Noh Geun-chang, head of the Hyundai Motor

Noh Geun-chang, head of the Hyundai Motor Securities Center, gave a presentation on semiconductor-related topics at the System Semiconductor Forum, and News City named it like this.

"Samsung, HBM are having a hard time next year as well... Foundry needs 4 to 5 more years"

The main content is that the proportion of high value-added semiconductors is low, there is a shortage of foundry personnel compared to TSMC, HBM is lagging behind SK Hynix, and mobile DRAM will be caught up with China.

Should we take a look at the title and target stock price of the report on Samsung Electronics released in the second half of this year by Roh Geun-chan, head of the Hyundai Motor Securities Center?

2024-07-02 - HBM is changing from Noise to +α (100,000)

2024-07-08 - What you miss in earnings surprise (110,000)

2024-08-01 - No reason to be left out of AI Rush (110,000)

2024-09-09 - Eventually Near Memory reduces volatility (104,000)

2024-10-10- What to learn and what to throw away (86,000)

2024-11-06 Need to improve ROE through selection and concentration (86,000)

The July report, which raised its target price to 110,000 won, said, "The level of earnings improvement is progressing too steep to be explained by the reversal of provisions," adding, "The company's third-quarter earnings are expected to improve further."

"HBM3E is expected to receive supply approval from NVIDIA within this year, and memory semiconductor performance is expected to increase further," the August report said. "Apple equipped with new AI assistants is expected to create new demand while enlightening the Mobile HBM era."

If the rosy outlook, which continued until September, is difficult next year in two months, and the foundry needs four to five more years, wouldn't it be necessary to analyze and reflect on the previous report before the forecast?

Everywhere in the report, there was no talk about the key risk of Lee Jae-yong.

From the moment the third generation of chaebols engulfed Korea's largest business group through bribery, tax evasion, and stock price manipulation, Samsung's fate was set.

Excluding Lee Jae-yong, the analysis and the outlook cannot match.