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

Samsung Electro Mechanics Co, Ltd. / Equity Bottom-Up

<ul><li>For 4Q25, we expect Samsung Electro-Mechanics (SEMCO) to report revenue of W2.83tr (+10.6% YoY; 1% above the consensus) and operating profit of W229.4bn (+11.1% YoY; 7% above the consensus), driven by favorable FX and solid demand for MLCCs and FCBGAs used in AI servers.</li><li>For 2026, we lifted our operating profit forecast to W1.3tr (+43% YoY) and expect revenue and operating profit to exceed the current consensus estimates by 4% and 13%, respectively.</li><li>We expect SEMCO to deliver structural profitability improvement on a favorable product mix, rising FC-BGA utilization, ASP increases from higher layer counts, and the pass-through of higher T-glass prices.</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.

For 4Q25, we expect Samsung Electro-Mechanics (SEMCO) to report revenue of W2.83tr (+10.6% YoY; 1% above the consensus) and operating profit of W229.4bn (+11.1% YoY; 7% above the consensus), driven by favorable FX and solid demand for MLCCs and FCBGAs used in AI servers.For 2026, we lifted our operating profit forecast to W1.3tr (+43% YoY) and expect revenue and operating profit to exceed the current consensus estimates by 4% and 13%, respectively.We expect SEMCO to deliver structural profitability improvement on a favorable product mix, rising FC-BGA utilization, ASP increases from higher layer counts, and the pass-through of higher T-glass prices.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 Electro-Mechanics (009150 KS/Buy)FC-BGA Capacity Effectively Fully Booked

<ul><li>We raise our target price for Samsung Electro-Mechanics (SEMCO) to W320,000 (from W250,000), reflecting: 1) upward 2026 earnings forecast revisions (revenue: +3% for components, +1% for package solutions, and +3% for optics solutions); and 2) target EV/EBITDA upgrades amid accelerating global AI market conditions.</li><li>Notably, our valuation factors in the recent multiple expansion of major competitors in components (from 9.4x to 11.4x) and substrates (from 9.6x to 12.1x).</li><li>We revise up our 2026 operating profit forecast to W1.2tr (+35.8% YoY).</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 raise our target price for Samsung Electro-Mechanics (SEMCO) to W320,000 (from W250,000), reflecting: 1) upward 2026 earnings forecast revisions (revenue: +3% for components, +1% for package solutions, and +3% for optics solutions); and 2) target EV/EBITDA upgrades amid accelerating global AI market conditions.Notably, our valuation factors in the recent multiple expansion of major competitors in components (from 9.4x to 11.4x) and substrates (from 9.6x to 12.1x).We revise up our 2026 operating profit forecast to W1.2tr (+35.8% YoY).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 Electro-Mechanics (009150 KS/Buy) - Seasonality Fading Amid Structural Growth

<ul><li>We raise our target price on Samsung Electro-Mechanics (SEMCO) to W225,000 (from W180,000).</li><li>We shifted the base year for our SOTP valuation from 2025 to 2026 and lifted our 2026 operating profit forecasts by 6% for components, 17% for package solutions, and 5.4% for optics solutions.</li><li>We expect earnings growth to be driven by: 1) price increases in high-end MLCCs; and 2) the rapid growth of FC-BGAs.</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 raise our target price on Samsung Electro-Mechanics (SEMCO) to W225,000 (from W180,000).We shifted the base year for our SOTP valuation from 2025 to 2026 and lifted our 2026 operating profit forecasts by 6% for components, 17% for package solutions, and 5.4% for optics solutions.We expect earnings growth to be driven by: 1) price increases in high-end MLCCs; and 2) the rapid growth of FC-BGAs.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 Electro-Mechanics (009150 KS/Buy) - More Layers Mean Stronger Margins

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Huawei Ascend 910C hits 40% yield, proving profitable and surpassing industry standards at 60% in the near future.</li><li>Semco decides to close Kunshan plant and leave the smartphone HDI market, indicating a shift in business strategy and focus.</li><li>Japanese government seeks US tariff exemption for Rapidus' 2nm chips, signaling potential economic collaboration between countries. Nikola's struggles highlight financial and supply chain hurdles faced by EV startups.</li></ul>

Huawei Ascend 910C hits 40% yield, proving profitable and surpassing industry standards at 60% in the near future.Semco decides to close Kunshan plant and leave the smartphone HDI market, indicating a shift in business strategy and focus.Japanese government seeks US tariff exemption for Rapidus' 2nm chips, signaling potential economic collaboration between countries. Nikola's struggles highlight financial and supply chain hurdles faced by EV startups.

Tech Supply Chain Tracker (26-Feb-2025): Huawei Ascend 910C hits high yield, aims for 60% profit.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Korea banned all short selling in March 2020 and resumed short selling only on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> index constituents in May 2021.</li>
<li>News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.</li>
<li>There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.</li>
</ul>


Korea banned all short selling in March 2020 and resumed short selling only on KOSPI 200 and KOSDAQ 150 index constituents in May 2021.
News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.
There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.


Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

South Korea

Samsung Electro-Mechanics Co., Ltd. manufactures a variety of electronic components used in computers, audio and video products, industrial electronics, and telecommunication equipment. The Company's products include multi-layer boards and capacitors, optical Pick Ups, deflection yokes (DY), keyboards, speakers, and light emitting diode (LED) products.

Samsung Electro Mechanics Co, Ltd. (009150 KS)

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Samsung Electro Mechanics Co, Ltd. (009150 KS)

Samsung Electro-Mechanics (009150 KS/Buy)FC-BGA Capacity Effectively Fully Booked

For 2026, we lifted our operating profit forecast to W1.3tr (+43% YoY) and expect revenue and operating profit to exceed the current consensus...

Mirae Asset Securities

Samsung Electro-Mechanics (009150 KS/Buy) - Seasonality Fading Amid Structural Growth

Notably, our valuation factors in the recent multiple expansion of major competitors in components (from 9.4x to 11.4x) and substrates (from 9.6x...

Mirae Asset Securities

Samsung Electro-Mechanics (009150 KS/Buy) - More Layers Mean Stronger Margins

We shifted the base year for our SOTP valuation from 2025 to 2026 and lifted our 2026 operating profit forecasts by 6% for components, 17% for...

Mirae Asset Securities

Tech Supply Chain Tracker (26-Feb-2025): Huawei Ascend 910C hits high yield, aims for 60% profit.

Huawei Ascend 910C hits 40% yield, profitable with goal for 60%, Semco leaves smartphone HDI market, Japan seeks tariff exemption for Rapidus 2nm...

Tech Supply Chain Tracker

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas

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52-week Range

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