Samsung Electronics (005930 KP): Buy: Another record high earnings in 2Q26

研报英文原文证据摘录

Samsung Electronics (005930 KP): Buy: Another record high earnings in 2Q26

high-end smartphone makers.

52-WEEK PRICE (KRW)

Upward memory pricing to boost 3Q earnings: We forecast 3Q OP of KRW110trn 500000.00

(+25% q-o-q) on sales of KRW206trn (+20% q-o-q, +139% y-o-y), supported by

255500.00

(1) DRAM and NAND price increases of both 15% q-o-q, (2) peak-season OLED

demand with new foldable launches, and (3) margin recovery in smartphones from 07/25 01/26 07/2611000.00

new product launches and system IC/foundry as utilisation improves above 80%. Target price: 450000.00

High: 362500.00 Low: 60400.00 Current: 296000.00

Further catalysts: (1) stronger general-server demand should lift server and mobile Source: LSEG IBES, HSBC estimates

DRAM pricing, while HBM4 supply lifts blended ASP/margins; (2) SO-CAMM2 for

Vera CPUs and LPDDR5x for Arm-based CPUs may deepen DRAM tightness; Ricky Seo*

(3) eSSD demand from general servers could keep NAND pricing firm to 2027. We Head of Korea Research, Semiconductor and Display

The Hongkong and Shanghai Banking Corporation

expect US CSP capex growth of 72%/22% in 2026/27, supporting OP growth to Limited, Seoul Securities Branch

KRW513trn (+37% y-o-y) in 2027 after KRW376trn (+760% y-o-y) in 2026. rickyjuilseo@kr.hsbc.com +822 3706 8777

Supercycle from booming agentic AI; HBM price hikes ahead: We view the memory Han Kil Chang*

Research Analyst, Korea Technology

cycle as comparable to the 1990–95 supercycle, when PCs became the default office The Hongkong and Shanghai Banking Corporation

tool. Agentic AI should improve office productivity and reshape workflows. Improving AI Limited, Seoul Securities Branch

han.kil.chang@kr.hsbc.com

service margins continue to underpin strong cloud spending, and CSPs are unlikely to +822 3706 8750