[Edaily Reporter kyoungeun kim ] On the 2nd, Shinhan Investment Securities maintained its “Buy” rating on SamsungElectroMechanics(009150)and raised its target price by 50% from 2 million won to 3 million won. Analysts noted that SamsungElectroMechanics has entered a phase of structural growth driven by increased orders resulting from rising demand for components in the age of artificial intelligence (AI).
Oh Kang-ho, a research analyst at Shinhan Investment Securities, stated, “The company is emerging as a leading global component manufacturer,” adding, “We have confirmed its entry into a phase of structural growth driven by expanded orders for key products.” He continued, “We view the company as a leading beneficiary in a market where demand exceeds supply due to the expansion of high-value-added product sales in the AI era,” and noted, “We maintain our top pick status as the company enters a phase where both earnings and valuation are rising in tandem.”
Research Analyst Oh explained, “Following the announcement in May of a 1.6 trillion won silicon capacitor supply contract, the company announced a multilayer ceramic capacitor (MLCC) supply contract worth approximately 450 billion won,” noting that “based on estimated 2027 revenue, this segment’s share of total sales will exceed 5%.” He assessed, “We have once again confirmed the increasing demand for high-value-added MLCCs in the global market and the underlying structural growth drivers,” adding, “This trend differs from previous cycles.”
He continued, “For the valuation basis, we applied the average high for global companies from 2024 to 2026,” explaining, “For 2026, we applied the price-to-earnings ratio (PER) of peer companies based on expected earnings.” Regarding the reason for applying the industry average, he stated, “Market competitiveness is strengthening due to an expansion in orders from global Big Tech companies, and a revaluation of peer companies is currently underway,” adding, “We are maintaining our ‘Top Pick’ rating while raising our estimates.”
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