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>We raise our target price on Samsung Electro-Mechanics (SEMCO) to W225,000 (from W180,000).</li><li>We shifted the base year for our SOTP valuation from 2025 to 2026 and lifted our 2026 operating profit forecasts by 6% for components, 17% for package solutions, and 5.4% for optics solutions.</li><li>We expect earnings growth to be driven by: 1) price increases in high-end MLCCs; and 2) the rapid growth of FC-BGAs.</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>

We raise our target price on Samsung Electro-Mechanics (SEMCO) to W225,000 (from W180,000).We shifted the base year for our SOTP valuation from 2025 to 2026 and lifted our 2026 operating profit forecasts by 6% for components, 17% for package solutions, and 5.4% for optics solutions.We expect earnings growth to be driven by: 1) price increases in high-end MLCCs; and 2) the rapid growth of FC-BGAs.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) - More Layers Mean Stronger Margins