iM Securities has raised its operating profit forecast for Samsung Electronics in the second quarter of 2026 from ₩76.1trn to ₩80.0trn, and lifted its full-year 2026 estimate from ₩340trn to ₩360trn.
In a research note published on 3rd July 2026, the brokerage attributed the upgrades to a steeper-than-expected rise in DRAM and NAND flash memory prices. Channel checks indicate that blended average selling prices (ASPs) for DRAM rose by more than 40% in Q2 2026, while NAND ASPs climbed by roughly 65%. iM Securities expects both product categories to post a further 15–20% gain in Q3 2026.
Of the projected ₩80.0trn in Q2 operating profit, memory semiconductors are expected to account for ₩79.2trn. However, this figure includes a lump-sum provision for employee bonuses covering the first and second quarters of the semiconductor division; stripping out that charge, the underlying estimate rises to ₩94.9trn. Operating profit contributions from Samsung Display Corporation (SDC) and the mobile-and-networks (MX/Networks) division are forecast to narrow sharply to ₩0.2trn and ₩1.0trn respectively, squeezed by the surge in memory component costs.
The full-year operating profit forecast of ₩360trn would represent a 725% increase on the prior year. iM Securities projects a return on equity of 49% — surpassing the 41% recorded in 2000, which had stood as Samsung's highest in at least 30 years. On that basis, the brokerage applied a price-to-book ratio of 4.7 times to maintain its target price of ₩480,000 per share, reiterating a Buy recommendation. Samsung Electronics closed at ₩286,000 on 2nd July 2026.
Looking further ahead, iM Securities expects the memory semiconductor upcycle to extend at least through 2027, underpinned by sustained capital expenditure on data centres by major technology companies, funded through equity raises, special purpose vehicles, and joint ventures.