"AI Parts Leader... Samsung Electro-Mechanics Seen Rising to 2.3 Million Won" ... NAVER, NVIDIA's 'Partner,' Target Price Raised to 400,000 Won [Zootopia]

[Financial News] Here is a roundup of major brokerage reports as of 9 a.m. on June 9.
Samsung Electro-Mechanics is seen as having significant room to further raise earnings estimates, as its core businesses are all benefiting from the expansion of AI servers.
NAVER has joined forces with NVIDIA to enter a massive AI data center project, regaining the growth potential that had weighed on its stock for some time, analysts said. Daeduck Electronics is expected to see the impact of price increases for boards begin in earnest from the second quarter, as the effects of capacity expansions across its three business divisions gradually build.
◆Samsung Electro-Mechanics (009150)― iM Securities / Analyst Go Eui-young
- Target price: 2.3 million won (up 27.8% from 1.8 million won) | Previous close: 1,664,000 won
- Investment rating: Buy (maintained)
iM Securities raised its target price for Samsung Electro-Mechanics to 2.3 million won, saying the company's MLCC, FC-BGA and silicon capacitor businesses are all growing on stronger AI server demand.
Analyst Go Eui-young said Samsung Electro-Mechanics is the leading AI component stock that can benefit simultaneously in the MLCC and FC-BGA markets. He added that further earnings estimate upgrades are likely to stand out going forward through additional price increases and silicon capacitor orders. That means market forecasts for earnings are likely to keep being revised higher as price hikes and new orders continue.
On MLCC pricing in particular, Go said, "Contrary to expectations that server MLCC prices would rise first, prices for general-purpose MLCCs began to increase first." He added, "Given the view that the strength and duration of the cycle are now greater than before, there is room to see a larger price increase than in the past." He also forecast that the FC-BGA business will see stronger-than-expected price increases as utilization reaches 100% in the second half of 2026.※Multilayer Ceramic Capacitor (MLCC)A capacitor made of ceramic material that stabilizes the current flowing through a circuit. It stores electricity and releases it as needed. A smartphone uses hundreds to thousands of them, while AI servers use tens of thousands, which is why they are often called the "rice of the electronics industry."※Flip-Chip Ball Grid Array (FC-BGA)A high-value-added substrate that connects semiconductor chips to the main board. Because the chip is flipped and attached with tiny solder balls, it enables faster signals and better heat dissipation. It is a key component in high-performance semiconductors such as AI CPUs and GPUs.※Silicon capacitorAn ultra-precise capacitor made from silicon wafers instead of ceramic. It can be made very thin and small, so it is widely used in high-performance semiconductor packages for data centers.
◆NAVER Corporation (035420)― Hana Securities / Analyst Lee Junho
- Target price: 400,000 won (up 14.3% from 350,000 won) | Previous close: 279,000 won
- Investment rating: Buy (maintained)
Hana Securities raised its target price for NAVER to 400,000 won, calling it a "growth stock that has regained its growth potential" after the company agreed to build a massive AI factory, or AI data center, with NVIDIA and amid the planned merger between NAVER Financial and Dunamu in the second half of the year.
Analyst Lee Junho said, "The most important point in this announcement is that NAVER has secured the growth potential that had been weighing on its stock." He added, "Its partnership with NVIDIA and entry into the NeoCloud business will make domestic and global revenue opportunities possible, and the company's fundamentals will change completely." In other words, NAVER is moving beyond its image as a domestic company centered on advertising and commerce and securing new growth engines in AI infrastructure and digital assets.
Lee added that the company's valuation could rise sharply once customer names are disclosed and the outline of new businesses becomes clearer.※AI factoryA next-generation AI infrastructure, or a massive data center, used to train and infer large AI models and apply them to real services and industrial sites. The name comes from the idea that, like a factory that turns raw materials into products, it continuously produces AI computation results from data.※NeoCloudA cloud provider that secures large-scale access to high-performance AI chips such as NVIDIA GPUs and offers computing power to companies that want to rent them. U.S.-based CoreWeave is a representative example.
◆Daeduck Electronics (353200)― Yuanta Securities / Analyst Go Seon-young
- Target price: 200,000 won (up 17.6% from 170,000 won) | Previous close: 139,700 won
- Investment rating: Buy (maintained)
Yuanta Securities raised its target price for Daeduck Electronics to 200,000 won, saying the company is offsetting capacity constraints with high-margin products and that the effect of board price increases will begin in earnest from the second quarter.
Analyst Go Seon-young explained that memory capacity is expected to expand starting in the third quarter this year through production efficiency improvements such as line changes. He added that the company laid the groundwork for initial investment through last month's disclosure of a new plant expansion, and that additional equipment investment announcements could follow.
For FC-BGA, supply for large-area boards for networks is expected to become visible in the third quarter, while supply for Physical AI applications is expected in the fourth quarter, broadening its application areas. He also said additional expansion decisions for MLB could come sooner as demand rises for aerospace and AI accelerator products.
Go said, "As the effects of capacity expansions across the three divisions accumulate sequentially, the company's earnings growth trajectory will become clearer as we move into next year." In other words, the company expects improvement in results to strengthen year by year as independent growth drivers across each division reinforce one another.※Multilayer Board (MLB)A printed circuit board made by stacking multiple layers of circuits. The more layers it has, the more complex circuitry it can hold in a limited space, making it suitable for applications that require high performance and reliability, such as satellite communications, aerospace equipment and AI accelerators.※Physical AIAI that goes beyond operating only on a screen and instead has a physical body, moving in the real world like a robot or a car. Autonomous vehicles and humanoid robots are typical examples, as they perceive their surroundings, make decisions on their own and carry out physical actions.

sms@fnnews.com Sung Min-seo Reporter