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

<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

<ul><li>Fundamental overhaul underway; signs of progress set to take shape in 2H</li><li>Downside risks substantially priced in; time to focus on recovery potential</li><li>We reinitiate coverage with a Buy rating and a target price of W74,000</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.

Fundamental overhaul underway; signs of progress set to take shape in 2HDownside risks substantially priced in; time to focus on recovery potentialWe reinitiate coverage with a Buy rating and a target price of W74,000Content 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 May 21, 2025) - Giant’s Stride Toward Change

<ul><li>Samsung Electronics reportedly posted OP of W9.1tn for 3Q24, below the market consensus of W10.7tn</li><li>One-time costs (e.g. bonus paid to DS business) and continued losses in the LSI/Foundry segment blamed</li><li>HBM3E supply to major clients and the expansion of server DRAM supply to be key going forward</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.

Samsung Electronics reportedly posted OP of W9.1tn for 3Q24, below the market consensus of W10.7tnOne-time costs (e.g. bonus paid to DS business) and continued losses in the LSI/Foundry segment blamedHBM3E supply to major clients and the expansion of server DRAM supply to be key going forwardContent 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 - 3Q24: One-Time Costs and Foundry’s Continued Losses

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 (SMSD LI)

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Samsung Electronics Pref Shares (SMSD LI)

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

Samsung Electronics (005930 KS May 21, 2025) - Giant’s Stride Toward Change

Fundamental overhaul underway; signs of progress set to take shape in 2H. Downside risks substantially priced in; time to focus on recovery potential

Daishin Securities

Samsung Electronics - 3Q24: One-Time Costs and Foundry’s Continued Losses

Samsung Electronics (SEC) guided 3Q24 preliminary revenue at W79.0tn (+7% qoq) and OP at W9.1tn (-13% qoq). OP was far below our estimate of W10.1tn

Daishin Securities

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