J.P. Morgan GEMS FTM 15 Jun 26 Samsung Electro-Mechanics; Asian MLCC Industry; Samsung SDI; AIDC Power Supply Chain; Peruvian Banks; LatAm Agribusiness and More

研报英文原文证据摘录

J.P. Morgan GEMS FTM 15 Jun 26 Samsung Electro-Mechanics; Asian MLCC Industry; Samsung SDI; AIDC Power Supply Chain; Peruvian Banks; LatAm Agribusiness and More

Global Equity Research

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GEMS First To Market 15 June 2026

Top Stories

Samsung Electro-Mechanics (Jay Kwon) (009150 KS, OW, PT W2,400,000), South Korea

Leveraging up-cycle with full-scale price tailwind; PT hike to W2.4mn

Based on our MLCC Industry S-D model launch, we believe SEMCO will seize a greater EPS growth opportunity than its peers

based on its solid business execution (AI server grade MLCC design wins as well as new entry into silicon capacitor business).

We believe capacity penalty/loss from the industry demand transition remains a key upside risk to investor expectations and

lays the foundation for a greater MLCC margin profile in 2028E (OPM: 34%) vs. historical peak in 2018 (OPM: 31%).

Furthermore, we have observed increasing ABF substrate order discussions beyond 2028E which could signal an extended

up-cycle duration with favorable pricing and supply terms. These fundamental changes remain robust and we view SEMCO as

having entered a new growth chapter which justifies a valuation multiple re-rating. We increase FY26-28E EPS by 3-22%, raise

our June-27 PT to W2.4mn and recommend investors accumulate .

Asian MLCC Industry (Jay Kwon/Akinori Kanemoto/Jerry Tsai), South Korea

Introducing our long-term S&D model with a multi-year bullish view; prefer JP/TW names over KR