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.

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>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><p><em>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.</em></p>

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