[Edaily Reporter Lee Hye-ra] On the 15th, Mirae Asset Securities maintained its “Buy” rating and target price of 550,000 won for #Samsung Electronics, noting that despite possessing the competitive edge of “full-stack manufacturing internalization”—the ability to produce all memory semiconductor segments in-house—the stock is trading at a valuation below the industry average.

Kim Young-geon, an analyst at Mirae Asset Securities, stated in a report released that day, “Considering its earnings fundamentals and business structure advantages, it is time to resolve the undervaluation,” adding, “Samsung Electronics is the most undervalued among companies possessing full-stack memory manufacturing capabilities.”
Kim highlighted recent cases where NAND flash manufacturers such as Kioxia, SanDisk, and Solidigm participated in a rights offering by Taiwanese DRAM maker Nanya and signed long-term DRAM supply contracts.
Analyst Kim explained, “High-performance data storage devices (SSDs) use not only NAND flash but also DRAM,” adding, “As the recent DRAM supply shortage persists, securing DRAM for SSDs has become critical, highlighting the competitive advantage of companies capable of producing both DRAM and NAND simultaneously.”
Samsung Electronics’ strengths are also said to be prominent in the High Bandwidth Memory (HBM) market. He said, “Starting with HBM4, foundry (semiconductor contract manufacturing) processes became necessary for the base die, a core component, and Samsung Electronics has internalized this through its own foundry business.”
He continued, “Unlike competitors who rely on existing DRAM processes or external foundries, Samsung Electronics has completed the in-house production of base dies using a 4-nanometer (nm) FinFET process,” adding, “As the technology evolves toward HBM4E and HBM5, this competitive advantage will become even more pronounced.”
Earnings growth and expanded shareholder returns were also cited as investment attractions. Mirae Asset Securities projected that Samsung Electronics’ operating profit would increase to 98 trillion won in the second quarter of this year, 395 trillion won next year, and 529 trillion won by 2028.
Analyst Kim noted, “Although the stock price has risen significantly, its valuation—considering profit growth and return on equity (ROE)—remains at the lowest level in the industry,” adding, “In the short term, the market needs to reflect the value of earnings and shareholder returns, and in the medium to long term, a premium for its full-stack memory manufacturing capabilities.”