Brokerage : Mirae Asset Securities
Analyst : Younggun Kim
Investment Rating : BUY (Maintained)
Target Price : KRW 370,000 (Maintained)
Core Momentum : Continued operating profit expansion driven by HBM-led DRAM ASP gains and structural supply tightness, supporting a potential valuation re-rating
📊 1. [Valuation & Key Financial Metrics]
- Stock & Valuation Indicators
- Current Price (as of 2026-08-13): KRW 268,000
- Target Price: KRW 370,000 (Upside: 38.1%)
- Rating: BUY (Maintained)
- 12M Forward P/E: 4.0x
- 12M Forward P/B: 1.7x
- Market Capitalization: KRW 1,566.80 Trillion
- Key Financial Forecasts (K-IFRS Consolidated)
- 2025: Revenue KRW 333.61 Trillion, Operating Profit KRW 43.60 Trillion (OPM 13.1%), Net Profit KRW 44.26 Trillion, EPS KRW 6,764
- 2026(F): Revenue KRW 737.75 Trillion, Operating Profit KRW 392.52 Trillion (OPM 53.2%), Net Profit KRW 309.97 Trillion, EPS KRW 46,469
- 2027(F): Revenue KRW 979.35 Trillion, Operating Profit KRW 558.93 Trillion (OPM 57.1%), Net Profit KRW 447.62 Trillion, EPS KRW 67,326
- 2028(F): Revenue KRW 985.74 Trillion, Operating Profit KRW 490.16 Trillion (OPM 49.7%), Net Profit KRW 412.01 Trillion, EPS KRW 61,970
🚀 2. [Market Opportunities & Business Outlook]
- DRAM Supply-Demand Dynamics & Pricing
- DRAM market conditions are projected to remain tight through 2028
- HBM price increases are expected to sustain an upward trend in overall DRAM ASP
- Forecast operating profit reaches approximately KRW 120 Trillion in Q3 2026 and KRW 558.93 Trillion for FY2027
- AI Infrastructure & Neo-Cloud Order Backlog
- Neo-cloud backlog continues to expand: CoreWeave backlog grew to USD 104 Billion (+246% YoY) with USD 25 Billion in new contracts added in early Q3
- Nebius secured USD 40 Billion in contracts, and server manufacturer SMC reached a record backlog with USD 60 Billion in new orders
- NVIDIA partnered with six financial institutions (including BlackRock, KKR, and Blackstone) to establish a USD 500 Billion AI infrastructure financing platform
- Foundry Business Environment
- Intel’s USD 20 Billion capital raise highlights capital market valuation for leading-edge foundry capacity
- Potential re-rating for Samsung Foundry supported by Tesla-related revenue and favorable ASP adjustments
📝 Editor’s Comment (Perspective)
The analyst evaluates Samsung Electronics as a business entering a phase of simultaneous earnings growth and valuation re-rating, supported by HBM-led DRAM price increases and persistent supply tightness, especially given valuation multiples that have contracted toward pre-AI-cycle levels. Rather than focusing on short-term price adjustments, this perspective places greater weight on the upward trajectory of DRAM ASP fueled by AI infrastructure demand and the latent valuation upside in its leading-edge foundry business.
To verify whether this investment thesis holds going forward, key tracking points include whether HBM price increases continue to drive overall DRAM ASP gains and quarterly earnings growth, and whether favorable unit pricing and shipments—including Tesla-related revenue—materialize into operational results for the foundry segment. These developments can be monitored through upcoming quarterly earnings releases, official IR presentations, and periodic regulatory filings.
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