How Completing LNG Canada’s First Phase At JGC Holdings (TSE:1963) Has Changed Its Investment Story

• Fluor Corporation announced that, together with joint venture partner JGC Corporation, it has completed Train 2 of the LNG Canada Project in Kitimat, British Columbia, finalizing the first phase of Canada’s first LNG mega-project with an annual capacity of up to 14 million tonnes.
• This milestone reinforces JGC Holdings’ position in large-scale LNG infrastructure and highlights its role in delivering complex, export-focused energy assets with environmental and Indigenous engagement priorities.
• Next, we’ll examine how JGC’s role in completing LNG Canada’s first phase may reshape its investment narrative around engineering execution.

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JGC Holdings Investment Narrative Recap

To own JGC Holdings, you need to believe it can turn a historically volatile EPC portfolio into more predictable earnings, while keeping large LNG projects under tighter control. The completion of LNG Canada’s first phase is encouraging for execution credibility, but it does not remove the near term risk that any cost overruns or delays on other big contracts could again pressure margins and confidence in the turnaround.

The recent decision on 11 November 2025 to raise full year guidance, citing “improved profitability from steady execution of multiple EPC projects,” now sits in sharper focus alongside the LNG Canada milestone. Together, they frame a near term test of whether JGC’s governance and project risk controls are really improving or whether the backlog still hides pockets of downside that could reappear in future revisions.

Yet behind the positive guidance, investors should be aware of the lingering risk that project execution setbacks could still...

Read the full narrative on JGC Holdings (it's free!)

JGC Holdings' narrative projects ¥763.0 billion revenue and ¥35.9 billion earnings by 2028. This requires a 3.3% yearly revenue decline and about a ¥43.1 billion earnings increase from ¥-7.2 billion today.

Uncover how JGC Holdings' forecasts yield a ¥1740 fair value, a 6% downside to its current price.

Exploring Other Perspectives

One member of the Simply Wall St Community values JGC at ¥2,406.83, highlighting how even a single detailed view can differ from current pricing. Against that, the central execution risk on large LNG and hydrocarbon EPC projects remains a key issue that could sway how you interpret any perceived discount or premium.

Explore another fair value estimate on JGC Holdings - why the stock might be worth just ¥2407!

Build Your Own JGC Holdings Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your JGC Holdings research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free JGC Holdings research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate JGC Holdings' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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