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 maintain our target price of W2,800,000 for Samsung Electro-Mechanics (SEMCO), reflecting: 1) our expectation that total substrate investments will substantially exceed the disclosed amount; and 2) favorable contract terms.</li><li>The substrate investments disclosed yesterday total W6.8tr, comprising W4.3tr in Sejong and W2.5tr in Vietnam.</li><li>Including infrastructure and land costs in Vietnam—which were excluded from the disclosure—as well as additional capacity in Busan, we estimate total substrate capex at W9–10tr over 2026–28. </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 maintain our target price of W2,800,000 for Samsung Electro-Mechanics (SEMCO), reflecting: 1) our expectation that total substrate investments will substantially exceed the disclosed amount; and 2) favorable contract terms.The substrate investments disclosed yesterday total W6.8tr, comprising W4.3tr in Sejong and W2.5tr in Vietnam.Including infrastructure and land costs in Vietnam—which were excluded from the disclosure—as well as additional capacity in Busan, we estimate total substrate capex at W9–10tr over 2026–28. 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)Disclosed Substrate Investment Is Only the Beginning