Fact Source: Kyobo Securities / Report Date: July 1, 2026
Investment Opinion & Target Price: BUY (Maintain) / 500,000 KRW (Raised)
Key Momentum: Securing the top market share in commoditized DRAM/NAND alongside the full-scale rollout of HBM4 supply to NVIDIA, triggering a comprehensive recovery in overall semiconductor competitiveness.
📊 1. [Valuation Indicators & Investment Metrics Analysis]
- Investment Opinion & Target Price Trend: Maintained the ‘BUY’ rating and upwardly revised the target price to KRW 500,000. The revision reflects structural supply shortages persisting through 2028 driven by Agentic AI expansion, easing incentive/bonus provisions, and a sharp narrowing of losses in the system semiconductor/foundry segments.
- Key Financial Metrics & Valuation Forecasts:
- Revenue: 2024: KRW 300.87T ➡️ 2025: KRW 333.61T ➡️ 2026E: KRW 732.71T ➡️ 2027E: KRW 969.23T ➡️ 2028E: KRW 1,024.32T
- Operating Profit: 2024: KRW 32.73T ➡️ 2025: KRW 43.60T ➡️ 2026E: KRW 366.41T ➡️ 2027E: KRW 490.01T ➡️ 2028E: KRW 466.44T
- P/E (Price-to-Earnings Ratio): 2024: 9.8x ➡️ 2025: 16.6x ➡️ 2026E: 6.0x ➡️ 2027E: 4.4x ➡️ 2028E: 4.5x
- P/B (Price-to-Book Ratio): 2024: 0.9x ➡️ 2025: 1.9x ➡️ 2026E: 2.9x ➡️ 2027E: 1.9x ➡️ 2028E: 1.4x
- EV/EBITDA: 2024: 3.6x ➡️ 2025: 7.7x ➡️ 2026E: 4.5x ➡️ 2027E: 2.9x ➡️ 2028E: 2.5x
- ROE (Return on Equity): 2024: 9.0% ➡️ 2025: 10.8% ➡️ 2026E: 54.7% ➡️ 2027E: 45.6% ➡️ 2028E: 31.0%
🚀 2. [Market Opportunities (TAM) & Detailed Earnings Estimates]
- 2Q26 Earnings Preview & Estimated Data:
- Consolidated Revenue: Estimated at KRW 176.2T, growing +136.4% YoY and +31.6% QoQ.
- Operating Profit: Estimated at KRW 80.3T, exploding +1,618.0% YoY and +40.4% QoQ. While it slightly misses the market consensus of KRW 86.0T due to the reflection of provision expenses, it marks an all-time high quarterly performance backed by strong memory pricing power and exchange rate tailwinds.
- Overall OP Margin: Projecting a robust 45.6% margin for the quarter.
- Segment Breakdown & Growth Drivers (2Q26):
- DS (Device Solutions) Division: Generates the lion’s share of profits with an estimated operating profit of KRW 77.8T (OPM 61%).
- DRAM: Bit Growth (B/G) +6%, ASP +46% YoY (+374%). Price hikes rather than shipment volume are steering the performance.
- NAND: Bit Growth (B/G) +1%, ASP +58% YoY (+304%).
- Set & Other Divisions: MX/Networks posted KRW 32.6T in revenue (OPM 3.4%), VD/DA recorded KRW 15.1T (OPM 1.7%), and Harman achieved KRW 3.7T (OPM 8.0%), showing limited earnings contribution due to seasonal low demand. Foundry & System LSI are seen continuing their loss-reduction trends.
- H2 Outlook & Future Guidance:
- For full-year 2026E, Revenue is modeled at KRW 732.7T (+119.6% YoY) and Operating Profit at KRW 366.4T (OPM 50.0%). Earnings momentum will accelerate through Q3 and Q4 as the DS division’s operating margin recovers toward 75%, matching the expanding volume of HBM4 shipments.
📝 Editor’s Comment (by K-STOCK Editor)
Samsung Electronics’ 2Q26 preview signals a magnificent paradigm shift where financial scale meets next-generation technology validation. Although the headline operating profit of KRW 80.3T slightly fields beneath consensus due to temporary provisions, the underlying core asset is the unprecedented pricing power within its DRAM and NAND divisions, recording explosive year-on-year ASP jumps. The core investment thesis, however, rests upon the narrative transformation: transitioning from a legacy commodity giant to a high-bandwidth leader. By initiating its initial HBM4 shipments directly to NVIDIA, Samsung Electronics effectively bridges the premium hardware gap that previously weighed down its multi-year relative valuation. Coupled with the structural supply deficits extending through 2028 and a projected DS margin recovery to 75% in H2, the upgraded target price of KRW 500,000 stands justified as a reflection of newly captured structural earnings power rather than cyclical volatility.
📢 Disclaimer & Source Information Source: This content has been newly structured and written based on financial facts and data from officially published securities reports.
Investment Risk Notice: This content is provided solely for informational and linguistic reference purposes. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific stocks. All investment decisions and financial liabilities rest entirely with the investor.
Contact: For compliance inquiries or copyright requests, please contact ksb220805@gmail.com.
🔥 Bulls vs Bears, drop your analysis in the comments!
