The best reports selected by the MoneyToday Securities Department for the second week of August (the 10th–14) are: △Kim Dong-won, KB Securities researcher, "Shareholder Return More Than 10 Times, Confident Buy Zone (Samsung Electronics)" △Choi Seung-hwan, Shinhan Investment Corp. researcher, "Semiconductor Small- and Mid-Cap Stocks, Timing Has Arrived" △Park Jong-dae, Hana Securities researcher, "Earnings Uncertainty Is Too Great (E-Mart)," totaling three reports.
Kim Dong-won, KB Securities researcher, stated on the 10th that he maintains a buy recommendation and a target price of 600,000 won for Samsung Electronics. Kim further expressed confidence that now is the time to increase weighting. This report recorded the highest number of views among reports published during the week.
Kim expects Samsung Electronics to announce its shareholder return policy soon. He estimates the scale of the shareholder return will range from a minimum of 100 trillion won to a maximum of 200 trillion won, representing more than a tenfold increase compared to the previous amount (980 billion won).
The following is a summary of the report. ()
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Samsung Electronics, ranked first globally in DRAM, trades at a 4% discount compared to Micron's (ranked third) market capitalization. Even considering the US dollar premium, this is analyzed as an abnormal situation.
Samsung Electronics' average selling price for HBM next year is expected to more than double from the previous year, and its market share for HBM4 is estimated at 44% (first place). The scale of the new shareholder return policy, to be announced soon, is expected to exceed 100 trillion won. Accordingly, based on current stock prices, the dividend yield is forecast to exceed 7%. It is judged to be a confident buy zone (conviction buy).
Choi Seung-hwan, Shinhan Investment Corp. researcher, presented a "increase weighting" recommendation on the 13th regarding semiconductor equipment and parts. With the continuity of the memory supercycle reconfirmed, it is observed that big tech CAPEX (capital expenditure) will expand through next year.
Choi noted that market concerns over legacy memory are excessive. He stated that within the large IDM investment cycle, warmth is spreading from front-end processes to back-end processes and components due to spillover effects.
The following is a summary of the report. ()
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The KOSDAQ has recovered from panic since August, centered on semiconductor materials and components. Inventory levels at Samsung Electronics and SK Hynix are depleting faster, reaching a two-week supply level after the third quarter, and the scale of LTA (long-term supply agreement) signings is exceeding expectations. A trend of warmth spreading to back-end process investments has been visible since the beginning of the year.
△Top picks include Intekplus and Gigabitvis, beneficiaries of advanced packaging and substrates; Yesiti, New Power Plasma, Femtron, and GST, beneficiaries of HBM and memory yield improvements; Neosem, Xicon, Okins Electronics, and PsyMax, beneficiaries of next-generation memory testing; and Jeju Semiconductor and Fidelix, beneficiaries of legacy memory.
Park Jong-dae, Hana Securities researcher, announced on the 14th that he is downgrading E-Mart's investment recommendation from buy to neutral due to significant earnings uncertainty. He also lowered the target price from the previous 110,000 won to 82,000 won.
Park analyzed that E-Mart recorded an earnings shock by posting an operating loss of 43 billion won in the second quarter. He further explained that ongoing uncertainty among subsidiaries such as SSG.com, Gmarket, SCK Company, and Shinsegae Construction acts as a discount factor for E-Mart's valuation.
The following is a summary of the report. ()
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E-Mart's earnings estimates and valuation have been downgraded. The price-to-earnings ratio (PER) based on 12-month earnings is calculated at 27 times. A cautious approach is advisable for the time being.
While high earnings momentum in the hypermarket sector is positive, there is significant uncertainty regarding the performance of its subsidiaries. SSG.com's operating losses are increasing again. Gmarket-related equity method losses of over 40 billion won are being reflected each quarter. Normalization of SCK Company is expected to take until next year. Shinsegae Construction faces concerns about one-time costs that are difficult to predict, such as allowances for bad debts on unsold apartments and commercial spaces.
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