Corporate Logo(source: samsung.com)
An analysis suggested that the fair market capitalization of Samsung Electronics(005930) stands at 1,000 trillion won.
In a report published on the 13th, Kim Dong-won, semiconductor analyst at KB Securities, said, “As the high-bandwidth memory (HBM) discount factor seen over the past three years shifts to a premium and Samsung Electronics is expected to benefit the most from rising traditional DRAM prices, its fair market cap is projected to reach 1,000 trillion won.”
Setting his target price for Samsung Electronics at 150,000, he stated, “With traditional DRAM prices rising, DDR5 margins next year are expected to surpass those of HBM, resulting in a profitability reversal,” adding, “Samsung Electronics, which operates 70% of its total DRAM production capacity as conventional DRAM, is expected to benefit directly.”
He further noted, “HBM4 to be mounted on Nvidia’s ‘Rubin’ is facing redesign issues among competitors, and Samsung Electronics’ HBM supply share for Nvidia next year is expected to more than double from the previous year,” projecting that “semiconductor operating profit next year will reach 61.8 trillion won, a threefold increase from the previous year, driven by simultaneous shipment growth and price increases.”
Kim added, “Samsung Electronics’ HBM4, adopting 1c DRAM and 4nm logic dies, can achieve both top-level speed and low-power performance, and is expected to command the highest selling price among suppliers,” pointing out that “Samsung Electronics’ price-to-book ratio (PBR) and year-to-date share price gains remain at half the level of competitors due to delays in Nvidia HBM supply, resulting in discount trading. However, Samsung Electronics’ HBM shipments next year are expected to increase 2.5 times from the previous year.”
*[KOSPI] Samsung Electronics(005930) is the top company in the KOSPI, dominating the global market in semiconductors and smartphones. Its market capitalization is 610.34 trillion won (as of November 12, 2025, closing price).
Corporate Logo(source: samsung.com)
An analysis suggested that the fair market capitalization of Samsung Electronics(005930) stands at 1,000 trillion won.
In a report published on the 13th, Kim Dong-won, semiconductor analyst at KB Securities, said, “As the high-bandwidth memory (HBM) discount factor seen over the past three years shifts to a premium and Samsung Electronics is expected to benefit the most from rising traditional DRAM prices, its fair market cap is projected to reach 1,000 trillion won.”
Setting his target price for Samsung Electronics at 150,000, he stated, “With traditional DRAM prices rising, DDR5 margins next year are expected to surpass those of HBM, resulting in a profitability reversal,” adding, “Samsung Electronics, which operates 70% of its total DRAM production capacity as conventional DRAM, is expected to benefit directly.”
He further noted, “HBM4 to be mounted on Nvidia’s ‘Rubin’ is facing redesign issues among competitors, and Samsung Electronics’ HBM supply share for Nvidia next year is expected to more than double from the previous year,” projecting that “semiconductor operating profit next year will reach 61.8 trillion won, a threefold increase from the previous year, driven by simultaneous shipment growth and price increases.”
Kim added, “Samsung Electronics’ HBM4, adopting 1c DRAM and 4nm logic dies, can achieve both top-level speed and low-power performance, and is expected to command the highest selling price among suppliers,” pointing out that “Samsung Electronics’ price-to-book ratio (PBR) and year-to-date share price gains remain at half the level of competitors due to delays in Nvidia HBM supply, resulting in discount trading. However, Samsung Electronics’ HBM shipments next year are expected to increase 2.5 times from the previous year.”
*[KOSPI] Samsung Electronics(005930) is the top company in the KOSPI, dominating the global market in semiconductors and smartphones. Its market capitalization is 610.34 trillion won (as of November 12, 2025, closing price).