ASIA PACIFIC EQUITY RESEARCH: ASIA FIRST TO MARKET

研报英文原文证据摘录

ASIA PACIFIC EQUITY RESEARCH: ASIA FIRST TO MARKET

Asia Pacific Equity Research

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Asia First to Market 31 July 2026

Top Stories

Samsung Electronics (005930.KS, OW – W209,500), South Korea (Jay Kwon)

Process of rewinding the unwind

We came back with a positive impression from the management 2Q26 result call today: clear LTA

communication and confidence in HBM/Foundry execution improvement alongside bullish outlook view

delivery. While the lack of a capital return announcement was a slight disappointment, we believe the

Samsung team will soon be ready to release the necessary plan (next key catalyst) to the market for

shareholder value maximization. Key underlying trends are unchanged (e.g. solid AI capex from key CSP

customers and robust token consumption from agentic AI) and we see few signs of fundamental cracks that

would divert our bullish cycle view. Samsung's LTA framework gives strong assurance to minimize the order

volatility and China competition risks appear overstated in the current share price. We believe the road to a

multiple normalization (FTM P/E from <4x to 6x) will take time in the current market environment (memory

down-cycle narratives); therefore, the opportunity cost will be substantially higher than in the past, and we

reset our target multiple to 6x F12M P/E (from 8x) and extend our timeframe to Jun-27; our price target falls

to W400K. The risk-reward could turn extremely attractive on a 12-month horizon under our belief of a