Although Operating Profit Was Below Market Consensus, Many Brokerages Have Already Cut Earnings Forecasts to Around KRW 60 Trillion Over the Past 2-3 Weeks, So This Earnings Miss vs Consensus Is Not New Negative News and Has Been Largely Priced In by the Market.

English summary

*Earnings highlights: AI server demand remains strong, HBM remains the core driver of earnings growth. The share of high-value-added DRAM products continues to rise, maintaining gross margin and operating margin at historical highs. Meanwhile, AI memory demand still clearly exceeds supply, and the company continues to benefit from hyperscaler AI capex growth. Subsequent market focus (9:00 AM analyst meeting): The current market focus is not on the published financials, but on management's outlook on the following topics: 1. HBM4 and HBM4E shipment schedules and customer demand; 2. 2026 H2 AI memory demand outlook; 3. Latest progress on long-term supply agreements with major customers such as NVIDIA; 4. DRAM, NAND price trends and gross margin outlook; 5. 2027 industry supply-demand landscape and capex plans. ...