand business in global markets including Eastern Europe and Asia, making growth prospects more visible."

Meanwhile, in December last year, Samsung C&T signed a cooperation MOU with Canful Next, a private SMR developer in Sweden, to develop SMR projects in Sweden. Canful Next has completed preliminary surveys of two sites in southeastern Sweden for SMR power plant operation. Samsung C&T plans to immediately begin follow-up work for power plant construction, including technology selection and environmental impact assessments, together with Canful Next. Canful Next and Samsung C&T are also developing business models such as directly supplying electricity generated by the SMR power plant to data centers within Sweden, aiming to complete the SMR power plant by 2032.