Mirae Asset Securities: Samsung
Rating & Target Price: Mirae Asset maintains a Buy rating and a target price of W550,000.> Earnings Beat: SEC exceeded market expectations, reporting preliminary revenue of W171tr (+28% QoQ) and operating profit (OP) of W89.4tr (+56% QoQ).> Memory Dominance: The Device Solutions (DS) semiconductor division drove the results with an estimated W86tr in operating profit—fueled almost entirely by the memory business (W105tr generated, offset by a W1tr foundry loss and W18tr in incentive provisions).> High Profit Margins: Within memory, DRAM recorded an outstanding operating margin of 82% (OP of W66tr), while NAND posted 69.5% (OP of W21tr).Future Outlook & Tech Catalysts> Strong 3Q26 Forecast: Growth is expected to accelerate in the next quarter with estimated revenue reaching W201tr (+18% QoQ) and operating profit hitting W120tr (+34% QoQ).> HBM Price Surges: Concerns over slowing price hikes are downplayed. Production shifts to HBM (High Bandwidth Memory) are restricting conventional DRAM supply, which will support pricing. Looking further out, HBM4 prices could skyrocket by 2 to 3 times YoY in 2027.> Upward Revisions: Full-year 2026 operating profit estimates have been raised to W397.4tr, representing a massive 811.4% YoY growth compared to 2025.
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