Morning News & Views - Asia: A Summary of Select Global Markets Research

研报英文原文证据摘录

Morning News & Views - Asia: A Summary of Select Global Markets Research

Morning News & Views - Asia

A Summary of Select Global Markets Research

8 July 2026

HIGHLIGHTS FOR TODAY

Quick Note - Samsung Electronics (005930 KS) (Buy) - 2Q strong beat with impressive memory results (TP KRW 670,000)

CW Chung - NIHK / Eon Hwang - NFIK / YJ Kim, CFA - NFIK

2Q earnings surprise; pre-bonus OP of KRW110tn. Samsung Electronics (SEC) announced 2Q26 preliminary results with revenue

of KRW171tn and OP of KRW89tn. This is a surprise, as it exceeds our OP forecast of KRW76tn. The company’s OP is a quarterly

profit scale of nearly 1.5-2 times that of competitors with similar market capitalization, and is at the highestlevel of quarterly profit

among global tech companies. Considering that bonus provisions of c. KRW20tn for 1Q and 2Q26 were all reflected in the 2Q

statement, we estimate that SEC’s pre-bonus 2Q OP should have been around KRW110tn. Memory strength continued; sluggish

profitability of foundry/LSI and MX divisions. This earnings surprise implies that SEC’s memory division performance substantially

beat our expectation, even considering memory price differentiation by suppliers is progressing, as mentioned in our June 24 report

. We estimate the Foundry/LSI division recorded slightly improved pre-bonus operating losses in 2Q compared to the prior quarter,

but the deficit scale should have grown larger upon inclusion of bonus provisions.

India NBFCs - 1QFY27F preview: Smooth sailing

Shreya Shivani - NFASL / Ankit Bihani - NFASL / Shreyas Pimple - NFASL

We prefer BAF over CIFC as valuation gap has narrowed; commentary around cost of funds key monitorable

Diversified lenders: Healthy AUM growth momentum and range-bound credit cost expected; margin pressure for most. We expect