Key Takeaways from K-Talk: Samsung SDI | Asia Pacific

研报英文原文证据摘录

Key Takeaways from K-Talk: Samsung SDI | Asia Pacific

Update

June 16, 2026 07:54 AM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MSamsung SDI | Asia Pacific Young Suk Shin

Equity Analyst

Key Takeaways from K-Talk Young.Shin@morganstanley.comChan Park +82 2 399-4994

Research Associate

Chan.Park1@morganstanley.com +82 2 399-9920

We recently hosted Samsung SDI in our K-Talk webcast and

followed up with a company visit. We highlight key takeaways

from the recent engagements.

Key Takeaways

Samsung SDI (006400.KS, 006400 KP)

2Q26 performance appears to be tracking broadly in-line with guidance - QoQ S. Korea Autos & Shared Mobility | S. Korea

improvements are coming from all segments with the BBU leading the way. Stock Rating Overweight

Industry View In-Line

SDI has applied for US tariff refunds but the timing and magnitude of recognition Price target W850,000

is unconfirmed at this point. Up/downside to price target (%) 54

Shr price, close (Jun 15, 2026) W553,000

The company is looking to expand its US ESS capacity to mid-30GWh by end- 52-Week Range W723,000-165,900

Sh out, dil, curr (mn) 81

2027 but room for additional expansion beyond that remains less clear. Mkt cap, curr (bn) W44,564

EV, curr (bn) W42,764

Avg daily trading value (bn) W259

Mid Q update: Management maintained its guidance of moderate QoQ revenue

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

growth with a narrowing of operating losses for 2Q26 (vs -4.4% OPM in 1Q26). The

EPS (W)** (8,059) 4,323 11,163 16,831

small-sized segment appears to be tracking mildly better on robust BBU (battery Prior EPS (W)** - - - -

backup unit) momentum but this is being offset by mildly softer Energy Storage EPS (W)§ (8,454) 4,190 16,448 24,041

Revenue, net (W bn) 13,267 15,627 18,309 20,786