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

<ul><li>We lift our target price for Samsung Electronics (SEC) by 30% to W247,000 (from W187,000).</li><li>Using a sum-of-the-parts (SOTP) valuation, we estimate the company’s fair value at W1,653tr, including W1,310tr for the memory business.</li><li>Based on 2026F EPS and BPS, our target price implies a P/E of 11.6x and P/B of 3.1x, both of which remain below the industry averages of 14.4x and 4.2x, respectively.</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 lift our target price for Samsung Electronics (SEC) by 30% to W247,000 (from W187,000).Using a sum-of-the-parts (SOTP) valuation, we estimate the company’s fair value at W1,653tr, including W1,310tr for the memory business.Based on 2026F EPS and BPS, our target price implies a P/E of 11.6x and P/B of 3.1x, both of which remain below the industry averages of 14.4x and 4.2x, respectively.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 Electronics (005930 KS/Buy)Increasingly Favorable Environment