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>For Samsung Electro-Mechanics (SEMCO), we now estimate 2Q26 revenue at W3.3tr (+19% YoY) and operating profit at W414.3bn (+95% YoY), with the latter exceeding the consensus (W385.6bn) by 7.4%.</li><li>Our revisions reflect continued price increases for certain MLCC products, as well as the ongoing pass-through of higher prices for MLCCs sold through distribution channels.</li><li>We also expect FC-BGAs to continue benefiting from operating leverage as plants reach full utilization earlier than expected. </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 Samsung Electro-Mechanics (SEMCO), we now estimate 2Q26 revenue at W3.3tr (+19% YoY) and operating profit at W414.3bn (+95% YoY), with the latter exceeding the consensus (W385.6bn) by 7.4%.Our revisions reflect continued price increases for certain MLCC products, as well as the ongoing pass-through of higher prices for MLCCs sold through distribution channels.We also expect FC-BGAs to continue benefiting from operating leverage as plants reach full utilization earlier than expected. 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)Competition for Limited Supply Intensifies

<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

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

<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

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)

Samsung Electro-Mechanics (009150 KS/Buy)Competition for Limited Supply Intensifies

For Samsung Electro-Mechanics (SEMCO), we now estimate 2Q26 revenue at W3.3tr (+19% YoY) and operating profit at W414.3bn (+95% YoY), with the...

Mirae Asset Securities

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 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

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

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