Goldman Sachs said Samsung Electronics’ Q2 operating profit met expectations and
raised its 2026–2028 per‑share earnings forecasts by about 2%, lifting its
12‑month target price from 480,000 won to 490,000 won. Goldman expects memory
demand to notably exceed supply, with the gap widening in 2027 and supply
remaining tight in 2028. The bank highlights Samsung’s long‑term contracts with
major data‑center customers as providing better earnings visibility and downside
protection, and notes the company’s aim to lead the AI memory market; HBM4 is
forecast to account for more than 60% of HBM revenue in H2 2026. Goldman also
flags material upside to shareholder returns. The stock trades at 3.1x 2027
forecast P/E and 1.2x P/B, with shareholder return ratios near 50%.
