[Edaily Reporter KIM YOON-JEONG ] SamsungElectronics(005930)With SK hynix(000660)set to announce their final third-quarter earnings this week, market attention is focused on additional shareholder return measures. As both companies are expected to post record-high earnings, analysts in the securities industry are projecting that additional shareholder returns totaling 120 trillion won could be possible. Analysts suggest that if the cash generation resulting from earnings growth leads to increased dividends and share buybacks and cancellations, it could serve as a catalyst for a revaluation of corporate value.

◇ Expectations for Shareholder Returns Amid Record-Breaking Earnings… Forecast of Up to 120 Trillion Won
According to the financial investment industry on the 27th, SK hynix will announce its final third-quarter earnings on the 28th, and SamsungElectronics will do so on the 29th. The market is closely watching to see if specific plans for additional shareholder returns will be presented during the conference calls following the earnings announcements.
The expectation of large-scale shareholder returns stems from the steep growth in earnings at both companies. SamsungElectronics previously announced preliminary third-quarter results showing revenue of 195 trillion won and operating profit of 107.4 trillion won. According to financial information provider FnGuide Inc., the average forecast for SK hynix’s third-quarter operating profit is 76.964 trillion won. If these forecasts hold true, the combined third-quarter operating profit of the two companies would reach approximately 184 trillion won. SK hynix’s revenue is forecast at 98.2257 trillion won, which translates to an estimated operating profit margin of about 78.4%.
The medium- to long-term earnings outlook is also bright. KB Securities projected that the combined operating profit of SamsungElectronics and SK hynix for 2026–2027 will reach 1,571 trillion won. This is 2.1 times the cumulative operating profit of 748 trillion won recorded over the 26-year period from 2000 to 2025.
DaishinSecurities also forecast that the earnings growth trend in the domestic memory semiconductor industry will continue. Ryu Hyung-geun, an analyst at DaishinSecurities, expects the combined operating profit of the domestic memory semiconductor sector to surge from 79 trillion won last year to 651 trillion won this year and 1,049 trillion won next year. He also forecasts that the operating profit margin will rise from 40% to 77% and then to 80% over the same period. Analysts note that this has created an environment where companies can strengthen their financial health based on massive cash inflows while simultaneously expanding shareholder returns.
Based on this earnings growth trend, analysts in the securities industry have projected that the two companies could implement additional shareholder returns totaling 120 trillion won. On the same day, KB Securities estimated that SamsungElectronics’ additional shareholder returns would amount to 80 trillion won, while SK hynix’s would total 40 trillion won.

◇ Forecasts of “80 Trillion for Samsung, 40 Trillion for INICS Corporation”… All Eyes on Additional Return Measures
Last August, SamsungElectronics announced plans to implement shareholder returns totaling 90 trillion to 110 trillion won this year. KB Securities analyzed that, assuming 110 trillion won in remaining funds for shareholder returns, the company could distribute 70 trillion won in cash dividends and repurchase 40 trillion won worth of shares for cancellation. Excluding the 30 trillion won in cash dividends already confirmed as of the third quarter, the firm projected that the scale of future additional returns would reach 80 trillion won.
In particular, as the 2024–2026 shareholder return policy concludes this year, attention is turning to the new policy that will take effect next year and beyond. KB Securities projected that if SamsungElectronics continues to return 50% of its free cash flow (FCF) to shareholders from 2027 to 2029, as it has done previously, the total shareholder returns would more than quadruple, rising from the current 140 trillion won to approximately 600 trillion won.
SK hynix is also expected to carry out additional share buybacks and cancellations, as well as expand special dividends. On the 21st, SK hynix completed a share buyback program worth approximately 40 trillion won for the purpose of cancellation. According to KB Securities’ analysis, based on the company’s existing policy to return at least 50% of free cash flow to shareholders from 2025 to 2027, an additional 40 trillion won in shareholder returns is possible in the future.
DaishinSecurities focused on the timing and method of implementing additional shareholder returns. Ryu Hyung-geun, an analyst at DaishinSecurities, estimated that if SamsungElectronics proceeds with share buybacks and cancellations, it is likely to focus on preferred shares, with the related funding amounting to around 25 trillion won. He also assessed that SK hynix is highly likely to implement early shareholder returns. Analysts note that the strengthened 2025–2027 shareholder return policy has not yet been fully reflected in stock prices, and that early returns could serve as a sign of management’s confidence in the semiconductor market outlook.

◇Samsung Electronics and SK INICS Corporation Stock Prices Halved from June Peaks… Will Expanded Shareholder Returns Trigger a Rebound?
Despite forecasts of record-breaking earnings, the stock prices of both companies have fallen sharply from their June highs.
SamsungElectronics hit an intraday high of 374,500 won on June 19, but then fell 49.48% to 189,200 won on July 29. The closing price on the 27th (222,000 won) was also 40.72% lower than the peak. SK hynix also plummeted 60.80%, from an intraday high of 2,987,000 won on June 25 to 1,171,000 won on the 23rd of this month. Based on the closing price on the 27th (1,341,000 won), it is down 55.11% from its peak.
Recently, major semiconductor stocks have been affected by concerns over profitability and financial burdens stemming from large-scale investments by artificial intelligence (AI)-related companies, as well as a broader correction in the domestic stock market. SK hynix has also faced concerns that a dual listing—following news that its U.S. subsidiary Solidigm is considering an IPO—could erode shareholder value.
Securities analysts believe that, given the stock’s continued undervaluation despite earnings growth, an early expansion of shareholder returns could serve as a catalyst for a revaluation of the company’s value. Ryu Hyung-geun, an analyst at DaishinSecurities, noted, “Despite a sharp increase in cash reserves driven by a strong industry upswing, the stock remains undervalued,” adding, “The likelihood of early shareholder returns has increased.” In particular, he predicted that share buybacks and cancellations—which have a significant effect on boosting stock prices—would be the primary method of early shareholder returns.