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. 

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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

Thematic (Sector/Industry)

<ul><li>As AI workloads increasingly move from training to inference tasks, LLM token usage continues to rise.</li><li>This is leading to sustained high growth in AI data center capex.</li><li>Several structural changes are underway: 1) a shift toward high-capacity/low-power DRAM (HBM); 2) the spread of multiarchitecture systems combining GPUs, ASICs, and NPUs; 3) a generational shift in networking from 800G to 1.6T transceivers; and 4) a sharp increase in demand for HDDs, SSDs, and NAND used in inference workloads.</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.

As AI workloads increasingly move from training to inference tasks, LLM token usage continues to rise.This is leading to sustained high growth in AI data center capex.Several structural changes are underway: 1) a shift toward high-capacity/low-power DRAM (HBM); 2) the spread of multiarchitecture systems combining GPUs, ASICs, and NPUs; 3) a generational shift in networking from 800G to 1.6T transceivers; and 4) a sharp increase in demand for HDDs, SSDs, and NAND used in inference workloads.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.

[2026 Outlook] Electrical/Electronic ComponentsSet to enter a structural up-cycle

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

[2026 Outlook] Electrical/Electronic ComponentsSet to enter a structural up-cycle

As AI workloads increasingly move from training to inference tasks, LLM token usage continues to rise. This is leading to sustained high growth in...

Mirae Asset Securities

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