Samsung Electronics: Upbeat earnings momentum continues into 2H and 2027 growth on track; Buy

研报英文原文证据摘录

Samsung Electronics: Upbeat earnings momentum continues into 2H and 2027 growth on track; Buy

Accessible version

Samsung Electronics

Upbeat earnings momentum continues into

2H and 2027 growth on track; Buy

Reiterate Rating: BUY | PO: 550,000 KRW | Price: 296,000 KRW

2Q OP exceeded bullish consensus; 3Q also promising 08 July 2026

Samsung Electronics (SEC) reported better-than-expected 2Q OP (W89.4tn) vs Equity

consensus (mid-W80tn) and our estimate (mid-W70tn). The key contributor should be

upbeat memory OPM (DRAM likely 80% even after special bonus provisions; NAND 65%,

Key Changesin our view; details to be disclosed at earnings call 30 July). We acknowledge that our

cost assumptions for memory were too conservative (new chip manufacturing/R&D and (W) Previous Current

even SG&A); ASP forecasts mostly unchanged (DRAM up 45% QoQ, NAND up 60%+). Price Obj. 520,000 550,000

That said, foundry, smartphone, and home appliances should have suffered from large 2026E EPS 38,513 43,732

loss or negative OPM (due to memory chip cost increase); display and Harman in line or 2027E EPS 47,642 57,529

slightly better due to solid positions (OLED, car audio). Overall, we breakdown 2Q OP 2028E EPS 44,942 54,979

into memory W91.1tn, logic/foundry -W2.1tn, display W0.6tn, DX -W0.36tn (mostly

smartphone), TV/consumer -W0.1tn, Harman W0.39tn). With memory ASPs continuing to Simon Woo, CFA >>

Research Analyst

rise (DRAM up ~20% QoQ, NAND likely up ~15% QoQ), quarterly operating profit should Merrill Lynch (Seoul)

exceed W100tn in 3Q for the first time and remain above that level through 2027–28. +82simon.woo@bofa.com2 3707 0554

2027 growth likely strong and 2028 soft-landing assumed MattResearchShinAnalyst>>

We assume softening memory ASP in 2028 (down 10-12% YoY for both DRAM/NAND).