Samsung Electro Mechanics (009150 KP): Buy: Diversified upside across the AI data centre boom

研报英文原文证据摘录

Samsung Electro Mechanics (009150 KP): Buy: Diversified upside across the AI data centre boom

18 June 2026

Equities

Samsung Electro Mechanics Electronic Equipment &

(009150 KP) Instruments

Buy: Diversified upside across the AI data centre boom Korea

◆ Positioned to capture AI factory capex across compute, optical

MAINTAIN BUY

interconnect, and next-generation 800V DC power shift

◆ Structural tailwinds in substrates/MLCC plus incremental upside TARGET PRICE (KRW) PREVIOUS TARGET (KRW)

from a higher-margin silicon capacitor ramp 2,700,000 620,000

◆ Reiterate Buy; raise TP to KRW2.7m (from KRW620k)

SHARE PRICE (KRW) UPSIDE/DOWNSIDE

Full upside from the three pillars of the AI boom: SEMCO’s share price is up 659% YTD 2,048,000 +31.8%

(vs. KOSPI up 102%) and we see further room to run as momentum builds across 1) a (as of 16 Jun 2026)

strengthening FCBGA substrate cycle, supported by larger chip sizes; 2) accelerating MLCC

MARKET DATAdemand, driven by AI server content growth; and 3) rapid progress in high-value new products Market cap (KRWb) 152,973 Free float 70%

including silicon capacitors and glass substrates. In our view, SEMCO is among the most Market cap (USDm) 101,352 BBG 009150 KP

leveraged beneficiaries of the structural AI data-centre upgrade cycle, underpinned by three 3m ADTV (USDm) 807 RIC 009150.KS

powerful tech shifts: 1) ongoing GPU/CPU upgrades; 2) optical communication across the

FINANCIALS AND RATIOS (KRW)

rack and pod; and 3) increasing adoption of high-voltage power and DC conversion. With this Year to 12/2025a 12/2026e 12/2027e 12/2028e

report, Ricky Seo assumes primary coverage of SEMCO at Buy with a TP of KRW2.7m. HSBC EPS 9346.64 19029.54 39603.02 65232.00

HSBC EPS (prev) 9346.64 15761.54 24421.59 na