[Edaily Reporter KIM YOON-JEONG ] iM Securities analyzed that SamsungElectronics(005930)’s memory business posted second-quarter earnings that significantly exceeded market expectations. Anticipating that the upward trend in average selling prices (ASP) for memory will continue in the second half of the year, the firm revised its full-year operating profit forecast upward.

On the 8th, Song Myung-seop, an analyst at iM Securities, stated, “We assess that the second-quarter results significantly exceeded not only our previous forecast but also market expectations,” adding, “Given the upward revisions to market forecasts and valuation multiples for this year’s full-year results, we believe the company’s stock price is highly likely to rebound after a short-term correction.”
SamsungElectronics announced preliminary second-quarter results of 171 trillion won in revenue and 89.4 trillion won in operating profit.
Analyst Song estimated second-quarter operating profits by business segment as follows: Semiconductors at 89.2 trillion won (Memory: 91.4 trillion won); Samsung Display (SDC) at 700 billion won; Mobile Experience and Networks (MX·NW) at a loss of 800 billion won; and Visual Display and Home Appliances (VD·DA, including Harman) at 400 billion won.
In particular, he analyzed that the memory division drove the increase in company-wide profits. Researcher Song explained, “We believe that the memory division achieved an operating profit of 91.4 trillion won, driving the increase in company-wide profits for the second quarter,” adding, “Considering that provisions for the first and second quarters (estimated at approximately 17 trillion won) were recognized all at once following the finalization of the new compensation system for employees during the second quarter, the actual operating profit for the memory division appears to have reached 109 trillion won.”
He continued, “It is estimated that the memory division significantly exceeded previous market expectations in all aspects during the second quarter, including shipment growth rate, ASP growth rate, and cost reduction rate,” adding, “The shipment growth rate is projected to have been 12% for DRAM and 2% for NAND, while the ASP growth rate is expected to have reached over 50% for DRAM and around 70% for NAND.”
In contrast, the analysis indicated that profitability in the Device Experience (DX) division deteriorated due to the sharp rise in memory prices. Analyst Song noted, “Due to a slowdown in set sales and a decline in profit margins resulting from the sharp rise in memory prices, the DX division’s operating profit is estimated to have turned negative in the second quarter,” and assessed, “This trend is expected to continue into the second half of 2026, and the operating loss is likely to widen further.”
iM Securities projected third-quarter company-wide operating profit at 126.7 trillion won. It estimated operating profit for the memory division at 129.9 trillion won, a 42% increase from the previous quarter. The firm also raised its full-year operating profit forecast to 407.1 trillion won from its previous estimate.
Analyst Song stated, “According to our channel checks, DRAM and NAND ASP growth rates in the third quarter are likely to reach around 20% each,” adding, “Reflecting the second-quarter earnings surprise and the memory ASP growth rate for the second half of 2026—which is expected to be higher than initially anticipated—our new FY26 operating profit forecast stands at 407.1 trillion won.”