Goldman Sachs: Raised Samsung Electronics' target price to 490,000 won, expecting demand for memory to significantly exceed supply.

Goldman Sachs published a research report stating that Samsung Electronics' operating profit for the second quarter met expectations. The firm raised its earnings per share forecast for 2026 to 2028 by approximately 2% and adjusted the 12-month target price from 480,000 KRW to 490,000 KRW. The bank expects that memory demand will significantly outstrip supply, with the gap widening in 2027, and supply remaining tight in 2028. Goldman Sachs noted that the company has signed long-term agreements with major data center clients, providing better visibility for profits and downside protection. Additionally, the company aims to become a leader in the AI memory market, with HBM4 expected to account for over 60% of HBM revenue in the second half of 2026, while anticipating significant upside for shareholder returns. The stock is currently trading at a projected P/E ratio of 3.1 times and a P/B ratio of 1.2 times for 2027, with a shareholder return rate approaching 50%.