009150 KR · Samsung Electro-Mechanics Common StockMW GOBLIN RESEARCH
Samsung Electro-Mechanics: A Test of Cash Realization After Surging Profits
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The improvement in results as of 2026-10-30 is positive. However, the share price of 1190000 KRW represents 53.8 x this year's expected earnings, requiring sustained MLCC price increases and a shift toward higher-value substrates. Given the burden of capacity expansion, it is difficult to conclude that the stock is undervalued.
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- Prices and product mix are driving profits higher
- The payoff from capacity expansion must be verified through cash after investment