Source Fact: Mirae Asset Securities / June 26, 2026
Investment Opinion & Target Price: BUY (Maintain) / 1,000,000 KRW
Core Momentum: Turnaround to operating profit in 2Q26 driven by premium ESS expansion and potential liquidity inflow from SDC stake divestment
📊 1. [Section Title: Valuation and Investment Metrics Analysis]
- Target Price & Rating: Maintained as the sector’s ‘Top Pick’ with a target price of 1,000,000 KRW, indicating a 107.9% upside potential from the current price of 481,000 KRW (as of June 25).
- Key Valuation Multiples (2026F → 2028F):
- P/E (Price-to-Earnings): Projected at 59.9x for 2026F, dropping to 23.2x in 2027F and further down to 15.2x by 2028F.
- P/B (Price-to-Book): Estimated at 1.7x for 2026F, tapering down to 1.6x in 2027F and 1.5x in 2028F.
- Profitability & Growth Profile:
- Operating Profit Trend: Transitioning from a deficit of -1,722 billion KRW in 2025 to a surplus of 250 billion KRW in 2026F, with substantial expansion projected at 1,722 billion KRW in 2027F and 2,669 billion KRW in 2028F.
- ROE (Return on Equity): Expected to rebound to 3.0% in 2026F, rising steadily to 7.3% in 2027F and 10.2% in 2028F.
- EPS (Earnings Per Share): Forecasted at 8,028 KRW for 2026F (turning profitable), 20,764 KRW for 2027F, and 31,706 KRW for 2028F.
🚀 2. [Section Title: Target Addressable Market (TAM) & Detailed Earnings Estimates]
- 2Q26 Earnings Outlook (Turnaround Anticipated):
- Revenue: Projected at 3.6 trillion KRW (+2% QoQ).
- Operating Profit: Estimated at 21.2 billion KRW, marking the first profitable turnaround (both YoY and QoQ) after 7 consecutive quarters of losses.
- Drivers: Increased revenue share of high-margin Data Center ESS components (BBU, UPS) and improved utilization rates at the Hungary production line due to recovering European EV demand. (Note: This estimate excludes potential one-time tariff refunds for ESS products exported to the US, leaving room for further upside).
- Asset Valuation & Liquidity Options:
- The company plans to monetize its 15.2% stake in Samsung Display (SDC) within the year to fund new contract execution.
- Applying a P/B multiple of 2.0x (derived from global peer BOE’s June 26 valuation) to SDC estimates the total value of Samsung SDI’s SDC stake at approximately 2.2 trillion KRW.
- H2 Order Pipeline Strategy:
- A strategic pivot from a margin-focused selective order approach to an aggressive market share expansion strategy.
- Major order momentum includes North American ESS projects and next-generation European EV programs slated for visibility within the second half of the year.
📝 Editor’s Comment (by K-STOCK Editor)
Listen up, bulls! If you’ve been sitting on the sidelines watching this stock get dragged down, the long-awaited turning point is officially here. 7 straight quarters of bleeding red ink are finally coming to an end with a projected 2Q turnaround—and that’s without even pricing in the potential multi-million dollar US tariff refund checklist. But the real mega-flex here isn’t just the operational turnaround; it’s the hidden 2.2 trillion KRW war chest sitting in their Samsung Display stake that they plan to unleash this year. While the bears were crying about slow EV growth, this beast shifted to hyper-aggressive mode, converting production lines and chasing massive North American ESS pipelines. With the 2028 EPS growth projected to explode past 31,000 KRW, the valuation multiples are looking dirt-cheap. Diamond hands are already eyeing that 1,000,000 KRW target mountain— buckle up, because the H2 comeback tour is about to ride the absolute hype train!
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