External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Preliminary 4Q results imply a consensus beat on rebounding memory profitability </li><li>We raise our memory price outlook and forecast 2026 OP at W150tn</li><li>Maintain Buy rating and raise target price to W180,000</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.

Preliminary 4Q results imply a consensus beat on rebounding memory profitability We raise our memory price outlook and forecast 2026 OP at W150tnMaintain Buy rating and raise target price to W180,000Content 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 Jan 8, 2025) - No Signs of Slowing

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

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>Back on the growth track3Q25 preliminary results We raise our target price for Samsung Electronics (SEC) to W127,000 (from W111,000)</li><li>We believe that rising market prices for memory products are being reflected in ASP more quickly than expected</li><li>In addition, the foundry business appears to be turning around amid narrowing losses, and newly released flagship foldable models are outperforming their predecessors despite stagnant smartphone market conditions</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.

Back on the growth track3Q25 preliminary results We raise our target price for Samsung Electronics (SEC) to W127,000 (from W111,000)We believe that rising market prices for memory products are being reflected in ASP more quickly than expectedIn addition, the foundry business appears to be turning around amid narrowing losses, and newly released flagship foldable models are outperforming their predecessors despite stagnant smartphone market conditionsContent 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)Back on the Growth Track

Thematic (Sector/Industry)

<ul><li>Momentum from robotics and autonomous driving remains intact.</li><li>Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division head in 1Q26.</li><li>In addition, a software-defined vehicle (SDV) prototype is set to be showcased in 3Q26. </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.

Momentum from robotics and autonomous driving remains intact.Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division head in 1Q26.In addition, a software-defined vehicle (SDV) prototype is set to be showcased in 3Q26. 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.

Mirae Asset Minutes [2026: Volume 1]Biweekly strategy meeting recap

<ul><li>While rising memory prices could modestly weigh on global IT device sales in 2026, we note that memory chips’ share of smartphone BoM costs is only around 10%, and high-end players should be able to pass through higher costs relatively easily.</li><li>Our top pick is LG Innotek with a TP of W320,000 (SOTP; optics solutions/ substrates/auto components units valued at W6.5tr/W3.8tr/W0.6tr; 20% discount applied to these figures).</li><li>With discount factors fading, we believe upside is increasing.</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.

While rising memory prices could modestly weigh on global IT device sales in 2026, we note that memory chips’ share of smartphone BoM costs is only around 10%, and high-end players should be able to pass through higher costs relatively easily.Our top pick is LG Innotek with a TP of W320,000 (SOTP; optics solutions/ substrates/auto components units valued at W6.5tr/W3.8tr/W0.6tr; 20% discount applied to these figures).With discount factors fading, we believe upside is increasing.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.

Mirae Asset Minutes [2025: Volume 23]Biweekly strategy meeting recap

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</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 expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).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.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

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 (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Samsung Electronics (005930 KS Jan 8, 2025) - No Signs of Slowing

Preliminary 4Q results imply a consensus beat on rebounding memory profitability. We raise our memory price outlook and forecast 2026 OP at W150tn

Daishin Securities

Samsung Electronics (005930 KS/Buy)Back on the Growth Track

Back on the growth track3Q25 preliminary results We raise our target price for Samsung Electronics (SEC) to W127,000 (from W111,000)

Mirae Asset Securities

Mirae Asset Minutes [2026: Volume 1]Biweekly strategy meeting recap

Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division...

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 23]Biweekly strategy meeting recap

While rising memory prices could modestly weigh on global IT device sales in 2026, we note that memory chips’ share of smartphone BoM costs is only...

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

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