Author: ksb220805@gmail.com

[Research] Celltrion (068270) – SK Securities | 2Q26 Re: Profitability Inflection Underway · Operating Leverage In Focus · Robust H2 Momentum / 2026-08-03

August 3, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : SK Securities Analyst : Seonkyoung Lee Investment Rating : BUY (Maintained) Target Price : KRW 247,823 (Maintained) Core Momentum : Operating leverage begins in earnest as high-margin new products expand to 65% of total sales, delivering a strong 2Q26 earnings beat with sustained growth expected from Zymfentra’s Pfizer collaboration and Omlyclo’s US launch….

Research, Bio & Healthcare

[Research] SK hynix (000660 / SKHY) – SK Securities | LTA · Earnings Visibility · Shareholder Returns / 2026-08-03

August 3, 2026August 24, 2026 ksb220805@gmail.com

Market: KOSPI (000660) Brokerage : SK Securities Analyst : Donghee Han Investment Rating : BUY (Maintain) Target Price : KRW 4,000,000 (Maintain) Core Momentum : LTAs are expected to strengthen earnings visibility and sustainability, while KIOXIA SPC1 stake-sale proceeds and ADR-related capital inflows accelerate net cash accumulation and support expanded shareholder returns. 📊 1. [Valuation…

Research, Semiconductors

[Research] Samsung SDI (006400) – Mirae Asset | Operating Profit Upgrades · Core Turnaround · Prismatic Competitiveness / 2026-07-31

July 31, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Mirae Asset Securities Analyst : Kim Chul-joong, Se-hoon Jung Investment Rating : BUY (Maintained) Target Price : KRW 1,000,000 (Maintained) Core Momentum : Annual and quarterly operating profit forecasts are revised upward on the back of rising BBU/data center demand and EV/ESS profitability improvements, paving the way for a turnaround in core operations…

Research, EV & Battery

[Research] Samsung SDI (006400) – Daishin Securities | Earlier Turnaround · North America ESS Expansion · LFP Order Pipeline / 2026-07-31

July 31, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Daishin Securities Analyst : Kang Gwi-yeon, Park Seo-young (RA) Investment Rating : BUY (Maintained) Target Price : KRW 690,000 (Lowered) Core Momentum : Driven by early turnaround achievement through North American ESS growth and premium mix improvements alongside one-off tariff refunds, Samsung SDI is poised for a renewed earnings expansion cycle backed by…

Research, EV & Battery

[Research] Samsung SDI (006400) – Hana Securities | Turnaround to Profit · North America ESS Ramp-Up · Valuation Upside / 2026-07-31

July 31, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Kim Hyun-soo, Hong Ji-won (RA) Investment Rating : BUY (Maintained) Target Price : KRW 667,000 (Lowered) Core Momentum : Following its return to operating profitability in Q2 after seven quarters, Samsung SDI is set to sustain underlying core earnings growth into the second half, driven by full-scale North American…

Research, EV & Battery

[Research] Samsung SDI (006400) – DS Investment & Securities | Core Profitability Turnaround · Robust ESS Backlog · Humanoid Physical AI Expansion / 2026-07-31

July 31, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : DS Investment & Securities Analyst : Choi Tae-yong Investment Rating : BUY (Maintained) Target Price : KRW 840,000 (Maintained) Core Momentum : Despite the dissipation of one-off tariff refunds, core operating profitability is set to turn positive driven by surging ESS sales and small battery recovery, reinforced by a massive ESS backlog secured…

Research, EV & Battery

[Research] Samsung Electro-Mechanics (009150) – Mirae Asset Securities | AI MLCC Shortage · FC-BGA Margin Expansion · Earnings Direction / 2026-07-31

July 31, 2026August 24, 2026 ksb220805@gmail.com

Brokerage : Mirae Asset Securities Analyst : Junseo Park (park.junseo@miraeasset.com) Investment Rating : BUY (Maintained) Target Price : KRW 2,800,000 (Maintained) Core Momentum : Structural earnings upward cycle driven by simultaneous increases in price (P) and volume (Q) amid AI MLCC supply tightness alongside FC-BGA margin expansion for server applications 📊 1. [Valuation & Key…

Research, Semiconductors

[Research] Samsung Electro-Mechanics (009150) – Kyobo Securities | AI Server Demand · High-Value Mix · Structural Profitability / 2026-07-31

July 31, 2026August 24, 2026 ksb220805@gmail.com

Brokerage : Kyobo Securities Analyst : Boyoung Choi (20190031@iprovest.com) Investment Rating : Buy (Maintained) Target Price : KRW 3,000,000 (Maintained) Core Momentum : Structural margin expansion and mid-to-long-term growth visibility driven by expanded mix of AI server and automotive high-value MLCCs alongside large-area, multi-layer FC-BGAs 📊 1. [Valuation & Key Financial Metrics] 🚀 2. [Market…

Research, Semiconductors

[Research] Samsung Electro-Mechanics (009150) – DS Investment & Securities | MLCC Price Leverage · Capacity Cannibalization · Earnings Upward Revisions / 2026-07-31

July 31, 2026August 24, 2026 ksb220805@gmail.com

Brokerage : DS Investment & Securities Analyst : Daehyung Cho (dh.cho@ds-sec.co.kr) Investment Rating : BUY (Maintained) Target Price : KRW 1,600,000 (Raised) Core Momentum : Structural upward revisions in earnings forecasts and extended cycle visibility driven by MLCC price leverage, capacity cannibalization, and new Big Tech FC-BGA order expansion 📊 1. [Valuation & Key Financial…

Research, Semiconductors

[Research] Samsung Electro-Mechanics (009150) – Hana Securities | AI MLCC Shortage · Price Cycle · High-End Margin / 2026-07-31

July 31, 2026August 24, 2026 ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Kim Min-kyung (minkyung.kim@hanafn.com) Investment Rating : BUY (Maintained) Target Price : KRW 3,000,000 (Maintained) Core Momentum : Full-scale price up-cycle driven by structural supply deficits in AI server high-capacitance MLCCs alongside full capacity utilization in FCBGA 📊 1. [Valuation & Key Financial Metrics] 🚀 2. [Market Opportunities & Business…

Research, Semiconductors