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 for Samsung Electro-Mechanics (SEMCO) to W320,000 (from W250,000), reflecting: 1) upward 2026 earnings forecast revisions (revenue: +3% for components, +1% for package solutions, and +3% for optics solutions); and 2) target EV/EBITDA upgrades amid accelerating global AI market conditions.</li><li>Notably, our valuation factors in the recent multiple expansion of major competitors in components (from 9.4x to 11.4x) and substrates (from 9.6x to 12.1x).</li><li>We revise up our 2026 operating profit forecast to W1.2tr (+35.8% YoY).</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 for Samsung Electro-Mechanics (SEMCO) to W320,000 (from W250,000), reflecting: 1) upward 2026 earnings forecast revisions (revenue: +3% for components, +1% for package solutions, and +3% for optics solutions); and 2) target EV/EBITDA upgrades amid accelerating global AI market conditions.Notably, our valuation factors in the recent multiple expansion of major competitors in components (from 9.4x to 11.4x) and substrates (from 9.6x to 12.1x).We revise up our 2026 operating profit forecast to W1.2tr (+35.8% YoY).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) - Seasonality Fading Amid Structural Growth