2Q26 – Strong Beat, Multiple Growth Drivers Emerging

研报英文原文证据摘录

2Q26 – Strong Beat, Multiple Growth Drivers Emerging

Update

July 30, 2026 07:35 AM GMT

Morgan Stanley & Co. International plc+MSamsung Electro-Mechanics | Asia Pacific Shawn Kim

Equity Analyst

2Q26 – Strong Beat, Multiple Shawn.Kim@morganstanley.comMorgan Stanley & Co. International plc, Seoul Branch++44 20 7677-1018

Ryan Kim

Equity AnalystGrowth Drivers Emerging Ryan.G.Kim@morganstanley.com +82 2 399-4939

Morgan Stanley Asia Limited+

AlphaSignals Earnings Reaction Duan Liu

Strengthens our thesis Meaningful upside Modest revision higher

Duan.Liu@morganstanley.com +852 2239-7357

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Morgan Stanley & Co. International plc+

Source: Company data, Morgan Stanley Research Cindy Huang

Cindy.Huang@morganstanley.com +44 20 7425-2915

Key Takeaways

A strong 2Q26 result driven by AI tailwinds in both ABF and MLCC.

More LTAs are under negotiations with strategic partners for ABF, MLCC, silicon

capacitors and potentially glass substrates from 2028...

...backed by customer pre-payments amid aggressive AI infrastructure buildout. Samsung Electro-Mechanics (009150.KS, 009150 KP)

S. Korea Technology | S. Korea

Strong 2Q results ahead of expectations: While results beat a high bar among

Stock Rating Overweight

investors, the stock has corrected 60% MTD (vs. KOSPI -34% ) due to the AI-related Industry View Attractive

Price target W2,560,000

stock sell-off. Nevertheless, its fundamentals remain strong – we believe the Up/downside to price target (%) 191

premium AI-related product portfolio in substrates and component segments Shr price, close (Jul 30, 2026) W879,000

52-Week Range W2,417,000-134,900

further boost growth and margin profile over the mid-long term. Sh out, dil, curr (mn) 76