Samsung Electro-Mechanics — Neither Murata Nor Ibiden, But a 'Hybrid Challenger'. What ₩1,010,000 Is Pricing In Is 2027E OP of ₩2.7 Trillion

Sun, 17 May 2026 23:40:00 +0900

📚 Samsung Electro-Mechanics Series Samsung Electro-Mechanics AI Infrastructure Re-rating / Mirae Asset ₩1,300,000 Target Price Analysis / MLCC · FC-BGA · Optics — Three-Division Deep Dive

Read next (May 21): Silicon-Capacitor KRW 1.5T — A Reclassification, Not a Single Order — the KRW 1.5T Si-Cap contract adds an estimated KRW 100–200B to OP under base-case margins, fitting directly into this article’s “what KRW 1.01M implies for 2027E OP KRW 2.7T” framing.

📚 Related Series AI Back-End 11-Stock Data Comparison / NVIDIA Korea 2nd–3rd Tier Value Chain / May 17 Market Overview

Samsung Electro-Mechanics is neither a stable MLCC quality compounder like Murata, nor yet a proven FCBGA scarcity leader like Ibiden. But it is a high-beta challenger that simultaneously holds both axes. The current share price of ₩1,010,000 already prices in a 2027E PER of 40.5x — meaning this is not a stock you buy because it is cheap, but one that won’t look expensive until the numbers move higher. 1Q26 OPM 8.7%, Package revenue YoY +45%, 2027E Package OPM estimated at 17.9%. The real alpha is not “many themes” — it lies in whether those themes translate into Package OPM of 20% and 2027E OP of ₩2.7 trillion or more.

Key Summary

Samsung Electro-Mechanics is a high-beta challenger simultaneously holding MLCC and FCBGA. Against Murata on the quality comparison, OPM falls short (15.3% vs. 19.4%); against Ibiden on the scarcity comparison, Package margins fall short (17.9% vs. 23.1%). However, its growth rate is faster than both peers (2027E operating profit growth +52.3% vs. Murata +34.8% · Ibiden +66.7%).

Current share price ₩1,010,000, market cap ₩75.44 trillion, 2027E PER 40.5x. Hana Securities’ target price of ₩1,000,000 is derived from FCBGA peer PER 39.5x × 2027E EPS ₩24,964, nearly in line with the current price. In other words, additional upside is limited under a simple peer multiple framework. A move to ₩1,200,000–₩1,400,000 requires 2027E OP to be revised up from the base of ₩2.4 trillion to ₩2.7 trillion; ₩1,500,000 becomes possible when OPM approaches 20%, the 2028 cycle is front-run, and Package LTA is confirmed.

The four layers of upside are clear. Autonomous driving/ADAS is an earnings upside (already reflected in 1Q26 revenue), edge computing is the largest expansion axis after AI servers, robotics is a multiple option (post-2028), and space data centers are a long-term call option (starting with high-reliability MLCC for LEO satellites). On the customer side, Hyundai Mobis/Atlas is a Physical AI reference, SpaceX is an MLCC quality certification, and Tesla is the biggest customer option capable of moving both earnings and multiples simultaneously.

Assuming macro gate clearance, the entry strategy is: accumulate in tranches on ₩950,000–₩1,000,000 support, hold off if ₩900,000 is broken, trend-buy on ₩1,100,000 breakout + 2Q OP above ₩400 billion confirmed. 2Q26 earnings (August) are the key inflection point; Package OPM above 15% is the primary trigger.

1. Identity Between Murata and Ibiden

The most common trap when classifying Samsung Electro-Mechanics is forcing it into a single category. Label it an “MLCC company” and it falls short of Murata; label it an “FCBGA company” and it falls short of Ibiden. The accurate identity is a “hybrid challenger” simultaneously holding both axes.

Comparing the three companies makes the differences clear.

	Samsung Electro-Mechanics	Murata	Ibiden
Core Identity	MLCC + FCBGA simultaneously	MLCC & passive components global quality leader	Premium FCBGA scarcity leader
2027E OPM	15.3%	19.4% (FY3/27)	23.1% (FY2027)
Operating Profit Growth	2027E +52.3%	FY3/27 +34.8%	FY2027 +66.7%
Share Price Driver	MLCC price hike + FCBGA ramp + Package margin	MLCC price, mix, utilization	AI GPU/ASIC substrate shortage · LTA
Investment Character	High-growth, high-valuation event-driven	Quality compounder	Scarcity compounder

The core insight is this: Samsung Electro-Mechanics has higher growth than Murata but lower profitability, and lower Package margins than Ibiden but a more diversified business structure. The result is that “evaluating against only one peer always creates a mismatch.” The real reason the market assigns a premium to Samsung Electro-Mechanics is the option value derived from holding both businesses simultaneously.

The 1Q26 results confirm this structure. Revenue ₩3.2091 trillion, operating profit ₩280.6 billion, OPM 8.7%. By division: Components ₩1.4085 trillion, Package ₩725.0 billion, Optics ₩1.0756 trillion. Package revenue grew the fastest at YoY +45%. The company explicitly cited increased supply of high-value package substrates for AI accelerators, server CPUs, and network applications.

Based on Hana Securities estimates, 2027E divisional OPM is: Components 20.2%, Package 17.9%, Optical Solutions 3.5%. The re-rating story therefore lives in Components + Package, not Optics. The Optical Solutions segment’s dilutive effect on mix is the primary reason Samsung Electro-Mechanics’ consolidated OPM comes in below Murata and Ibiden.

2. Valuation — What Is Already Priced In

May 15 closing price ₩1,010,000, shares outstanding 74,693,696, market cap ₩75.44 trillion. TTM PER 108.1x (cycle trough effect), 2026E PER 59.2x, 2027E PER 40.5x. This is similar territory to Murata FY3/27 guidance PER of 38.2x.

Calculating implied fair values by peer multiple makes it clear how much the market has already priced in.

Scenario	PER Applied	EPS Basis	Implied Price	vs. Current
Murata basis	38.2x	2027E ₩24,964	₩954,000	-5.5%
Hana FCBGA peer	39.5x	2027E ₩24,964	₩986,000	-2.4%
Current market multiple	40.5x	2027E ₩24,964	₩1,010,000	0%
Premium granted	43.0x	2027E ₩24,964	₩1,073,000	+6.3%
Aggressive substrate premium	47.0x	2027E ₩24,964	₩1,173,000	+16.1%

The conclusion is clear. If 2027E EPS of ₩24,964 is fixed, ₩1,200,000 or above is difficult. ₩1,200,000–₩1,500,000 requires EPS upward revision.

The EV/OP basis conveys a similar message. Samsung Electro-Mechanics market cap / 2026E OP is 47.9x, nearly identical to Ibiden’s EV / FY2026 OP of 47.6x. But on a 2027E basis, market cap / OP falls to 31.5x, approaching Ibiden’s FY2027 EV/OP of 28.5x. In other words, the current share price is front-running “2027 earnings,” not “2026 earnings.”

3. Target Price Sensitivity — 2027E OP Is the Key Variable

Samsung Electro-Mechanics’ target price is ultimately a function of 2027E operating profit and the applied multiple. Based on Hana Securities, the 2027E net income / operating profit conversion rate is 80.8% (₩1.9372 trillion ÷ ₩2.3988 trillion). Therefore, every ₩100 billion increase in 2027E operating profit translates to approximately ₩1,081 in EPS (₩100B × 80.8% ÷ 74.6937M shares).

At PER 43x, the target price impact is approximately ₩46,000; at PER 47x, approximately ₩51,000. In other words, the rule holds: 2027E OP +₩100 billion = target price +~₩46,000–₩51,000.

The conditions required for each target price level are as follows.

Target Price	Required EPS	Required Conditions	Interpretation
₩1,000,000	₩25,300	2027E OP ~₩2.4 trillion	Already priced into the current share price
₩1,200,000	₩27,900 @ PER 43x	2027E OP +₩270 billion revision	Confirmable bull case
₩1,400,000	₩29,800 @ PER 47x	2027E OP +₩450 billion revision	Strong bull case
₩1,500,000	₩31,900 @ PER 47x	2027E OP +₩640 billion revision	Aggressive, pulling in 2028

The OPM sensitivity view is even clearer. Holding Hana Securities’ 2027E revenue of ₩15.6338 trillion constant and varying consolidated OPM only: at OPM 15.3% (base), fair value is approximately ₩1,070,000; at OPM 18.0% (approaching the floor of Murata and Ibiden), approximately ₩1,380,000; at OPM 20.0% (recognized as a high-margin AI components stock), approximately ₩1,540,000. ₩1,500,000 for Samsung Electro-Mechanics is not an impossible number. But the conditions are demanding. Consolidated OPM must approach 20%, which simultaneously requires Package OPM above 20%, Components OPM in the low-to-mid 20s range, and Optical Solutions’ low-margin dilution to be contained.

SK Securities’ target price of ₩1,500,000 is better characterized as front-running the 2028 higher layer-count substrate cycle rather than explained by the 2027 base alone (FCBGA revenue forecast: 2025 ₩1.153 trillion → 2027 ₩2.625 trillion). In other words, even the ₩1,500,000 target is “not unrealistic,” but it is “not fully confirmable in 2027.”

4. Four Layers of Upside — Autonomous Driving, Edge, Robotics, Space

The real depth of the Samsung Electro-Mechanics thesis lies in “what comes after AI servers.” When the perception expands to a component platform needed as AI diffuses from data centers into the physical world, multiple expansion follows. Breaking this expansion into four layers reveals different earnings visibility and share price impact for each.

Autonomous Driving/ADAS — Most Realistic Earnings Upside. Among the four themes, autonomous driving has the highest earnings visibility. Samsung Electro-Mechanics’ 1Q26 materials already explicitly cited increased supply of automotive substrates for ADAS and autonomous driving in the Package division, and the Optical Solutions division cited increased revenue from automotive camera modules for key domestic and international customers. High-voltage MLCC in the 1,000–1,500V range for EV 800V inverters and OBCs is also in development. As vehicle electrification for autonomous driving increases MLCC content per vehicle, and ADAS/autonomous driving substrate demand and higher-spec camera modules advance simultaneously, all three of Samsung Electro-Mechanics’ divisions — Components, Package, and Optics — benefit concurrently. For Samsung Electro-Mechanics, autonomous driving is not a “story” but a “mix improvement + earnings stability” factor.

Edge Computing — The Most Important Expansion Axis After AI Servers. Edge computing is the middle layer between AI servers and the physical world. As AI inference migrates from data centers to cars, robots, drones, factory equipment, security cameras, smart glasses, and industrial gateways, Samsung Electro-Mechanics’ component demand expands. AI servers use 10–15x more MLCC than general servers; this logic applies — on a reduced scale — to edge AI equipment as well. Edge devices require power stability, miniaturization, and high-speed signal handling (though not to the extent of servers), driving demand for premium MLCC and package substrates. Since Samsung Electro-Mechanics does not manufacture edge AI chips itself, the benefit is a secondary component leverage on AI chip demand.

Robotics — Multiple Option (Post-2028). Robotics is the intersection of autonomous driving and edge computing. Humanoid and industrial robots require camera modules (visual recognition), MLCC and inductors (joint and motor control), AI SoC packages and FCBGA (local AI inference), MLCC, RF components, and substrates (communications and control boards), and high-voltage, high-reliability MLCC (battery and power management). All three Samsung Electro-Mechanics divisions participate. However, humanoid shipment volumes remain small. Earnings contribution in 2026–2027 is limited; it should be viewed as a post-2028 option. It is closer to a multiple expansion factor than a near-term EPS driver. If the market comes to perceive Samsung Electro-Mechanics as expanding from “AI servers + automotive” to “AI robotics components,” a unique premium logic emerges that differentiates it from Ibiden and Murata.

Space Data Centers — Long-Term Call Option. This segment requires nuance. Commercialization of “space data centers” remains distant, and direct revenue contribution is uncertain. However, entry into high-reliability MLCC for LEO satellites and aerospace has already begun. TheElec reported that Samsung Electro-Mechanics has begun supplying MLCC for low-orbit satellites of the world’s largest private space company (customer not disclosed). Shipment volumes have not been disclosed. The significance of the space segment lies in product grade rather than volume. The extreme temperature, vibration, radiation, and longevity requirements demand reliability certifications beyond those of standard MLCC, driving higher ASP and barriers to entry. This should be seen as an extension of the high-reliability MLCC capabilities developed for automotive and AI servers.

Quantifying the target price impact: Autonomous driving/ADAS contributes 2027E OP +₩100B–₩300B (target price +₩46,000–₩153,000); edge computing +₩100B–₩400B (+₩46,000–₩204,000); robotics +₩50B–₩150B (+₩23,000–₩77,000); space/LEO +₩10B–₩50B (+₩5,000–₩26,000). Earnings materialization order: autonomous driving > edge > robotics > space; multiple impact order is roughly the reverse.

5. Customer Perspective — Hyundai Mobis, SpaceX, Tesla

Viewed through the customer lens, the Samsung Electro-Mechanics thesis centers on three key words. The most important insight is that each has a distinctly different character.

Hyundai Mobis/Atlas — Physical AI Reference. Hyundai Mobis focuses on actuators and grippers in the humanoid segment, while Samsung Electro-Mechanics can attach on the camera, MLCC, ultra-compact motor, and substrate side. The roles are different. Hyundai Motor Group targets annual robot production of 30,000 units by 2028. Samsung Electro-Mechanics also invested in Norwegian ultra-compact high-performance electric motor company Alva Industries in December 2025 to build its humanoid business foundation, and at the 1Q26 conference call disclosed plans to supply camera modules for new robotaxi applications in Q2 and for humanoid applications in the second half (customer undisclosed). However, 30,000 units is too small a scale to materially change Samsung Electro-Mechanics’ consolidated results. The key is not the number but whether Samsung Electro-Mechanics enters the Atlas/Hyundai Motor Group robotics supply chain as a reference. Once that reference is confirmed, the market begins to perceive Samsung Electro-Mechanics not as a simple electronic components company but as a “Physical AI components platform.”

SpaceX/LEO — High-Reliability MLCC Certification Effect. The SpaceX angle is about MLCC, not FCBGA. More precisely, it is about “high-reliability MLCC for low-earth orbit satellites.” The Elec reported that Samsung Electro-Mechanics is expanding its MLCC business into aerospace targeting LEO satellites and ground terminals; other reports characterized this as supply of MLCC for SpaceX low-earth orbit satellites. However, Samsung Electro-Mechanics stated that it is difficult to specifically describe customer contracts. Therefore, while interpretation as SpaceX is possible, official customer name confirmation is limited. The reason aerospace MLCC matters is that LEO satellites and ground terminals require certifications different from standard IT MLCC due to temperature variation, vibration, radiation, and longevity demands, suppliers are limited, and ASP, margin, and customer lock-in are elevated. Smartphone MLCC is heavily affected by economic and inventory cycles, while aerospace, automotive, and AI server MLCC has stronger pricing power. SpaceX is therefore less of an EPS event and more of a demonstration that Samsung Electro-Mechanics’ MLCC quality gap versus Murata is narrowing.

Tesla — The Biggest Option to Move Both Earnings and Multiple. Tesla is the largest of the three themes, because EV, robotaxi, autonomous driving chips, and Optimus all connect to Samsung Electro-Mechanics’ product lineup. MoneyToday Broadcasting reported that Samsung Electro-Mechanics is one of Tesla’s key suppliers providing MLCC, semiconductor substrates, and camera modules, and the same report mentioned that Samsung Electro-Mechanics’ FC-BGA goes into Tesla AI5. These are industry/media reports rather than official company disclosures and should be viewed conservatively. However, the direction is correct. The company cited increased supply of substrates for AI accelerators, server CPUs, networking, and ADAS/autonomous driving in the 1Q26 Package division, and disclosed plans to begin full-scale supply of AI data center networking substrates to a new big-tech customer in Q2. Tesla matters because camera modules (eyes), MLCC (power and signal stabilization), and FCBGA (AI5/FSD/robotics computation chip packaging) attach simultaneously — three product lines at once. FCBGA in particular is high-margin, high-multiple revenue. If Samsung Electro-Mechanics’ FCBGA supply for Tesla AI5 or the robotics computation module is officially confirmed, Samsung Electro-Mechanics could be re-rated from a simple MLCC/camera company to a “Tesla Physical AI computing value chain.”

Summarizing each customer in one line: Hyundai Mobis is a reference, SpaceX is a reliability certification, and Tesla is earnings upside. Rationally ranking near-term EPS impact: Tesla > SpaceX > Hyundai Mobis; multiple impact: Tesla ≥ SpaceX > Hyundai Mobis.

6. Red Team — Exit Conditions and Risks

Technology risk. If Package division OPM of 17.9% does not quickly move toward 18–20%, the re-rating thesis weakens. If the FCBGA higher layer-count and SAP technology gap with Ibiden fails to narrow, the scarcity premium logic collapses.

Demand risk. If AI server CapEx decelerates, MLCC and FCBGA demand are simultaneously pressured. Hyperscaler guidance for 2027–2028 is the key, and NVIDIA Q1 FY27 results on May 21 are the first verification point.

Margin risk. If MLCC price hikes remain at the distribution channel level and do not spread to direct AI server customers and automotive OEMs, price increases stall. If Optical Solutions OPM of 3.5% deteriorates further, consolidated OPM could retreat from the base of 15.3%.

Macro and share price risk. If the seven macro gates covered in the May 17 market overview are not cleared, Korean foreign investor fund flows will not recover, and stocks trading above PER 40x are directly hit. If PER 40.5x de-rates one step to 35x (with EPS fixed), the share price would adjust to approximately ₩870,000, or -14%.

Fundamental exit conditions are clear. If 2Q26 OP misses KB Securities’ estimate of ₩407.3 billion by more than -10%; if Package OPM stagnates in the 12–14% range; if the 2027E OP consensus is revised down from ₩2.4 trillion to ₩2.2 trillion or below; if new big-tech customer FCBGA revenue materialization is delayed; if MLCC price increases remain at raw material cost pass-through levels — any two or more of these conditions trigger thesis review.

7. Entry Guide

The judgment is Watchlist / Conditional Buy. Additional accumulation is rational after macro gate clearance + 2Q earnings confirmation.

Action by price level is as follows.

Price Range	Action	Condition
Below ₩900,000	Aggressive staged accumulation	Majority of macro gates cleared, fundamental thesis intact
₩950,000–₩1,000,000	First tranche accumulation	Continued foreign buying, Package revenue expansion signals
₩1,000,000–₩1,100,000	Chasing is inefficient	Current range; holding is OK
₩1,100,000–₩1,150,000 breakout	Trend buy possible	2Q OP above ₩400 billion confirmed
₩1,200,000 breakout	Strong trend signal	2027E OP consensus revised up to ₩2.7 trillion+
Break below ₩900,000	Reduce position	Foreign selling + fundamental deterioration

Six additional upside triggers: 2Q26 operating profit above ₩400 billion (KB Securities estimate ₩407.3 billion); Package division margin revision (2026: above 14%, 2027: approaching 20%); 2027E OP consensus revision from ₩2.4 trillion to ₩2.7 trillion or above; MLCC price hike spreading directly to AI server customers; FCBGA LTA and customer investment support structure confirmed (Ibiden-style customer-backed capex); new big-tech customer networking, AI accelerator, and server CPU substrate revenue materialization.

Cross-referencing with related posts: this post provides the detailed overlay on Samsung Electro-Mechanics within the AI back-end 11-stock matrix. Clearance of the seven macro gates from the May 17 market overview is a prerequisite for new entry. The stocks covered in the NVIDIA Korea 2nd–3rd tier value chain post are in a different category — Samsung Electro-Mechanics is closer to “earnings-confirmed core” while that post covers “expansion candidates.” Combined with the CloudMatrix Korea alpha post, a unified view of “the relative appeal of Korean component stocks in an AI decoupling environment” emerges.

8. Plain-Language Summary

When understanding Samsung Electro-Mechanics, the Murata vs. Ibiden comparison is the most important starting point. Murata is Japan’s global MLCC leader — MLCC being the “electrical signal stabilization component” that goes into every electronic device. Ibiden is Japan’s global leader in premium semiconductor substrates (FCBGA) — FCBGA being the most expensive component that mounts AI chips like NVIDIA’s H100, B200, and GB200 onto boards.

Samsung Electro-Mechanics is the Korean company that does both simultaneously. The core point is that a single company competes with global top players in both segments. However, it is not No. 1 in either. MLCC falls short of Murata; FCBGA falls short of Ibiden.

Yet the market does not penalize Samsung Electro-Mechanics for these “shortfalls” — it assigns option value for holding both businesses simultaneously. Murata and Ibiden are each at the top of their respective domains, leaving limited room to go higher. Samsung Electro-Mechanics falls short in both — which means it can improve in both. That is the meaning of “hybrid challenger.”

Adding to this, if the market’s perception expands from “AI server component stock” to “Physical AI component stock,” multiples could rise another step. As AI diffuses from data centers to cars, robots, and space, all three Samsung Electro-Mechanics products (MLCC, FCBGA, camera modules) benefit simultaneously. Autonomous driving is already in revenue; edge computing is the biggest expansion after AI servers; robotics is a post-2028 option; and space begins with high-reliability MLCC for LEO satellites.

On the customer side, three interesting keywords: if Hyundai Mobis handles actuators in humanoids and Samsung Electro-Mechanics supplies cameras and MLCC, the picture becomes a “Korean Physical AI supply chain reference.” If SpaceX truly uses Samsung Electro-Mechanics MLCC in LEO satellites, that constitutes an “aerospace-grade certification” (customer not officially disclosed). Tesla connects all of EV, robotaxi, and Optimus to Samsung Electro-Mechanics’ product suite — if FCBGA supply for AI5/FSD/Optimus computation modules is officially confirmed, earnings and multiples can both move up a step.

From an investment perspective, a sober view is necessary. The current share price of ₩1,010,000 already front-runs 2027 earnings. This is not a stock you buy because it is cheap — it is one that won’t look expensive until the numbers move higher. To reach ₩1,200,000–₩1,400,000, 2027 operating profit must rise from the ₩2.4 trillion base to ₩2.7 trillion or above. To reach ₩1,500,000 requires either pulling in the 2028 cycle or Package OPM approaching 20%. Neither is impossible, but “buying before confirmation” carries significant risk.

The conclusion is therefore clear. Samsung Electro-Mechanics is a good company, catching up with global top players in both axes (MLCC and FCBGA). But chasing at the current price is inefficient, and meaningful staged accumulation is rational only when three conditions are met simultaneously: macro gate clearance + support confirmed at ₩950,000–₩1,000,000 + 2Q26 OP above ₩400 billion. “Many themes” is not the real trigger — “2027E OP ₩2.7 trillion + Package OPM 20%” is.

9. Final Line

Samsung Electro-Mechanics is neither a stable MLCC quality compounder like Murata, nor yet a proven FCBGA scarcity leader like Ibiden. But it is a hybrid challenger simultaneously holding both axes. The market grants a premium for the “option value of these shortfalls.”

1Q26 delivered revenue ₩3.21 trillion, operating profit ₩280.6 billion, OPM 8.7%, absorbing one-time costs, with Package revenue growing the fastest at YoY +45%. The crux is 2027E Package OPM of 17.9% and Components OPM of 20.2% — the gap versus Murata FY3/27 OPM 19.4% and Ibiden FY2027 OPM 23.1% is still the room for additional upside.

The current share price of ₩1,010,000 and market cap of ₩75.44 trillion already price in 2027E PER of 40.5x. Simple peer multiples make ₩1,200,000 or above difficult. Meaningful upside opens when 2027E operating profit is revised from the base of ₩2.4 trillion to ₩2.7 trillion (₩1,200,000–₩1,400,000), and when OPM approaches 20% and the 2028 cycle is front-run (₩1,500,000).

The four upside layers are: autonomous driving/ADAS (earnings), edge computing (next expansion after AI servers), robotics (multiple option), and space data centers (long-term call option). The three key customer keywords are: Hyundai Mobis (Physical AI reference), SpaceX (MLCC quality certification), Tesla (simultaneous earnings and multiple variable). Official confirmation of Tesla AI5/Optimus FCBGA supply is the single largest catalyst.

The entry guide is clear. Chasing is inefficient; first tranche on ₩950,000–₩1,000,000 support; hold off on ₩900,000 break; trend buy on ₩1,100,000 breakout + 2Q OP above ₩400 billion confirmed. Clearance of the seven macro gates from the May 17 market overview is a prerequisite for new entry. 2Q26 earnings (August) are the key inflection point, and Package OPM above 15% is the primary trigger. It is certainly a good company. Whether it is a good entry price is still being confirmed. “Many themes” is not the point — “2027E OP ₩2.7 trillion + Package OPM 20%” is the real test of the thesis.

This post is for research and commentary purposes only and does not constitute investment advice. Samsung Electro-Mechanics 1Q26 results (revenue ₩3.2091 trillion, operating profit ₩280.6 billion, OPM 8.7%; by division: Components ₩1.4085 trillion, Package ₩725.0 billion, Optics ₩1.0756 trillion; Package YoY +45%) are based on official company disclosures. May 15 closing price (₩1,010,000), market cap (₩75.44 trillion), shares outstanding (74,693,696), and TTM PER (108.1x) are based on market data and the company’s IR page and may vary by date. Hana Securities 2027E estimates (revenue ₩15.6338 trillion, OP ₩2.3988 trillion, net income ₩1.9372 trillion, EPS ₩24,964; divisional OPM: Components 20.2%, Package 17.9%, Optics 3.5%) and target price ₩1,000,000 are based on Hana Securities research. KB Securities 2Q26 estimates (revenue ₩3.33 trillion, OP ₩407.3 billion), SK Securities target price ₩1,500,000, and FCBGA revenue forecast (2025: ₩1.153 trillion → 2027: ₩2.625 trillion) are based on respective brokerage research. Murata FY3/27 guidance (revenue ¥1.960 trillion, OP ¥380 billion, OPM 19.4%, ROIC 12.3%) and Ibiden FY2025 revenue ¥416.2 billion / OP ¥62.0 billion, FY2026 revenue ¥500 billion / OP ¥90 billion / OPM 18.0%, FY2027 mid-term target revenue ¥650 billion / OP ¥150 billion / OPM 23.1%, and FY2030 target revenue ¥1 trillion+ / OP ¥300 billion+ / OPM 30% are based on respective official company materials. Market cap, PER, and EV/OP comparison figures are based on market data sources including StockAnalysis. Peer multiple implied fair values (Murata 38.2x → ₩954,000; Hana FCBGA peer 39.5x → ₩986,000; premium 43x → ₩1,073,000; aggressive 47x → ₩1,173,000), required EPS and OP by target price, and OPM sensitivity fair values (15.3% → ₩1,070,000; 18.0% → ₩1,380,000; 20.0% → ₩1,540,000) are based on the analyst’s own calculations and will differ under different assumptions. The four-layer impact estimates for autonomous driving/ADAS, edge computing, robotics, and space data centers (2027E OP contribution ranges and target price impact) are the analyst’s sensitivity analysis and are not company guidance. Samsung Electro-Mechanics 1,000–1,500V high-voltage MLCC development, AI server MLCC usage at 10–15x, and 1Q26 plans for full-scale networking substrate supply to a new big-tech customer are based on official company materials and news sources. Humanoid camera module supply plans for 2H 2026, Alva Industries investment (December 2025), and 1Q26 conference call disclosures (Q2 robotaxi camera modules, 2H humanoid camera modules) are based on company materials; specific customer names are not disclosed. Hyundai Mobis actuator cost share of 60%, Atlas revenue starting from 2027, and Hyundai Motor Group’s 2028 annual production target of 30,000 robots are based on company and media reports. Samsung Electro-Mechanics LEO satellite MLCC supply (reported by TheElec and domestic media, referencing the world’s largest private aerospace company) has no official customer name disclosed; the SpaceX interpretation is the analyst’s estimate. Reports of Tesla AI5 FCBGA, robotaxi, and Optimus-related component supply (MoneyToday Broadcasting, Chosun Biz) are industry/media estimates and are not official company disclosures. Global macro conditions (US interest rates, oil prices, exchange rates, VIX) may have additional impact on stock prices. The analysis may be wrong. Data reference date: May 17, 2026 KST.

Disclaimer: For research and information purposes only. Not investment advice. Names cited are for analytical illustration; readers should perform their own due diligence and consult licensed advisors before any investment decision.

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