Samsung Electro-Mechanics (009150.KS): Robust 2027E ASP Momentum on AI MLCC, FC-BGA Shortage, and New Demand from Silicon Capacitor

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Samsung Electro-Mechanics (009150.KS): Robust 2027E ASP Momentum on AI MLCC, FC-BGA Shortage, and New Demand from Silicon Capacitor

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25 Jun 2026 07:06:50 ET │ 16 pages

Samsung Electro-Mechanics

(009150.KS)

Robust 2027E ASP Momentum on AI MLCC, FC-BGA Shortage, and

New Demand from Silicon Capacitor

CITI'S TAKE Buy

We project Samsung Electro-mechanics (Semco) to continue to benefit Catalyst Watch: Upside, expires 25-AUG-26

from the strong MLCC ASP momentum throughout 2027E as highlighted in Price (22 Jun 26 15:45) W2,228,000

our recent upside Catalyst Watch report in May (Link). We project Semco to Target price W3,000,000↑fully capitalize on its first-ever concurrent upcycles across MLCC, FC-BGA,

silicon capacitor, and physical AI. Reflecting higher-than expected ASP from W2,000,000

across diverse products, we raise our TP to W3,000k and reiterate Buy. Expected share price

34.6%

Expect MLCC ASP Uptrend thanks to AI MLCC Leadership — We project Semco’s return

26E/27E MLCC ASP to grow +30%/+71% YoY driven by robust AI server demand and Expected dividend yield 0.1%increased MLCC content in next-gen AI server platforms. We project AI MLCC supply

tightness to intensify throughout 2027E mainly due to solid AI server demand and Expected total return 34.8%

limited number of AI MLCC suppliers. Market Cap W166,417,552M

FC-BGA Undersupply to Intensify in 2027E — As Semco’s CEO mentioned during US$108,756M

the shareholder’s meeting on March this year, FC-BGA demand has exceeded the

Co’s supply by 50% (DealSite, 18 March 2026). We anticipate the FC-BGA shortage

to become worse than our initial expectation on the back of new AI FC-BGA projects.

While Semco has been allocating its 26E/27E capacity for global big tech customers,