한화투자증권 announced on August 24 that it has raised the target price for Samsung Life to 363,000 won, reflecting increased expectations for dividend yields due to Samsung Electronics' expanded shareholder return. However, the firm did not adjust its dividend estimates for Samsung Life, citing a lack of clear guidance on how the company plans to distribute its increased profits to shareholders.
Hanwha Investment Securities forecasts that Samsung Life's dividend income for the fourth quarter will increase by 2.872 trillion won compared to the average quarter, based on Samsung Electronics' shareholder return plan for 2026. Consequently, the estimated consolidated net profit for Samsung Life has been revised upward by 56% for 2026 and 211% for 2027.
Samsung Electronics has disclosed its anticipated scale of shareholder returns for 2026, estimating third-quarter dividends to be around 30 trillion won. The method for distributing the remaining shareholder return resources will be announced after a board meeting in January 2027.
The key issue remains how Samsung Life will allocate the increased resources to shareholders. While Samsung Life has officially proposed a long-term shareholder return rate of 50%, it has not confirmed specific target timelines or the process for achieving this goal.
Hanwha Investment Securities believes that there is a possibility that Samsung Life may not distribute special profits and may not increase its payout ratio.
Kim Do-ha, a researcher at Hanwha Investment Securities, stated, "We have raised the target price due to the expected increase in dividend yields and the expanded value of electronic shares, but we have not adjusted the dividend estimates. We plan to revise them after confirming clear guidance on the distribution principles."
* This article has been translated by AI.
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