[Edaily Reporter KIM YOON-JEONG ] DaishinSecurities projected that SamsungElectroMechanics(009150)’s third-quarter operating profit this year will exceed both its previous forecast and market expectations as supply shortages of flip-chip ball grid array (FC BGA) for artificial intelligence (AI) and multilayer ceramic capacitors (MLCC) intensify. The firm maintained its “Buy” rating and target price of 2.8 million won, designating the stock as its top pick in the electrical and electronics sector. The target price set by DaishinSecurities is double the closing price on the 2nd (1.4 million won) and 15.84% higher than the peak price on June 19 (2.417 million won).

On the 3rd, Park Kang-ho, an analyst at DaishinSecurities, stated, “The upward revision of third-quarter operating profit this year is a differentiated investment factor compared to the downward revisions in earnings forecasts for other IT companies.”
He estimated third-quarter operating profit at 636.3 billion won, a 44.5% increase from the previous quarter and a 144.5% increase year-over-year. This exceeds both the previous estimate of 613 billion won and the market consensus of 596 billion won. Revenue is expected to reach 3.87 trillion won, an 11.8% increase from the previous quarter and a 33.8% increase year-over-year.
The company attributed the strong performance to increased sales of high-value-added FC-BGA and MLCC products for AI servers and data centers. It projected that the third-quarter operating margin would rise to 16.5% due to high capacity utilization rates and an expanded share of high-value-added products.
Even after accounting for the 10% decline in the average third-quarter won-dollar exchange rate—which stood at 1,452 won as of the 2nd—the company is expected to outperform both its previous estimates and the market consensus. Analyst Park attributed this to the worsening supply shortages of AI components—FC-BGA and MLCC. He explained that for FC-BGA, rising demand for AI semiconductors and limited supply capacity are driving price increases and an expansion in the share of long-term supply contracts, while for MLCC, the average selling price (ASP) is also rising, particularly in the AI and data center sectors.
He forecast that third-quarter revenue and operating profit would reach all-time highs on a quarterly basis, with record-breaking performance continuing thereafter. Operating profit is expected to increase by 144.5% and 173.2% year-over-year in the third and fourth quarters of this year, respectively, and by 145.5% in the first quarter of next year.
Analyst Park stated, “The upward revision of earnings forecasts and the increased likelihood of price hikes—first for FC BGA and now for MLCC—are the reasons we have designated the company as our top pick among major IT stocks.” Annual operating profit is projected to reach 2 trillion won this year, a 120.2% increase year-over-year, and is expected to continue setting new records at 3.3 trillion won in 2027 and 3.98 trillion won in 2028.
He also anticipated continued demand growth driven by expanding AI investments. This is because, amid increasing capital expenditures by hyperscalers for AI semiconductors and data centers, as well as Big Tech companies ramping up production of their own AI chips, the number of suppliers for high-value-added FC BGA and MLCC products remains limited. SamsungElectroMechanics has signed three MLCC supply contracts this year, totaling 1.8 trillion won.