Source: Mirae Asset Securities / Issued June 25, 2026
Investment Opinion & Target Price: BUY / 550,000 KRW
Key Momentum: Securing a competitive edge in production capacity (Capa) during the memory price upcycle, leading to increased market share.
📊 1. Valuation & Financial Indicators
- Current Price (as of 6/24): 340,500 KRW
- Valuation (2026F):
- P/E: 7.2x (undervalued compared to the industry average of 9.0x)
- P/B: 3.1x
- Profitability Indicators (2026F):
- Expected Operating Profit: 382.495 Trillion KRW
- EPS Growth: 619.2%
- Stock Return (12M): 462.8% (Relative stock price: 106.2%)
🚀 2. Market Opportunity (TAM) & Detailed Earnings Estimates
- Memory Supply Environment:
- 3Q26/4Q26 contract prices for DDR5 have been revised upward by 10%–14% and DDR4 by 15%–16%.
- The 3Q26 Average Selling Price (ASP) has the potential to exceed a 20% increase, surpassing the currently reflected 10% projection.
- Production Capacity (Capa) Outlook:
- 2027 DRAM/NAND wafer Capa is projected at 790K and 403K, respectively.
- Market share within the industry is expected to expand to 33.2% for DRAM and 27.5% for NAND.
- Earnings Adjustment:
- The 2Q26 operating profit estimate has been adjusted downward to 84.1 Trillion KRW to reflect an expansion in performance-based bonus provisions to 35 Trillion KRW.
📝 Editor’s Comment (by K-STOCK Editor)
The report highlights that Samsung Electronics is securing a supply advantage during the memory price upcycle. The expansion of production capacity through 2027 is a core factor supporting long-term fundamentals. However, since the increase in performance-based bonus provisions was the direct cause for the downward adjustment of 2Q26 operating profit estimates, investors should carefully observe how the market digests such one-time costs and profit volatility. A prudent approach would involve closely checking changes in the cost structure hidden behind the impressive top-line growth.
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