Category: RESEARCH

Brokerage : Yuanta Securities Analyst : Anna Lee Investment Rating : BUY (Initiation) Target Price : KRW 190,000 (Initiation) Core Momentum : Surging MLCC content per device across AI hardware and tight high-spec supply driving expectations for 2H25 ASP hikes, combined with mid-to-long term structural growth in AI server and automotive FC-BGA substrates. 📊 1….

Read More “[Research] Samsung Electro-Mechanics (009150) – Yuanta Securities | AI MLCC Wave · AI Server & Automotive FC-BGA · Coverage Initiation / 2024-09-05” »

Market: KOSPI (000660) Brokerage : Kiwoom Securities Analyst : Yu-ak Park Investment Rating : BUY (Upgraded from Marketperform) Target Price : KRW 200,000 Core Momentum : Upgrade to BUY driven by priced-in AI peak-out concerns following steep price correction, alongside potential 2025 CapEx cuts improving long-term DRAM supply dynamics 📊 1. [Valuation & Key Financial…

Read More “[Research] SK hynix (000660 / SKHY) – Kiwoom Securities | 3Q24 Earnings Upgrade · CapEx Cut Outlook · Rating Upgraded to BUY / 2024-08-06” »

Brokerage : IBK Securities Analyst : Un-oh Kim Investment Rating : BUY (Maintained) Target Price : KRW 190,000 (Maintained) Core Momentum : Steady expansion of non-IT MLCC share, new customer acquisitions, and substrate growth driven by server, network, and automotive demand are expected to sustain earnings momentum through Q3. 📊 1. [Valuation & Key Financial…

Read More “[Research] Samsung Electro-Mechanics (009150) – IBK Securities | Non-IT MLCC · Substrate Growth · Earnings Momentum / 2024-08-01” »

Brokerage : Shinhan Securities Analyst : Kang-ho Oh Investment Rating : BUY (Maintained) Target Price : KRW 210,000 (Maintained) Core Momentum : The proliferation of AI devices is driving demand recovery and product mix enrichment, positioning the company for concurrent earnings growth and valuation re-rating into 2025. 📊 1. [Valuation & Key Financial Metrics] 🚀…

Read More “[Research] Samsung Electro-Mechanics (009150) – Shinhan Securities | AI Device Demand · High-Value Mix · Valuation Re-rating / 2024-08-01” »

Brokerage : Kiwoom Securities Analyst : So-won Kim Investment Rating : BUY (Maintained) Target Price : KRW 210,000 (Maintained) Core Momentum : Strong demand for high-value AI server and automotive MLCCs, coupled with market-beating FC-BGA substrate expansion and new H2 2024 AI accelerator supply, is projected to drive simultaneous margin recovery across core divisions. 📊…

Read More “[Research] Samsung Electro-Mechanics (009150) – Kiwoom Securities | AI Server Demand · Substrate Recovery · Profitability Expansion / 2024-08-01” »

Brokerage : iM Securities Analyst : Eui-young Koh, Woo-sung Sohn Investment Rating : BUY (Maintained) Target Price : KRW 200,000 (Maintained) Core Momentum : Structural mix improvement toward AI servers and automotive applications, combined with MLCC utilization reaching 90% in Q3, is expected to drive steady fundamental transformation despite slow IT set demand recovery. 📊…

Read More “[Research] Samsung Electro-Mechanics (009150) – iM Securities | Automotive & Industrial Mix · MLCC Utilization · Structural Transformation / 2024-08-01” »

Brokerage : SK Securities Analyst : Hyoung-woo Park, Min-gyu Kwon Investment Rating : BUY (Maintained) Target Price : KRW 224,000 (Raised) Core Momentum : Structural earnings recovery is projected to accelerate driven by supply constraints from disciplined industry CAPEX, utilization approaching 90%, and potential broad-based ASP hikes following product mix improvements. 📊 1. [Valuation &…

Read More “[Research] Samsung Electro-Mechanics (009150) – SK Securities | MLCC Utilization · Supply Tightness · Margin Expansion / 2024-08-01” »

Brokerage : Mirae Asset Securities Analyst : Jun-seo Park Investment Rating : BUY (Maintained) Target Price : KRW 200,000 (Maintained) Core Momentum : Entering a high-utilization phase (>90%) for MLCCs in 3Q24 driving strong operational leverage, combined with easing Japanese Yen depreciation and growing server substrate demand. 📊 1. [Valuation & Key Financial Metrics] 🚀…

Read More “[Research] Samsung Electro-Mechanics (009150) – Mirae Asset Securities | MLCC Fab Utilization Surge · Operational Leverage · AI Growth / 2024-08-01” »

Brokerage : Daishin Securities Analyst : Kang-ho Park Investment Rating : BUY (Maintained) Target Price : KRW 200,000 (Maintained, 6M Target Price) Core Momentum : Sustaining robust operating profit growth in 2024 (+30.4% YoY) and 2025 (+29.9% YoY) driven by the initial revenue recognition of AI server FC-BGA substrates starting 3Q24 alongside rising MLCC fab…

Read More “[Research] Samsung Electro-Mechanics (009150) – Daishin Securities | High-Value MLCC & FC-BGA · AI Server Expansion · High-Growth Earnings / 2024-08-01” »

Brokerage : Hana Securities Analyst : Rok-ho Kim, RA: Young-kyu Kim Investment Rating : BUY (Maintained) Target Price : KRW 200,000 (Maintained, 12M Target Price) Core Momentum : Expanding earnings quality and visibility across business units as AI benefits broaden from AI servers to 2H On-Device AI MLCCs, reinforced by the 3Q ramp-up of server…

Read More “[Research] Samsung Electro-Mechanics (009150) – Hana Securities | AI Beneficiary Expansion · Server FCBGA Ramp · High-Quality Earnings / 2024-08-01” »