Mirae Asset's Samsung note contains two clean long theses: (1) Samsung directly (SMSN perp) on 811% YoY OP growth, 82% DRAM margins, and a W550k price target; (2) Micron (MU perp) as the US DRAM pure-play benefiting from the same HBM supply squeeze that is lifting conventional DRAM pricing industry-wide toward a 2-3x HBM4 price surge in 2027.
originalFull-year 2026 operating profit estimates have been raised to W397.4tr, representing a massive 811.4% YoY growth compared to 2025.
Production shifts to HBM (High Bandwidth Memory) are restricting conventional DRAM supply, which will support pricing.