PDF 原檔：報告_GS_南亞科2408記憶體_20260710_original.pdf
本篇為高盛以南亞科 2Q26 財報做「read-across」解讀 Samsung Electronics 的產業研究筆記，非南亞科主研究報告；正文對南亞科著墨有限，主體是 SEC 評等與目標價方法論。
圖片清單（已驗證 2026-07-13）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_GS_南亞科2408記憶體_20260710_001.png |
132KB | 真資料圖 | Samsung Electronics（005930.KS）普通股股價（淺藍線）+ 高盛評等/目標價沿革（藍色方框標記、深藍點列出歷次目標價數字 80000-260000），2023-2026 |
報告_GS_南亞科2408記憶體_20260710_002.png |
141KB | 真資料圖 | Samsung Electronics 特別股（Pref, 005935.KS）股價 + 高盛評等/目標價沿革圖，格式同上，2023-2026 |
兩張圖皆為 Samsung Electronics（非南亞科）股價/評等圖，因本篇報告主體即為南亞科 2Q26 財報對 Samsung 的 read-across 分析。
原始內容
Asia Pacific Technology: Semiconductors - Memory: Nanya Tech 2Q26 read-across: solid ASP growth and positive industry outlook
On July 10, Taiwanese DRAM producer Nanya Technology (Nanya; Not Covered) reported its 2Q26 earnings (June quarter), and we provide read-across to Samsung Electronics (SEC). Key takeaways were: 1) Strong DRAM ASP growth and OPM improvement: Nanya ASP rose over 60% qoq in 2Q26 after increasing by more than 70% qoq in 1Q26. Driven by strong ASP increase, OPM improved by 13%p to 74% and company expects operational results to sequentially improve in 3Q26. For SEC, we believe conventional DRAM ASP rose 47% qoq and DRAM OPM reached 80% in 2Q26. 2) Positive industry outlook on demand and S/D: Nanya expects Al and general server are driving solid growth for memory demand and constraining supply for non-server segments. The company expects supply tightness to continue over next several quarters. 3) LTA mitigating memory cyclicality: the company expects LTA to mitigate memory cyclicality and sees scale of recent greenfield capacity expansion announcements reasonable and aligns with multi-year LTAs. We believe Nanya's message was consistent with our positive view on the memory industry (link) and further supports our Buy rating for SEC.
Price Target Risks and Methodology - Samsung Electronics
Valuation methodology: Our 12m 2026-2027E EV/EBITDA-based SOTP target price for the common share is W480,000. Our 12-month target price for the preference share is W360,000, which is based on our target pref to common shares discount of 25%, derived from averaging: 1) the pref discount of the 2-factor model and 2) the average preference share discount to common shares during the past 1 month. We are Buy rated on both the common and preference shares.
Key downside risks: 1) major deterioration in memory supply/demand, 2) sharp contraction in smartphone margins, and 3) mobile OLED market share loss.
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to
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Giuni Lee
+82(2)3788-1177 | giuni.lee@gs.com Goldman Sachs (Asia) L.L.C., Seoul Branch
Jaeyong Le
32(2)3788-0981 | taevong.lee@gs.com Granchan Sachs (Asia) LL C. Seoul
Daiki Takayama
+81 (3)4587-9870 dakiman SacaDapan Co, Ltd.