Samsung Electronics (005930) is seeing a wave of target price upgrades. On April 9, Yuanta Securities raised its target from 204,000 KRW to 330,000 KRW — a 61.8% upside from the current price of 209,000 KRW. Korea Investment Securities matched the 330,000 KRW target, while KB Securities set 360,000 KRW.
The catalyst: a record-breaking Q1 2026. Samsung posted Q1 revenue of 133 trillion KRW and operating profit of 57.2 trillion KRW, the highest in company history. Memory division generated 75.5 trillion KRW in revenue with OPM of 73.4%, driven by HBM4 — which commands 10-15x the ASP of standard DDR5 (Counterpoint Research).
The divergence from consensus (284,000 KRW average) hinges on HBM4 market share. As of 2025, SK Hynix held 61% of HBM vs Samsung's 18%. UBS projects SK Hynix will maintain ~70% HBM4 share in 2026. Conservative analysts price in margin risk; Yuanta and KB price in Samsung's locked-in supply contracts with OpenAI (800M Gb HBM4) and NVIDIA Vera Rubin.
Key investor conditions: Q2 DRAM ASP +40% realization, Samsung HBM4 share reaching 30%+, and US-China trade tensions not escalating. Even the consensus implies 36% upside from today.
For the full analysis in Korean, visit Snakestock.
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