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 maintain our Buy rating and target price of W550,000 for Samsung Electronics (SEC).</li><li>The stock is trading at a 2026F P/B of 2.8x and P/E of 6.6x, and even the multiples implied by our target price (2026F P/B of 4.9x and P/E of 11.3x) remain below the sector averages (7.6x and 12.4x, respectively).</li><li>Given SEC’s solid earnings fundamentals and superior business structure, we believe it is time for its valuation discount to narrow. </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 Buy rating and target price of W550,000 for Samsung Electronics (SEC).The stock is trading at a 2026F P/B of 2.8x and P/E of 6.6x, and even the multiples implied by our target price (2026F P/B of 4.9x and P/E of 11.3x) remain below the sector averages (7.6x and 12.4x, respectively).Given SEC’s solid earnings fundamentals and superior business structure, we believe it is time for its valuation discount to narrow. 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)The Full-Stack Advantage