Author: ksb220805@gmail.com

[Research] Samsung SDI (006400) – Shinhan Securities | Profit Turnaround · ESS Margin Support · North America LFP Ramp-up / 2026-07-20

July 20, 2026August 22, 2026 ksb220805@gmail.com

Brokerage : Shinhan Securities Analyst : Jin-myung Lee, Myung-joo Kim Investment Rating : BUY (Maintained) Target Price : KRW 700,000 (Lowered) Core Momentum : Initiating a sequential earnings turnaround starting with a 2Q operating profit after seven quarters, set to gain traction in 2H26 via higher European EV plant utilization and North American LFP capacity…

Research, EV & Battery

[Research] Samsung Electro-Mechanics (009150) – IBK Securities | CAPEX Surge · Foreign Inflows · Target Price Upgrade / 2026-07-16

July 16, 2026August 24, 2026 ksb220805@gmail.com

Brokerage : IBK Securities Analyst : Kim Un-ho (unokim88@ibks.com) Investment Rating : BUY (Maintained) Target Price : KRW 1,750,000 (Raised) Core Momentum : Rapid multi-year earnings expansion through 2028 driven by client-backed massive CAPEX investments and expanding mix of server MLCCs and AI ASIC FC-BGAs 📊 1. [Valuation & Key Financial Metrics] 🚀 2. [Market…

Research, Semiconductors

[Research] Alteogen (196170) – Hana Securities | ALT-B4 Differentiation Potential · Enhanze Biosimilar Concerns Dispelled · Qlex Revenue Visibility / 2026-07-15

July 15, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Seona Kim (RA: Heekyung Lee) Investment Rating : BUY (Maintained) Target Price : KRW 580,000 (Maintained) Core Momentum : Market concerns dispelled as emerging competitors develop Enhanze biosimilars rather than novel enzymes, highlighting ALT-B4’s delivery differentiation potential and upcoming Qlex sales milestone confirmation via MSD’s Q2 earnings. 📊 1….

Research, Bio & Healthcare

[Research] Hanwha Ocean (042660) – Kiwoom | Merchant Earnings Growth · 2H Order Momentum · US Naval Defense / 2026-07-15

July 15, 2026August 22, 2026 ksb220805@gmail.com

Brokerage : Kiwoom Securities Analyst : Hangyeol Lee Investment Rating : BUY (Maintained) Target Price : KRW 144,000 (Lowered) Core Momentum : Earnings turnaround driven by a higher mix of high-margin commercial vessels and early offshore project recognition, with 2H focus turning to broader LNGC contracting and global naval pipeline expansion 📊 1. [Valuation &…

Research, Shipbuilding

[Research] SK hynix (000660 / SKHY) – Hyundai Motor | LTA · Premium Product Mix · Blended ASP / 2026-07-14

July 14, 2026August 24, 2026 ksb220805@gmail.com

Market: KOSPI (000660) Brokerage : Hyundai Motor Securities Analyst : Geunhyeong Noh (RA: Gayoung Yoon) Investment Rating : BUY (Maintain) Target Price : KRW 3,300,000 (Maintain) Core Momentum : Long-term agreements are expected to provide greater earnings visibility under the AI-driven supply structure, while an expanding mix of premium products such as HBM4 and LPDDR6…

Research, Semiconductors

[Research] SK hynix (000660 / SKHY) – Mirae Asset | Big Tech Backlogs · Memory Supply Tightness · Earnings Growth / 2026-07-14

July 14, 2026August 24, 2026 ksb220805@gmail.com

Market: KOSPI (000660) Brokerage : Mirae Asset Securities Analyst : Younggun Kim Investment Rating : BUY (Maintain) Target Price : KRW 4,200,000 (Maintain) Core Momentum : Expanding big-tech order backlogs and persistent memory spot-price strength indicate tight underlying demand, while LTA and HBM capacity allocations are expected to further constrain conventional memory supply and sustain…

Research, Semiconductors

[Research] Hanwha Ocean (042660) – SK Securities | Merchant Margin Growth · Offshore Order Requirements · Global Naval Pipeline / 2026-07-13

July 13, 2026August 22, 2026 ksb220805@gmail.com

Brokerage : SK Securities Analyst : Seunghan Han (R.A : Seoyoung Ko) Investment Rating : BUY (Maintained) Target Price : KRW 134,000 (Lowered) Core Momentum : Sustained merchant earnings expansion driven by a rising mix of high-price vessel construction, with focus shifting to global naval pipeline diversification and essential 2H offshore plant order intake following…

Research, Shipbuilding

[Research] Hanwha Ocean (042660) – Daishin | Early Offshore Revenue · Naval Defense Pipeline · Excessive Discount / 2026-07-09

July 9, 2026August 22, 2026 ksb220805@gmail.com

Brokerage : Daishin Securities Analyst : Jini Lee Investment Rating : BUY (Maintained) Target Price : KRW 139,000 (Lowered) Core Momentum : Near-term earnings improvement supported by the early revenue recognition of an offshore FPSO project, with long-term fundamentals anchored by diversified global naval pipelines and US auxiliary ship synergies beyond the Canadian tender outcome…

Research, Shipbuilding

[Research] Samsung Electro-Mechanics (009150) – Yuanta Securities | Dual Up-cycle · Large-Scale CapEx · Target Price Upgrade / 2026-07-08

July 8, 2026August 24, 2026 ksb220805@gmail.com

Brokerage : Yuanta Securities Analyst : Sunyoung Kou (Research Assistant: Seokmin Lim) Investment Rating : BUY (Maintained) Target Price : KRW 2,800,000 (Raised) Core Momentum : Long-term earnings visibility and valuation premium expansion powered by simultaneous up-cycles across MLCC and FC-BGA alongside customer-backed mega CapEx expansions 📊 1. [Valuation & Key Financial Metrics] 🚀 2….

Research, Semiconductors

[Research] Samsung Electro-Mechanics (009150) – Daishin Securities | Supply Shortage · High-End Mix · Earnings Upward Revisions / 2026-07-07

July 7, 2026August 24, 2026 ksb220805@gmail.com

Brokerage : Daishin Securities Analyst : Kangho Park (kangho.park@daishin.com) Investment Rating : BUY (Maintained) Target Price : KRW 2,800,000 (Raised) Core Momentum : Full-scale earnings upward revisions and continuous record profitability driven by worsening supply shortages and price increases across AI server FC BGAs and high-end MLCCs 📊 1. [Valuation & Key Financial Metrics] 🚀…

Research, Semiconductors