[Edaily Reporter kyoungeun kim ] DB Securities announced on the 7th that it is raising its target price for SK hynix to 2.3 million won. It maintained its target price for SamsungElectronics at 360,000 won.
The analysis suggests that while third-quarter earnings are expected to fall slightly short of market expectations due to unfavorable exchange rates, the positive outlook for the semiconductor sector remains valid. However, regarding SamsungElectronics, the sluggish performance of its Mobile Experience (MX) division—which is expected to fall short of market expectations—is viewed as more unfavorable compared to SK hynix.

In a report released today, DB Securities stated that while third-quarter earnings for SamsungElectronics(005930)and SK hynix(000660)are expected to fall slightly short of market expectations due to unfavorable exchange rates, it is adjusting its target price to reflect 2027 earnings projections—a year in which a significant expansion of supply is expected to be difficult amid the ongoing trend of increased investment in AI infrastructure.
The report stated, “The trend of expanding AI infrastructure investment driven by competition among Big Tech companies is continuing, and SK hynix is currently negotiating medium- to long-term demand and long-term contracts with major customers,” adding, “While memory demand is surging due to the AI boom, a significant expansion in industry supply is unlikely to materialize even in 2027.”
Regarding the rationale for raising SK hynix’s target price, the report explained, “We have shifted the valuation period from the 2026–2027 average to 2027 alone,” adding, “With full-scale HBM4 shipments set to begin in the third quarter and HBM4 prices expected to rise by approximately 70% year-over-year in 2027, a robust trend of earnings improvement is projected to continue.”
Regarding the recent slump in the stock price, the firm noted, “This is due to concerns over a limited HBM4 price increase relative to competitors, skepticism about the sustainability of AI capital expenditures, and downward revisions to earnings estimates,” adding, “A stock price rebound is expected once robust 2027 earnings, driven by rising HBM prices amid strong AI demand, are confirmed.”
Regarding SamsungElectronics, the firm analyzed, “Despite robust memory shipments and rising selling prices, unfavorable exchange rates and weaker-than-expected performance in the MX division are anticipated.” It projected, “Despite the positive impact of new flagship launches, the MX division will continue to face rising component costs—particularly for semiconductors—and is expected to post an operating loss of 1.8 trillion won.”
Regarding the rationale for maintaining the target price, the analyst stated, “The DRAM market is expected to remain in a boom phase through 2027, as tight supply aligns with strong server demand, continuing the boom seen from 2024 to 2026,” and “However, despite the shareholder return announcement last August, the stock price has underperformed due to the lack of additional share buybacks; therefore, a concrete shareholder return announcement in early 2027 will be necessary for the stock price to rebound,” they added.