Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Samsung Electronics (005930 KS) Tactical Outlook After Disappointing Earnings

Samsung Electronics (005930 KS) Tactical Outlook : New Rally After Large Pullback?

AI Servers: The Big System Designers / Assemblers in Taiwan

SK Hynix: Good 2Q, Positive Messages but No 2026 Guidance Means that Market’s Doubts Will Remain

Samsung 2Q25: It’s Even Worse than the Official Leak

Equity Bottom-Up

<ul>
<li>OP pre-announced, the details aren’t inspiring. Margins decline in TV, Semi. Only Smartphone is resilient. 2H25 demand outlook is weak for TV, Smartphone.</li>
<li>Confident tone on HBM growth, qualifications, ASP increase. Several contradictions: Samsung endorses theory of HBM price pressure (how’s that positive?); HBM3E is already 80% of HBM revenue (where’s the upside?)</li>
<li>Consensus is revising up slowly, stock is going up sharply. This assumes a large turnaround in memory / HBM / Foundry. </li>
</ul>


OP pre-announced, the details aren’t inspiring. Margins decline in TV, Semi. Only Smartphone is resilient. 2H25 demand outlook is weak for TV, Smartphone.
Confident tone on HBM growth, qualifications, ASP increase. Several contradictions: Samsung endorses theory of HBM price pressure (how’s that positive?); HBM3E is already 80% of HBM revenue (where’s the upside?)
Consensus is revising up slowly, stock is going up sharply. This assumes a large turnaround in memory / HBM / Foundry. 


Samsung 2Q25: Poor Quarter, Poor Outlook for 2H25, Management Bullish on HBM / Foundry Catch Up