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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

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

Samsung Electro Mechanics Co, Ltd. (009150 KS)

<ul><li>We raise our target price for Samsung Electro-Mechanics (SEMCO) to W530,000 (from W500,000), reflecting: 1) upward revisions to our earnings estimates driven by higher FC-BGA pricing; and 2) higher MLCC utilization on stronger demand from AI servers.</li><li>For FC-BGA substrates, we lifted our ASP assumption by 10% (with further upside likely), taking into account higher raw material costs (e.g., CCL) and tight supply conditions.</li><li>In addition, we have yet to reflect structural price increases for AI server MLCCs in our estimates. </li></ul><table class="table table-striped"></table>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 W530,000 (from W500,000), reflecting: 1) upward revisions to our earnings estimates driven by higher FC-BGA pricing; and 2) higher MLCC utilization on stronger demand from AI servers.For FC-BGA substrates, we lifted our ASP assumption by 10% (with further upside likely), taking into account higher raw material costs (e.g., CCL) and tight supply conditions.In addition, we have yet to reflect structural price increases for AI server MLCCs in our estimates. 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.

009150 KS - Fully Booked Substrate Capacity to Translate into Pricing Upside

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Samsung Electronics announced that it will pay a special dividend of 1.3 trillion won for 4Q 2025.</li>
<li>Samsung Electronics had excellent results in 4Q 2025. It beat consensus sales and operating profit estimates by 4.8% and 20.1%, respectively in 4Q 2025.</li>
<li>The combination of the company beating the consensus sales and profit estimates and higher special dividends are likely to further boost the positive sentiment on Samsung Electronics.</li>
</ul>


Samsung Electronics announced that it will pay a special dividend of 1.3 trillion won for 4Q 2025.
Samsung Electronics had excellent results in 4Q 2025. It beat consensus sales and operating profit estimates by 4.8% and 20.1%, respectively in 4Q 2025.
The combination of the company beating the consensus sales and profit estimates and higher special dividends are likely to further boost the positive sentiment on Samsung Electronics.


Samsung Electronics: A 20% Beat in OP for 4Q25 and a Special Dividend of 1.3 Trillion Won

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

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<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

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>The component supplier seems to be performing well on a constant basis as its 4Q25 OP recorded W239.5bn (+108.2% YoY, -8% QoQ), beating our prior estimate of W232bn by 3.2%.</li><li>It was also 4.8% above the market expectation of W228.6bn.</li><li>Revenue is estimated at W2.9tn (+16.4% YoY, +0.5% QoQ), beating our estimate by 1.8% and the market consensus by 2.2%.</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.

The component supplier seems to be performing well on a constant basis as its 4Q25 OP recorded W239.5bn (+108.2% YoY, -8% QoQ), beating our prior estimate of W232bn by 3.2%.It was also 4.8% above the market expectation of W228.6bn.Revenue is estimated at W2.9tn (+16.4% YoY, +0.5% QoQ), beating our estimate by 1.8% and the market consensus by 2.2%.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 Jan 26, 2026) - Strong 4Q25, Even Stronger 1Q26 Ahead!

<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

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.

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Samsung Electro Mechanics Co, Ltd. (009150 KS)

009150 KS - Fully Booked Substrate Capacity to Translate into Pricing Upside

For FC-BGA substrates, we lifted our ASP assumption by 10% (with further upside likely), taking into account higher raw material costs (e.g., CCL)...

Mirae Asset Securities

Samsung Electronics: A 20% Beat in OP for 4Q25 and a Special Dividend of 1.3 Trillion Won

The combination of the company beating the consensus sales and profit estimates and higher special dividends are likely to further boost the...

Douglas Kim

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

Samsung Electro Mechanics (009150 KS Jan 26, 2026) - Strong 4Q25, Even Stronger 1Q26 Ahead!

The component supplier seems to be performing well on a constant basis as its 4Q25 OP recorded W239.5bn (+108.2% YoY, -8% QoQ), beating our prior...

Daishin Securities

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

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