GEMS FIRST TO MARKET

研报英文原文证据摘录

GEMS FIRST TO MARKET

Global Equity Research

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GEMS First To Market 08 July 2026

Top Stories

Samsung Electronics (Jay Kwon) (005930 KS, OW, PT W480,000), South Korea

2Q26 headline results beat; focus on durability of earnings cycle beyond 2H26

Samsung Electronics (SEC) disclosed 2Q26 headline results above the recently revised-down consensus estimate after

recognizing W15+trn worth of labor cost provisions covering the two quarters of 1H26. Given our bullish view on the near-term

memory market S-D (i.e. CPU taking over LPDDR supply with demand upward revision and ongoing enterprise SSD order

strength), we continue to see memory pricing in favor of suppliers and expect another leg of upward EPS revisions. The current

share price (SEC shares are trading at 5.2x FTM P/E, the cheapest memory stock globally) appears to price in only a little of

the structural S&D dynamic shifts (e.g., multi-year shortage, growing LTA mix, and other factors). We reiterate our bullish

“longer for higher up-cycle” view on the memory industry and SEC shares, and recommend investors accumulate. The

company is likely to disclose the full earnings details on July 30, Asia morning time.

| Korea Auto Parts & Robotics (Sonny Lee), South Korea

Risk/reward looks more attractive after 36%/37% correction from the peak; U/G Mobis/Mando to OW/

N

We upgrade Hyundai Mobis (Mobis; N to OW) and HL Mando (Mando; UW to N) as prices now largely reflect core businesses,

leaving robot actuators as incremental optionality.