Samsung Electro-Mechanics "Silicon capacitor opportunity adding onto..."

研报英文原文证据摘录

Samsung Electro-Mechanics "Silicon capacitor opportunity adding onto..."

Global Research

21 May 2026ab

Samsung Electro-Mechanics Equities

KoreaSilicon capacitor opportunity adding onto

MLCC/FC-BGA upside Electric Components & Equipment

12-month rating Buy

12m price target Won1,450,000Silicon capacitor could offer another earnings growth vertical mid-LT

Prior : Won990,000

SEMCO yesterday after market close (link) disclosed a Won1.6trn order for silicon

capacitors from a 'global customer', with delivery set from Jan '27 to Dec '28. Whereas Price (20 May 2026) Won1,061,000

MLCC uses ceramic sheets, Si Cap is manufactured on a foundry/silicon process in turn RIC: 009150.KS BBG: 009150 KS

allowing for ultra-thin form factor with high capacitance + thermal stability but limited

in terms of density vs higher stacked MLCC (serving distinct needs and hence we believe Trading data and key metrics

complementary). For the announced order, we believe SEMCO is set to recognise 52-wk range Won1,061,000-117,300

Won550bn/Won1.05trn in related revenues in 2027/28E with initial margins at c.20%. Market cap. Won79,250b/US$52.6b

This order, we believe, likely marks the addition of another Si Cap customer for SEMCO Shares o/s 74.7m (ORD)

amidst growing AI/DC customer interest. Over time, in the context of AI server GPU/ Free float 64%

CPUs requiring higher power integrity (and hence MLCCs in closer proximity via Avg. daily volume ('000) 843

adoption of embedded PCB + Si Cap vs current MLCCs side-by-side), we believe this Avg. daily value (m) Won542,347.1

could prompt Si Cap to be another meaningful revenue driver for SEMCO mid-LT. Common s/h equity (12/26E) Won10643b

P/BV (12/26E) 7.4x

Seeing upside to both MLCC and FC-BGA ASP assumptions Net debt to EBITDA (12/26E) 0.2x