Samsung Securities said a slowdown in memory-chip price gains does not
necessarily signal peak profits. Rising shipments and a better product mix
should sustain profit growth, while supply expansion is constrained: HBM
production is tying up existing capacity and new fabs take time to ramp,
lengthening the lag between price deceleration and earnings deterioration.
Analysts said the current cycle is notable for an extended profit phase and that
recent share weakness overstates concerns on earnings; they reaffirmed Buy
ratings on Samsung Electronics and SK Hynix.
