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>Following the start of US strikes on Iran, shares of Samsung Electronics (SEC) have fallen 20.5% (as of the Mar. 4 close).</li><li>This exceeds the 18.4% drop in the KOSPI during the same period and is roughly five times larger than the fall in the PHLX Semiconductor Sector Index (-4.1%).</li><li>Given that geopolitical risks are not materially impairing the firm’s fundamentals, we view the recent decline as a typical panic-driven sell-off.</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.

Following the start of US strikes on Iran, shares of Samsung Electronics (SEC) have fallen 20.5% (as of the Mar. 4 close).This exceeds the 18.4% drop in the KOSPI during the same period and is roughly five times larger than the fall in the PHLX Semiconductor Sector Index (-4.1%).Given that geopolitical risks are not materially impairing the firm’s fundamentals, we view the recent decline as a typical panic-driven sell-off.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)Sharp Pullback Presents an Opportunity

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>2026 OP forecast raised to W201tn from W171tn</li><li>Strong profit growth further strengthens financial position, opening up additional growth opportunities</li><li>TP raised to W270,000; still favoring aggressive Buys</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.

2026 OP forecast raised to W201tn from W171tnStrong profit growth further strengthens financial position, opening up additional growth opportunitiesTP raised to W270,000; still favoring aggressive BuysContent 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) - Feb 23, 2026

<ul><li>Operating leverage to kick in amid accelerating memory price growth We raise our target price for Samsung Electronics (SEC) to W275,000 (from W247,000)</li><li>Using a sum-of-the-parts (SOTP) valuation, we estimate the company’s fair value at W1,725tr, including W1,530tr for the memory business</li><li>Based on 2026F EPS and BPS, our target price implies a P/E of 9</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.

Operating leverage to kick in amid accelerating memory price growth We raise our target price for Samsung Electronics (SEC) to W275,000 (from W247,000)Using a sum-of-the-parts (SOTP) valuation, we estimate the company’s fair value at W1,725tr, including W1,530tr for the memory businessBased on 2026F EPS and BPS, our target price implies a P/E of 9Content 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)Regaining Its Technological Edge

<ul><li>We lift our target price for Samsung Electronics (SEC) by 30% to W247,000 (from W187,000).</li><li>Using a sum-of-the-parts (SOTP) valuation, we estimate the company’s fair value at W1,653tr, including W1,310tr for the memory business.</li><li>Based on 2026F EPS and BPS, our target price implies a P/E of 11.6x and P/B of 3.1x, both of which remain below the industry averages of 14.4x and 4.2x, respectively.</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 lift our target price for Samsung Electronics (SEC) by 30% to W247,000 (from W187,000).Using a sum-of-the-parts (SOTP) valuation, we estimate the company’s fair value at W1,653tr, including W1,310tr for the memory business.Based on 2026F EPS and BPS, our target price implies a P/E of 11.6x and P/B of 3.1x, both of which remain below the industry averages of 14.4x and 4.2x, respectively.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)Increasingly Favorable Environment

<ul><li>We maintain our Buy rating and target price of W187,000 on Samsung Electronics (SEC).</li><li>Using a sum-of-the-parts (SOTP) valuation, we estimate the firm’s fair value at W1,271tr.</li><li>Based on our 2026 estimates, our target price implies a P/E of 11.6x and a P/B of 2.6x, remaining below the global memory sector averages of 14.2x and 3.6x, respectively. </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 W187,000 on Samsung Electronics (SEC).Using a sum-of-the-parts (SOTP) valuation, we estimate the firm’s fair value at W1,271tr.Based on our 2026 estimates, our target price implies a P/E of 11.6x and a P/B of 2.6x, remaining below the global memory sector averages of 14.2x and 3.6x, respectively. 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)Major Beneficiary of Nvidia’s Advances

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.

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Samsung Electronics (005930 KS)