2Q strong beat with impressive memory results Quick Note

研报英文原文证据摘录

2Q strong beat with impressive memory results Quick Note

Global Markets Research

Samsung Electronics 005930.KS 005930 KS 7 July 2026

EQUITY: TECHNOLOGY

Rating2Q strong beat with impressive memory results Remains Buy

Target price KRW 670,000 RemainsQuick Note

Closing price KRW 318,000 6 July 20262Q 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 Research Analysts

competitors with similar market capitalization, and is at the highestlevel of quarterly profit Asia Pacific Technology

among global tech companies. Considering that bonus provisions of c. KRW20tn for 1Q CW Chung - NIHK

and 2Q26 were all reflected in the 2Q statement, we estimate that SEC’s pre-bonus 2Q cwchung@nomura.com

OP should have been around KRW110tn. +852 2252 6075

Memory strength continued; sluggish profitability of foundry/LSI and MX divisions Korea Technology

This earnings surprise implies that SEC’s memory division performance substantially beat Eon Hwang - NFIK

our expectation, even considering memory price differentiation by suppliers is progressing, eon.hwang@nomura.com

+822 3783 2318as 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 YJ Kim, CFA - NFIK

deficit scale should have grown larger upon inclusion of bonus provisions. yj.kim1@nomura.com

+82237832332

In our view, the Display division appears to have better-than-expected shipment volumes

amid rising market share of leading companies such as Samsung and Apple (AAPL US,