Samsung Electronics: Process of rewinding the unwind

研报英文原文证据摘录

Samsung Electronics: Process of rewinding the unwind

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Samsung Electronics Overweight

005930.KS, 005930 KS

Process of rewinding the unwind Price (30 Jul 26):W209,500

▼Price Target (Jun-27):W400,000

Prior (Dec-26):W480,000

We came back with a positive impression from the management 2Q26 result call

today: clear LTA communication and confidence in HBM/Foundry execution Technology - Semiconductors

improvement alongside bullish outlook view delivery. While the lack of a capital Jay Kwon AC

return announcement was a slight disappointment, we believe the Samsung team (82-2) 758-5725

will soon be ready to release the necessary plan (next key catalyst) to the market jay.h.kwon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

for shareholder value maximization. Key underlying trends are unchanged (e.g. Branch

solid AI capex from key CSP customers and robust token consumption from Sangsik Lee

agentic AI) and we see few signs of fundamental cracks that would divert our (82-2) 758 5146

bullish cycle view. Samsung's LTA framework gives strong assurance to minimize sangsik.lee@jpmorgan.com

the order volatility and China competition risks appear overstated in the current J.P.BranchMorgan Securities (Far East) Limited, Seoul

share price. We believe the road to a multiple normalization (FTM P/E from <4x

Neelay Y Kamath

to 6x) will take time in the current market environment (memory down-cycle (91-22) 6157 3764

narratives); therefore, the opportunity cost will be substantially higher than in the neelay.kamath@jpmchase.com

past, and we reset our target multiple to 6x F12M P/E (from 8x) and extend our J.P. Morgan India Private Limited

timeframe to Jun-27; our price target falls to W400K. The risk-reward could turn