Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>TrendForce has revised up its 2026-27 Memory industry value massively. In 2026: US$889 bn, up 278% YoY. In 2027 $1,283bn, up 44% YoY, and that’s probably too low.</li>
<li>Upside from 1) AI capex increasing in particular Agentic / Inference is accelerating 2) higher price increase than expected 3) Inference means more CPU, more server DDR (not HBM).</li>
<li>Based on that, the aggregate of Kioxia, Micron, SK Hynix, Samsung is trading at 6.7x Market-Cap-to-EBIT for 2026, 4.5x for 2027. Memory stocks are still very cheap. Buy a bundle.</li>
</ul>


TrendForce has revised up its 2026-27 Memory industry value massively. In 2026: US$889 bn, up 278% YoY. In 2027 $1,283bn, up 44% YoY, and that’s probably too low.
Upside from 1) AI capex increasing in particular Agentic / Inference is accelerating 2) higher price increase than expected 3) Inference means more CPU, more server DDR (not HBM).
Based on that, the aggregate of Kioxia, Micron, SK Hynix, Samsung is trading at 6.7x Market-Cap-to-EBIT for 2026, 4.5x for 2027. Memory stocks are still very cheap. Buy a bundle.


Memory Is Still Your Best Friend. Memory Revenues Revised up Massively, Margins Expanding Further

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li>It has been confirmed that the launch of Samsung Electronics (005930 KS) and SK Hynix (000660 KS) 2x single-stock leveraged ETFs will start on 27 May.
</li>
<li>Some investors may actually be buying more of Samsung Electronics and SK Hynix ahead of this actual launch event on 27 May.</li>
<li>For traders that intend to trade these products, it is all about risk management rather than FOMO. </li>
</ul>


It has been confirmed that the launch of Samsung Electronics (005930 KS) and SK Hynix (000660 KS) 2x single-stock leveraged ETFs will start on 27 May.

Some investors may actually be buying more of Samsung Electronics and SK Hynix ahead of this actual launch event on 27 May.
For traders that intend to trade these products, it is all about risk management rather than FOMO. 


Launch of Samsung Electronics and SK Hynix 2x Single-Stock Leveraged ETFs Confirmed for 27 May

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> stabilised in the first half of August, gaining 4.6%, while the 2x Leveraged Index rose 6.8%.</li>
<li>Despite the rebound, leveraged ETFs recorded KRW 372bn of net outflows, reducing combined AUM by 2% in August MTD.</li>
<li>Investor flows—not performance alone—are driving AUM. Their effect on demand for Samsung shares may be amplified or offset by the ETFs’ daily leverage rebalancing.</li>
</ul>



Samsung Electronics (005930 KS) stabilised in the first half of August, gaining 4.6%, while the 2x Leveraged Index rose 6.8%.
Despite the rebound, leveraged ETFs recorded KRW 372bn of net outflows, reducing combined AUM by 2% in August MTD.
Investor flows—not performance alone—are driving AUM. Their effect on demand for Samsung shares may be amplified or offset by the ETFs’ daily leverage rebalancing.


Samsung Elec (005930 KS): August Gains Fail to Stem 2x Leveraged ETF Outflows

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Samsung Electronics reported record Q1 2026 revenues of ₩134 trillion, record operating profit of ₩57.1 trillion, and an operating margin of 43%.</li>
<li>Revenue up 43% quarter-on-quarter. Operating profit up 185% QoQ. Net profit of ₩47 trillion, 2.4x the prior quarter. Earnings per share of ₩7,123  per common share</li>
<li>Long term agreements: "Unlike existing supply contracts based on mutual trust, these multi-year contracts represent a higher level of binding commitment." Oh boy!</li>
</ul>


Samsung Electronics reported record Q1 2026 revenues of ₩134 trillion, record operating profit of ₩57.1 trillion, and an operating margin of 43%.
Revenue up 43% quarter-on-quarter. Operating profit up 185% QoQ. Net profit of ₩47 trillion, 2.4x the prior quarter. Earnings per share of ₩7,123  per common share
Long term agreements: "Unlike existing supply contracts based on mutual trust, these multi-year contracts represent a higher level of binding commitment." Oh boy!


Samsung Q1 2026. The Sleeping Giant Awakens

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

<ul><li>We maintain our Buy rating and target price of W370,000 on Samsung Electronics (SEC).</li><li>While the stock has fallen sharply from its peak amid profit-taking and unfavorable market flows, we see no meaningful changes in the firm’s operating environment or the industry outlook and therefore view the current weakness as a buying opportunity.</li><li>The stock is currently trading at a 12-month forward P/B of 1.6x and P/E of 3.9x, back at pre-AI boom levels.</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 maintain our Buy rating and target price of W370,000 on Samsung Electronics (SEC).While the stock has fallen sharply from its peak amid profit-taking and unfavorable market flows, we see no meaningful changes in the firm’s operating environment or the industry outlook and therefore view the current weakness as a buying opportunity.The stock is currently trading at a 12-month forward P/B of 1.6x and P/E of 3.9x, back at pre-AI boom levels.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)An Opportune Time to Increase Exposure

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)

Memory Is Still Your Best Friend. Memory Revenues Revised up Massively, Margins Expanding Further

TrendForce predicts massive growth in Memory industry value for 2026-27, driven by AI capex, higher price increases, and increased demand for...

Nicolas Baratte

Launch of Samsung Electronics and SK Hynix 2x Single-Stock Leveraged ETFs Confirmed for 27 May

As of 19 May, there were 74,315 Korean investors (up 14,599 investors in two days) that completed the pre-trading education for trading single...

Douglas Kim

Samsung Elec (005930 KS): August Gains Fail to Stem 2x Leveraged ETF Outflows

Samsung Electronics gained 4.6% in early August, but KRW 372bn of 2x leveraged ETF outflows cut AUM by 2%. Flows are shaping ETF-driven demand for...

Gaudenz Schneider

Samsung Q1 2026. The Sleeping Giant Awakens

Long term agreements: "Unlike existing supply contracts based on mutual trust, these multi-year contracts represent a higher level of binding...

William Keating

Samsung Electronics (005930 KS/Buy)An Opportune Time to Increase Exposure

While the stock has fallen sharply from its peak amid profit-taking and unfavorable market flows, we see no meaningful changes in the firm’s...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Memory Is Still Your Best Friend. Memory Revenues Revised up Massively, Margins Expanding Further

​TrendForce predicts massive growth in Memory industry value for 2026-27, driven by AI capex, higher price increases, and increased demand for...

Nicolas Baratte

Launch of Samsung Electronics and SK Hynix 2x Single-Stock Leveraged ETFs Confirmed for 27 May

As of 19 May, there were 74,315 Korean investors (up 14,599 investors in two days) that completed the pre-trading education for trading single...

Douglas Kim

Samsung Elec (005930 KS): August Gains Fail to Stem 2x Leveraged ETF Outflows

Samsung Electronics gained 4.6% in early August, but KRW 372bn of 2x leveraged ETF outflows cut AUM by 2%. Flows are shaping ETF-driven demand for...

Gaudenz Schneider

Samsung Q1 2026. The Sleeping Giant Awakens

Long term agreements: "Unlike existing supply contracts based on mutual trust, these multi-year contracts represent a higher level of binding...

William Keating

Samsung Electronics (005930 KS/Buy)An Opportune Time to Increase Exposure

While the stock has fallen sharply from its peak amid profit-taking and unfavorable market flows, we see no meaningful changes in the firm’s...

Mirae Asset Securities

TrendForce predicts massive growth in Memory industry value for 2026-27, driven by AI capex, higher price increases, and increased demand for...