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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Samsung Electro Mechanics Co, Ltd. / Equity Bottom-Up

Samsung Electro Mechanics Co, Ltd. (009150 KS)

<ul><li>For 4Q25, we expect Samsung Electro-Mechanics (SEMCO) to report revenue of W2.83tr (+10.6% YoY; 1% above the consensus) and operating profit of W229.4bn (+11.1% YoY; 7% above the consensus), driven by favorable FX and solid demand for MLCCs and FCBGAs used in AI servers.</li><li>For 2026, we lifted our operating profit forecast to W1.3tr (+43% YoY) and expect revenue and operating profit to exceed the current consensus estimates by 4% and 13%, respectively.</li><li>We expect SEMCO to deliver structural profitability improvement on a favorable product mix, rising FC-BGA utilization, ASP increases from higher layer counts, and the pass-through of higher T-glass prices.</li></ul><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>

For 4Q25, we expect Samsung Electro-Mechanics (SEMCO) to report revenue of W2.83tr (+10.6% YoY; 1% above the consensus) and operating profit of W229.4bn (+11.1% YoY; 7% above the consensus), driven by favorable FX and solid demand for MLCCs and FCBGAs used in AI servers.For 2026, we lifted our operating profit forecast to W1.3tr (+43% YoY) and expect revenue and operating profit to exceed the current consensus estimates by 4% and 13%, respectively.We expect SEMCO to deliver structural profitability improvement on a favorable product mix, rising FC-BGA utilization, ASP increases from higher layer counts, and the pass-through of higher T-glass prices.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 Electro-Mechanics (009150 KS/Buy)FC-BGA Capacity Effectively Fully Booked