KB Securities (Jusik) recently released a report predicting that Samsung Electronics’ operating profit for the third quarter has risen 8.17 × (817%) compared with the same period last year, reaching ₩112 trillion. Accordingly, its price‑earnings ratio (PER) is now about 3.7×; it was not reflected in the stock price despite a recent improvement in results, Kim Bon‑bu comments.
Similarly, SK Hynix’s operating profit has surged 5.79 × (579%) compared with the same period last year, reaching ₩77 trillion (operating‑profit margin of 78%). Both companies are expected to approach a total revenue of ₩964 trillion next year. In line with this, large cloud providers such as HiPlexer and others are projected to secure more than 60% of the memory supply, which is expected to push prices higher.
KB Securities judges that the current stock price is in a “deeply undervalued” state and forecasts that next year’s operating profit will jump by 13.2× for Samsung Electronics and 8.2× for SK Hynix compared with last year. Kim Bon‑bu says, “As the supply chain of memory strengthens, the shortage will be reinforced by price rise.” He believes that a 60% level of memory supply will lead to tighter supply.
In conclusion, KB Securities projects that there will be at least three years of shortage in memory supply until 2028 and that new production lines will need at least 3 years of time to expand. It underlines this point. Accordingly, it is expected that the stocks of Samsung Electronics and SK Hynix will rise after the price adjustment ends.
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