Samsung Electro Mechanics (009150 KP): Buy: 2Q earnings beat; stronger momentum likely in 3Q26

研报英文原文证据摘录

Samsung Electro Mechanics (009150 KP): Buy: 2Q earnings beat; stronger momentum likely in 3Q26

erpin EV/EBITDA (x) 35.1 21.3 12.7 8.6

earnings visibility. We therefore assume 39% q-o-q operating profit growth to ROE (%) 7.7 15.4 27.2 33.7

KRW614bn (+136% y-o-y) on sales of KRW3.8trn (+10% q-o-q, +32% y-o-y). MLCC

52-WEEK PRICE (KRW)

content growth in servers and substrates for AI computing should accelerate, and we

expect 2026 operating profit to reach KRW2.1trn (+127% y-o-y) on sales of 2600000.00

KRW14.6trn (+29% y-o-y). 1300000.00

Full beneficiary of the three pillars of the AI boom. The share price has corrected 0.00

61% from the recent peak (vs. KOSPI down 38%), reflecting: 1) concerns around a 07/25 01/26 07/26

Target price: 2000000.00

potential slowdown in data-centre capex; 2) valuation; and 3) potential price pressure High: 2270000.00 Low: 143300.00 Current: 879000.00

from memory price hikes. We see fundamentals as intact and believe SEMCO retains Source: LSEG IBES, HSBC estimates

upside as momentum builds across: 1) a strengthening FC-BGA/ABF substrate cycle

supported by larger chip sizes; 2) accelerating MLCC demand, driven by AI server Ricky Seo*

Head of Korea Research, Semiconductor and Display

content growth, 800V DC conversion; and 3) progress in high-value new products The Hongkong and Shanghai Banking Corporation

such as silicon capacitors and glass substrates. In our view, SEMCO is among the Limited, Seoul Securities Branch rickyjuilseo@kr.hsbc.com

most leveraged beneficiaries of the structural AI data-centre upgrade cycle, +82 2 3706 8777

underpinned by three major technology shifts: ongoing GPU/CPU upgrades; greater Han Kil Chang*

optical communication across racks and pods; and increasing adoption of high- Research Analyst, Korea Technology