External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>1) Commodity memory: 2026 DRAM and NAND ASPs are projected to rise 154% and 89% YoY, respectively.</li><li>Backed by its premier capacity, we expect the company to unlock powerful earnings leverage.</li><li>2) HBM: HBM4 can deliver 11.7Gbps I/O speeds, and if the market segments by I/O performance (11.7Gbps vs. 10.6Gbps), Samsung could leverage its speed edge to drive ASP upside.</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>

1) Commodity memory: 2026 DRAM and NAND ASPs are projected to rise 154% and 89% YoY, respectively.Backed by its premier capacity, we expect the company to unlock powerful earnings leverage.2) HBM: HBM4 can deliver 11.7Gbps I/O speeds, and if the market segments by I/O performance (11.7Gbps vs. 10.6Gbps), Samsung could leverage its speed edge to drive ASP upside.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) - Feb 23, 2026