Yuanta's 630,000 won Samsung target bets the memory squeeze outlasts 2028

Yuanta's previous number, 530,000 won set on June 1, already implied about 88% upside at the 281,500 won Samsung Electronics traded at on the morning of the 23rd ^[1][4]. The raise to 630,000 takes that to roughly 124% ^[1][3]. Both numbers sit far above the price.

"The market is worried about a possible peak-out in 2028 because of new capacity additions and noise around high-bandwidth memory," said Baek Gil-hyun, an analyst at Yuanta Securities Korea ^[7]. "But given that HBM is eating into general-purpose DRAM capacity and that the spread of artificial intelligence inference is driving demand for high-capacity memory, the supply constraints are likely to ease later than expected" ^[8].

The whole target rests on the first half of that second sentence. If HBM stops consuming general-purpose DRAM capacity, the 2028 peak-out Baek describes as a market worry has nothing arguing against it.

The raise also does not move the top of the domestic range. Korea Investment & Securities has had 650,000 won on the stock since late July, 20,000 won above Yuanta, a spread of about 3.1% between the two most bullish domestic houses ^[2][2].

Samsung Electronics was the top net purchase through 11 a.m. among Mirae Asset Securities clients whose one-month returns rank in the top 1% ^[6]. SK hynix was on the other side of the ledger, among the three most heavily sold, and it had been the top net sale in the previous session too ^[9][10]. The same cohort sold Samsung Electronics preferred shares while buying the common ^[9]. Selling hynix could be profit-taking on a name that has already run, in which case the memory thesis is intact and only the vehicle changed; on this morning's evidence, the cohort was rotating inside the chain.

Two of its three top buys were falling. Samsung SDI, second in net buying, was quoted at 514,000 won, down 2.84% and lower for a third straight day ^[11]; NAVER, third, also fell for a third consecutive session ^[15]. iM Securities raised its SDI target to 800,000 won from 590,000 won on the 21st, a 35.6% increase that sits 55.6% above the quoted price ^[12][5]. The forecast behind it puts third-quarter revenue at 4.1 trillion won against a 4 trillion won consensus, 2.5% above, and operating profit at 285 billion won against 115.9 billion won, about 2.46 times consensus ^[13][3]. That is an operating margin near 7.0% where the street has 2.9% ^[4]. iM said the earnings will be driven by compensation payments from automakers that fell short of minimum purchase volumes, despite a stronger won against the dollar ^[14].

Mirae compiles the trades of its top-1% clients and publishes them on its mobile trading system in real time, and says the data is provided for information only and does not reflect the brokerage's views ^[17].