"Heading to 3.8 Million Won, Stock Correction is an Opportunity to Increase Weight"...'No. 1 in Next-Generation Substrates' Samsung Electro-Mechanics, Target Price 2.8 Million Won [Stocktopia]

The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.
The photo also shows a silicon wafer-based silicon capacitor (right) and an enlarged model.
/Photo = Yonhap News [Financial News] Here is a summary of reports from major securities firms for the morning of June 24.
Analysts suggest that Samsung Electro-Mechanics deserves a premium valuation as it is building a competitive edge over global rivals in next-generation substrates and silicon capacitors.
The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.LG Innotek's target share price has been significantly raised amid forecasts that the "iPhone effect" will grow larger, as both the profitability of its optical solutions and the growth of its semiconductor substrates are exceeding market expectations.Samsung Electro-Mechanics expands beyond MLCC and FC-BGA to next-generation substrates and silicon capacitors.Leap to Global No.
8 million won, stating that the company is demonstrating a leading response compared to global competitors in its new businesses of next-generation substrates and silicon capacitors.
Hyundai Securities Analyst Kim Jong-bae assessed that "Samsung Electro-Mechanics is responding at the fastest pace in the next-generation substrate market, going beyond Multilayer Ceramic Capacitors (MLCC) and Flip-Chip Ball Grid Arrays (FC-BGA)," and evaluated that a higher valuation than global competitors can be applied.
The explanation is that Samsung Electro-Mechanics holds an advantage over global competitors in the embedded PCB and glass core substrate sectors, which are considered next-generation substrate technologies.
Furthermore, it was assessed that Samsung Electro-Mechanics has built significant references ahead of competitors by recently securing large-scale orders for silicon capacitors from global clients, and that this foundation will enable further expansion of demand.
Hyundai Securities judged that since silicon capacitors play a different role from MLCCs, the two markets are likely to grow together in the future.
It was also assessed that the commercialization speed of glass core substrates is relatively fast.While global companies are delaying commercialization due to low yields and technological barriers regarding Through-Glass Voltages (TGVs), Samsung Electro-Mechanics explained that it is proceeding with its roadmap based on concrete discussions with partner companies.※ MLCC (Multilayer Ceramic Capacitor) This refers to a core component that acts as a 'dam' within electronic products, storing electricity and releasing it stably in fixed amounts.High performance is achieved as the number and thickness of ceramic dielectrics and electrodes are stacked increase.※ Silicon Capacitor A high-precision capacitor made from silicon wafers instead of ceramics; due to its extremely thin thickness, it is essential for high-performance semiconductor packages for data centers.It forms a market that complements existing MLCCs.※ FC-BGA (Flip-Chip Ball Grid Array) Refers to a high-value substrate that connects semiconductor chips to the motherboard.By flipping the chip and connecting it with small solder balls, it offers fast signal speeds and is advantageous for heat control; it is primarily used in high-performance chips such as AI CPUs and GPUs.※ Embedded PCB Refers to a next-generation substrate that directly embeds semiconductor chips or components inside the board.It is attracting attention as a next-generation AI packaging technology because it can reduce substrate thickness and maximize signal transmission speed.※ Glass Core Substrate A method that uses glass as the core material of the substrate instead of conventional plastic (FR4).
The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.LG Innotek's target share price has been significantly raised amid forecasts that the "iPhone effect" will grow larger, as both the profitability of its optical solutions and the growth of its semiconductor substrates are exceeding market expectations.However, commercialization remains a challenge due to the high difficulty of Through-Glass Electrode (TGV) technology, which involves drilling microscopic holes in the glass.SK Hynix, Memory Demand Fulfillment Rate Only 50%.
8 million won for SK Hynix, stating that yesterday's sharp decline was merely a result of sentiment dampened by macroeconomic concerns and that there is no change in the fundamentals of the memory semiconductor business.
Hyundai Securities Analyst Kim Jong-bae assessed that "Samsung Electro-Mechanics is responding at the fastest pace in the next-generation substrate market, going beyond Multilayer Ceramic Capacitors (MLCC) and Flip-Chip Ball Grid Arrays (FC-BGA)," and evaluated that a higher valuation than global competitors can be applied.
Kim Dong-won, Head of Research at KB Securities, pointed out, "Even if new factory expansions are completed, actual production capacity will be concentrated on High Bandwidth Memory (HBM)," adding, "Expanding general-purpose memory production is only possible to a limited extent through the conversion of existing processes, making it difficult to absorb the increase in demand.
" Furthermore, he predicted, "In particular, next year's HBM prices, currently under negotiation, are expected to rise by more than 100% year-on-year as they reflect the narrowing margin gap with general-purpose DRAM.
47% plunge in SK Hynix's stock price the previous day, Director Kim emphasized, "At this point, the only thing that has changed is investor sentiment; industry conditions and earnings are improving, so the stock price correction is an opportunity to increase holdings.
The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.LG Innotek's target share price has been significantly raised amid forecasts that the "iPhone effect" will grow larger, as both the profitability of its optical solutions and the growth of its semiconductor substrates are exceeding market expectations.3 million won.Researcher Park Kang-ho analyzed, "At this point, the profitability competitiveness of camera modules is being reconfirmed, and there is a high possibility that profit improvements in optical solutions in the second half of 2026 and 2027 will exceed expectations.
" He added that strong performance in the substrate business, centered on FC-BGA, has led to a revaluation of the valuation.
Hyundai Securities Analyst Kim Jong-bae assessed that "Samsung Electro-Mechanics is responding at the fastest pace in the next-generation substrate market, going beyond Multilayer Ceramic Capacitors (MLCC) and Flip-Chip Ball Grid Arrays (FC-BGA)," and evaluated that a higher valuation than global competitors can be applied.
Apple's premium model strategy for the iPhone was also cited as a key growth driver.
Researcher Park stated, "It is assessed that the increased production share of premium models within Apple in the optical solutions business has maximized the mix effect," adding, "Strong sales of Apple's iPhone 17 will also contribute to stable capacity utilization.
" 2027 marks the first year Apple plans to launch a total of 6 to 7 models, divided between the first and second halves of the year.
With the added possibility of foldable phones and an iPhone 20th Anniversary Special Edition, it is projected that both production volume and demand could exceed expectations.
The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.The photo shows an actual silicon capacitor produced by Samsung Electro-Mechanics.
sms@fnnews.com Seong Min-seo Reporter