Samsung Electro-Mechanics: 2Q26 results beat; impressive growth trajectory amid share volatility; OW

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Samsung Electro-Mechanics: 2Q26 results beat; impressive growth trajectory amid share volatility; OW

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

30 July 2026

Samsung Electro-Mechanics Overweight

009150.KS, 009150 KS

2Q26 results beat; impressive growth trajectory amid Price (30 Jul 26):W883,000

share volatility; OW Price Target (Jun-27):W2,400,000

SEMCO’s 2Q earnings were a beat on both stronger FC-BGA and MLCC margins, Technology - Semiconductors

ACand we believe management’s commentary reinforced our bullish MLCC cycle Jay Kwon

view of a tight industry S-D underpinned by supply shortages from a rising AI- (82-2) 758-5725

grade MLCC mix. Management announced multiple LTAs for MLCC products, jay.h.kwon@jpmorgan.com

and we expect this to provide stability in the MLCC demand outlook, although the Sangsik Lee

magnitude of the LTA sales mix should be relatively lower than for other AI (82-2) 758 5146

upstream components. SEMCO’s share price has been extremely volatile in the sangsik.lee@jpmorgan.com

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

past three months (trading at W900k-W2mn) and was under pressure in the past Branch

month (-59% vs. Kospi -34%). Barring the volatility, we pick up greater evidence

of the MLCC industry’s contributing a critical role in AI infrastructure (power and

current control function), and we find SEMCO in a unique solution provider

position (the only supplier globally able to offer various types of capacity and

substrate). We maintain our bullish view on the company and recommend investors

accumulate.

• LTAs for MLCC and price hikes across distribution channels. Including

the two recent silicon capacitor orderwins, the SEMCO team sees strong

traction for AI-grade MLCC and announced multiple LTAs, with contract