According to a research report published by J.P. Morgan Chase, Samsung Electronics' third-quarter results preview showed that the memory business remained strong, but was affected by exchange headwinds in the short term. The bank maintains an “increase in holdings” rating and a target price of 400,000 won. It believes that medium-term risk return is beneficial, and investors are advised to absorb it. The bank raised the HBM business assumption. It is expected that Samsung Electronics' HBM value market share will rise from 20% in 2025 to 34% and 39% in 2026 and 2027, and predicts a 64% year-on-year increase in HBM's mixed average sales price in the 2027 fiscal year. Affected by the strengthening of the won, the bank lowered its 2026 and 2027 adjusted earnings per share forecasts by 4% and 4.6%, respectively, to 48,788 won and 68,995 won, respectively. Considering changes in foreign exchange, the bank lowered its operating profit forecast for the third and fourth quarter of this year from 7 trillion to 9 trillion won, to between 102 trillion and 109 trillion won, lower than the market forecast of 109 trillion to 121 trillion won. Earnings per share were also slightly lowered for the next two years, reflecting a strengthening of the won and an increase in the forecast in US dollars, due to an increase in HBM's business volume, pricing, and profit margin forecasts. The bank believes that positive shareholder returns are necessary for a smooth recovery in stock prices, and sees the mid-term update on the third quarter results conference call as the next key observation point.

According to a research report published by J.P. Morgan Chase, Samsung Electronics' third-quarter results preview showed that the memory business remained strong, but was affected by exchange headwinds in the short term. The bank maintains an “increase in holdings” rating and a target price of 400,000 won. It believes that medium-term risk return is beneficial, and investors are advised to absorb it. The bank raised the HBM business assumption. It is expected that Samsung Electronics' HBM value market share will rise from 20% in 2025 to 34% and 39% in 2026 and 2027, and predicts a 64% year-on-year increase in HBM's mixed average sales price in the 2027 fiscal year. Affected by the strengthening of the won, the bank lowered its 2026 and 2027 adjusted earnings per share forecasts by 4% and 4.6%, respectively, to 48,788 won and 68,995 won, respectively. Considering changes in foreign exchange, the bank lowered its operating profit forecast for the third and fourth quarter of this year from 7 trillion to 9 trillion won, to between 102 trillion and 109 trillion won, lower than the market forecast of 109 trillion to 121 trillion won. Earnings per share were also slightly lowered for the next two years, reflecting a strengthening of the won and an increase in the forecast in US dollars, due to an increase in HBM's business volume, pricing, and profit margin forecasts. The bank believes that positive shareholder returns are necessary for a smooth recovery in stock prices, and sees the mid-term update on the third quarter results conference call as the next key observation point.