[Edaily Reporter kyoungeun kim ] On the 25th, MIRAE ASSET SECURITIES released simultaneous reports on SamsungElectronics(005930)and SK hynix(000660). While it maintained its target price for SamsungElectronics at 550,000 won, it raised its target price for SK hynix by 10.5% from 3.8 million won to 4.2 million won.

Kim Young-geon, an analyst at MIRAE ASSET SECURITIES, stated in a report released that day regarding SK hynix, “We are raising the target price to reflect the potential for higher High Bandwidth Memory (HBM) prices in 2027,” adding, “We have raised the 2027 forecast by 3.3% alone.”
The background for the target price increase for SK hynix lies in the structural event of its American Depositary Receipt (ADR) listing. SK hynix finalized its ADR issuance schedule through a securities registration statement filed the previous day. The company plans to issue up to 17.9 million shares through a third-party private placement and announced a total offering size of approximately 45 trillion won, based on the previous day’s closing price (2,555,000 won).
Analyst Kim explained, “Since we expect a premium to form on the ADR price, we anticipate that the price of the underlying shares will rise to the ADR level through transactions where investors buy the underlying shares, convert them into ADRs, and then sell them on the Nasdaq.” He added, “We forecast that the stock price will move in tandem with the ADR price while maintaining a certain premium gap.”
Following the ADR listing, there is also anticipation of potential inclusion in the Philadelphia Semiconductor Index (SOX). Based on the public offering reference price, the market capitalization ($30 billion) would rank 25th within the SOX index, and with 179 million shares listed, the trading volume is assessed as sufficient. The company is projected to be included in the index during the regular review next September, and an inflow of capital from global SOX index-tracking funds is expected.
Regarding SamsungElectronics, however, the firm maintained its target price of 550,000 won, noting that “the 2026 price-to-earnings (P/E) and price-to-book (P/B) ratios, calculated based on the target price, are 11.7x and 4.9x, respectively—a sufficiently conservative valuation relative to the sector average.”
However, the firm revised downward its second-quarter earnings estimates for SamsungElectronics to reflect provisions for performance-based bonuses. Analyst Kim stated, “We have lowered our second-quarter and full-year operating profit estimates to 84.1 trillion won and 383 trillion won, respectively, representing declines of 14% and 3%.” This is because the provision for performance-based bonuses is expected to be applied in a lump sum in the second quarter, combined with the portion not reflected in the first quarter. The total provision is also estimated to have expanded to 35 trillion won.
Analysts predict that SamsungElectronics’ strengths will become even more pronounced in 2027. Analyst Kim explained, “The company is in a position to operate at maximum production capacity (Capa) for both DRAM and NAND, giving it a relative advantage in supply capacity amid a tightening supply-demand environment.”
Analyst Kim added, “Based on this maximum production capacity, the company is expected to expand its long-term supply agreements (LTAs) to include customers in Greater China, following those with North American customers.”
He also noted that although an unconfirmed announcement regarding a share buyback was made the previous day, additional buybacks are considered inevitable given the scale of performance-based bonuses.