三星电子 (005930.KS): Samsung Electronics 3Q preview: strong memory operation intact amidst near-term FX headwinds; OW with PT of W400k

J.P. Morgan maintains Overweight on Samsung Electronics (005930.KS) with a Jun-27 price target of W400,000 based on 6x F12M EPS. FX headwinds (near-term earnings risk for 2H26E) and limited shareholder return policy disclosure drove below-peer share performance since August, but we view investor concerns (HBM going away or memory demand shrinkage acceleration) as excessive. Solid HBM share gains continue into next year (value share from 20% in 2025 to 34%/39% in 2026E/27E), with a 64% blended HBM ASP increase forecast in FY27E and HBM sales mix reaching 16-20% in the next two years. Slower DRAM/NAND bit growth tightens supply-demand, though LTAs covering over 70% of wafers limit ASP upside. We trim EPS on stronger KRW; 3Q26E OP of ~W101.8tn is ~6% below consensus. Catalysts: further LTA disclosures, shareholder return updates and AI/datacenter investment pipeline. Risks: macro/AI capex volatility and intensifying competition from Chinese memory suppliers.