三星电子_HBM 期权价值提升与存储周期上行推动股价上涨；目标价上调至 20 万韩元
2026-01-20 01:50
J P M O R G A N Asia Pacific Equity Research 16 January 2026 Samsung Electronics Growing HBM option value and stronger memory up- cycle to drive shares higher; raise PT to W200K We expect HBM option value to materialize in FY26 and view a stronger & longer memory up-cycle to lead to further share price appreciation. Post our 23-25% upward EPS revision, we raise our Dec-26 PT to W200k using a peak-cycle valuation (~2x FY26E-27E P/B or implying 9x FY26E-27E EPS). We recommend investors accumulate the stock. O ...