Brokerage : Daishin Securities
Analyst : Kangho Park (kangho.park@daishin.com)
Investment Rating : BUY (Maintained)
Target Price : KRW 2,400,000 (Raised)
Core Momentum : Valuation re-rating driven by a KRW 1.6 Trillion silicon capacitor contract win and customer-supported massive FC BGA capacity additions
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained) / 6-Month Target Price KRW 2,400,000 (Raised) (Current price KRW 1,970,000 as of June 9, 2026)
- Valuation Methodology: Applied historical upper-end average of 2027(E)–2028(E) EPS (reflecting valuation re-rating and premium)
- Annual Earnings Forecast Upgrades:
- 2027(E) EPS (Controlling) raised by +5.8% to KRW 20,958; Operating Profit raised by +5.7% to KRW 2.055 Trillion
- 2026(E) EPS (Controlling) raised by +0.6% to KRW 16,175; Operating Profit raised by +0.6% to KRW 1.551 Trillion
- Key Financial Metrics & Forecast:
- Revenue (KRW): 2024 KRW 10.294 Trillion → 2025 KRW 11.314 Trillion → 2026(E) KRW 13.303 Trillion → 2027(E) KRW 14.815 Trillion → 2028(E) KRW 15.950 Trillion
- Operating Profit (KRW): 2024 KRW 735.0 Billion → 2025 KRW 913.0 Billion → 2026(E) KRW 1.551 Trillion → 2027(E) KRW 2.055 Trillion → 2028(E) KRW 2.254 Trillion
- Net Profit (Controlling) (KRW): 2024 KRW 679.0 Billion → 2025 KRW 706.0 Billion → 2026(E) KRW 1.255 Trillion → 2027(E) KRW 1.626 Trillion → 2028(E) KRW 1.790 Trillion
- EPS (KRW): 2024 KRW 8,752 → 2025 KRW 9,099 → 2026(E) KRW 16,175 → 2027(E) KRW 20,958 → 2028(E) KRW 23,067
- Valuation Multiples (PER / PBR / ROE):
- 2024: PER 14.1x, PBR 1.1x, ROE 8.2%
- 2025: PER 28.0x, PBR 2.1x, ROE 7.7%
- 2026(E): PER 102.9x, PBR 14.1x, ROE 12.3%
- 2027(E): PER 79.4x, PBR 12.2x, ROE 13.9%
- 2028(E): PER 72.1x, PBR 10.6x, ROE 13.3%
- 2Q 2026 Forecast (2Q26):
- Revenue: KRW 3.256 Trillion (+16.9% YoY, +1.5% QoQ)
- Operating Profit: KRW 387.0 Billion (+81.6% YoY, +37.8% QoQ, beating consensus of KRW 381.0 Billion)
- Net Profit: KRW 310.0 Billion (+138.9% YoY, +24.4% QoQ)
🚀 2. [Market Opportunities & Business Outlook]
- FC BGA Segment (Client-Supported Mega Investments):
- Utilization & Bottlenecks: Line utilization is projected to reach theoretical full capacity (100%) by late 2026. Securing incremental capacity for 2028 operations requires near-term investment decisions.
- Co-Investment Framework: To secure guaranteed allocation, major Big Tech firms (Google, Amazon, Broadcom, Qualcomm, Tesla) are expected to participate in customer-supported financing structures in 3Q26, de-risking upfront capital expenditure.
- Silicon Capacitors (Asset-Light High-Margin Pillar):
- Order Pipeline: Secured a KRW 1.6 Trillion order covering 2027–2028, directly lifting 2027(E) EPS by +5.8%.
- Business Model: Operating on a fabless structure minimizes capital burden while generating superior margins. Rapid adoption in embedded AI server architectures opens significant room for follow-on contracts.
- MLCC & Robotics Growth Drivers:
- MLCC: Gaining market share over Murata in AI servers and Google TPU lines. Sustained fab utilization above 95% reinforces pricing power.
- Robotics: Expanding beyond camera modules into actuators for humanoid platforms (Tesla Optimus, Boston Dynamics Atlas), accompanied by rising content per robot for FC BGAs and MLCCs.
📝 Editor’s Comment (Perspective)
The analyst views Samsung Electro-Mechanics not merely as a conventional passive component maker, but as a premier beneficiary of the AI structural shift whose valuation profile is expanding through high-margin business diversification. This perspective underscores the qualitative transformation demonstrated by the KRW 1.6 Trillion asset-light silicon capacitor win, customer-funded FC BGA capacity additions with global Big Tech, and exposure to humanoid robotics hardware ecosystems.
To evaluate whether this investment thesis unfolds as anticipated, key verification checkpoints include the finalized terms and scale of the client-backed FC BGA expansion in 3Q26, sequential revenue recognition from the KRW 1.6 Trillion silicon capacitor contract starting in 2027, potential MLCC price increases in AI/TPU lines under 95%+ utilization, and commercial progress in humanoid robotics actuator supply. Progress on these fronts can be tracked via upcoming quarterly earnings announcements, official investor relations disclosures, and periodic regulatory filings.
📢 Disclaimer & Source
Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
Investment Risk Notice: This content is provided for informational and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell any specific securities. All investment decisions and financial responsibilities rest entirely with the investor.
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