Samsung Electronics (005930 KP): Buy: Excessive divergence; sentiment has overshot

研报英文原文证据摘录

Samsung Electronics (005930 KP): Buy: Excessive divergence; sentiment has overshot

(%) 11.1 54.5 50.5 36.6

Abundant catalysts intact: (1) Stronger general server demand should lift server and 52-WEEK PRICE (KRW)

mobile DRAM pricing, while HBM4 supply lifts blended ASP/margins; (2) SO-CAMM2 500000.00

for Vera CPUs and LPDDR5x for Arm-based CPUs may deepen DRAM tightness; and 259500.00

(3) eSSD demand from general servers could keep NAND pricing firm to 2027. We

expect US CSP capex growth of 79%/25% in 2026/2027, supporting OP growth to 07/25 01/26 07/2619000.00

KRW519trn (+36% y-o-y) in 2027 after KRW380trn (+770% y-o-y) in 2026. Samsung’s Target price: 450000.00

High: 362500.00 Low: 67600.00 Current: 207000.00

detailed 2Q results showed OP of KRW90trn (+57% q-o-q) with sales of KRW172trn Source: LSEG IBES, HSBC estimates

(+28% q-o-q) thanks to ASP hikes of 45% for DRAM and 67% for NAND. Ricky Seo*

Head of Korea Research, Semiconductor and Display

Supercycle from booming agentic AI; HBM price hikes ahead: We view the memory The Hongkong and Shanghai Banking Corporation

cycle as comparable to the 1990-95 supercycle, when PCs became the default office tool. Limited, Seoul Securities Branch

rickyjuilseo@kr.hsbc.com

Agentic AI should improve office productivity and reshape workflows. Improving AI service +822 3706 8777

margins continues to underpin strong cloud spending, and CSPs are unlikely to slow Han Kil Chang*

capacity expansion as they compete for the fastest-growing market. The forthcoming Research Analyst, Korea Technology The Hongkong and Shanghai Banking Corporation

HBM4 transition should accelerate HBM price increases vs commodity DRAM and Limited, Seoul Securities Branch

han.kil.chang@kr.hsbc.com