External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Back on the growth track3Q25 preliminary results We raise our target price for Samsung Electronics (SEC) to W127,000 (from W111,000)</li><li>We believe that rising market prices for memory products are being reflected in ASP more quickly than expected</li><li>In addition, the foundry business appears to be turning around amid narrowing losses, and newly released flagship foldable models are outperforming their predecessors despite stagnant smartphone market conditions</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Back on the growth track3Q25 preliminary results We raise our target price for Samsung Electronics (SEC) to W127,000 (from W111,000)We believe that rising market prices for memory products are being reflected in ASP more quickly than expectedIn addition, the foundry business appears to be turning around amid narrowing losses, and newly released flagship foldable models are outperforming their predecessors despite stagnant smartphone market conditionsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS/Buy)Back on the Growth Track

<ul><li>We lift our 12-month target price for Samsung Electronics (SEC) by 15.6% to W111,000 (from W96,000).</li><li>Notably, we revised up our 2026 operating profit forecast by 12.2% to W55.2tr, reflecting a +6.2%p adjustment to our 2026 DRAM ASP growth forecast.</li><li>Additionally, with 12-layer HBM3E shipments to Nvidia reportedly underway, we revised up our target EV/EBITDA multiple for the memory business (reducing the discount to peers from 30% to 20%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lift our 12-month target price for Samsung Electronics (SEC) by 15.6% to W111,000 (from W96,000).Notably, we revised up our 2026 operating profit forecast by 12.2% to W55.2tr, reflecting a +6.2%p adjustment to our 2026 DRAM ASP growth forecast.Additionally, with 12-layer HBM3E shipments to Nvidia reportedly underway, we revised up our target EV/EBITDA multiple for the memory business (reducing the discount to peers from 30% to 20%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS/Buy)Broad-Based Industry Recovery Underway

<ul><li>Entering a phase of earnings growth and valuation normalization; raise TP We raise our 12-month target price for Samsung Electronics (SEC) by 9% to W96,000 (from W88,000).</li><li>Notably, we revised up our 2025 and 2026 operating profit forecasts by 2.9% and 5.3%, respectively.</li><li>Our target EV/EBITDA multiples for both the memory and foundry businesses continue to reflect a discount (30%) to peers, but we see potential for this discount to be reduced sharply once shipments of HBM4 (to Nvidia) and foundry products (to Tesla) begin in earnest.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Entering a phase of earnings growth and valuation normalization; raise TP We raise our 12-month target price for Samsung Electronics (SEC) by 9% to W96,000 (from W88,000).Notably, we revised up our 2025 and 2026 operating profit forecasts by 2.9% and 5.3%, respectively.Our target EV/EBITDA multiples for both the memory and foundry businesses continue to reflect a discount (30%) to peers, but we see potential for this discount to be reduced sharply once shipments of HBM4 (to Nvidia) and foundry products (to Tesla) begin in earnest.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS/Buy)Commodity Memory Up-Cycle Approaching

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>3Q25 OP set to beat consensus; quarterly OP to be in the W10tn range again</li><li>Another potential beneficiary of improving downstream demand</li><li>Still cheap given its chip business value picking up; TP and Buy rating unchanged</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q25 OP set to beat consensus; quarterly OP to be in the W10tn range againAnother potential beneficiary of improving downstream demandStill cheap given its chip business value picking up; TP and Buy rating unchangedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS) - Leader’s Turn to Rally

<ul><li>Large-scale Foundry deal signed; concerns over competitiveness start fading</li><li>Memory semiconductor margin also slated to improve in 2H25</li><li>TP raised to W88,000, considering potential upside to business competitiveness</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Large-scale Foundry deal signed; concerns over competitiveness start fadingMemory semiconductor margin also slated to improve in 2H25TP raised to W88,000, considering potential upside to business competitivenessContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS Jul 29, 2025) - Still Our Top Pick

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Samsung Electronics (005930 KS/Buy)Back on the Growth Track

Back on the growth track3Q25 preliminary results We raise our target price for Samsung Electronics (SEC) to W127,000 (from W111,000)

Mirae Asset Securities

Samsung Electronics (005930 KS/Buy)Broad-Based Industry Recovery Underway

Notably, we revised up our 2026 operating profit forecast by 12.2% to W55.2tr, reflecting a +6.2%p adjustment to our 2026 DRAM ASP growth forecast.

Mirae Asset Securities

Samsung Electronics (005930 KS/Buy)Commodity Memory Up-Cycle Approaching

Entering a phase of earnings growth and valuation normalization; raise TP We raise our 12-month target price for Samsung Electronics (SEC) by 9% to...

Mirae Asset Securities

Samsung Electronics (005930 KS) - Leader’s Turn to Rally

3Q25 OP set to beat consensus; quarterly OP to be in the W10tn range again. Another potential beneficiary of improving downstream demand

Daishin Securities

Samsung Electronics (005930 KS Jul 29, 2025) - Still Our Top Pick

Large-scale Foundry deal signed; concerns over competitiveness start fading. Memory semiconductor margin also slated to improve in 2H25

Daishin Securities

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