LightView AI Stock Analysis Summary
Nov 11, Issued 2026 (Wed) · As of Nov 10, 2026 close · 1/2Samsung Electronics Samsung Electronics Co., Ltd. · 005930 · KOSPI
World's largest memory maker: record Q3 operating income of ₩107.4T, yet the stock fell 13.4% in two days on Nov 5-6 and sits 46.9% below its 52-week high
Overall VerdictHOLDBull 4 · Bear 3 · Deferred 0
Price at Issue
₩198,900
Nov 10, 2026 close · +4.7%
External Target Price
0 items
No firm has issued a target price
52-Week Low · High
₩94,500 ~ ₩374,500
vs. high −46.9%
Next Earnings
Around Jan 27 (Yahoo estimate)
Q4 2026 earnings
014 Key Data Points
Foreign net selling of ₩1,160B of Samsung (Nov 5)Foreigners net sold ₩3,390B on KOSPI on Nov 5, ₩1,160B of it Samsung; the stock fell 7.57% on Nov 5 and 6.35% on Nov 6 (-13.4% in two days) and the ₩198,900 close is 46.9% below the 52-week high
AI data-center regulation worriesThe Nov 5 Bizwatch report (S5) cited tighter regulation worries after the US midterms (Nov 3) as the backdrop to KOSPI -5.28% and a sell sidecar that day, with about ₩2.7T of foreign net selling in Samsung and SK hynix
Q3 operating income ₩107.4T, a fourth straight recordRevenue ₩195.3T at a 55.0% margin; the chip division (DS) earned ₩106.5T, about 99% of the total
2026 shareholder returns of ₩90-110TThe Q3 dividend of ₩4,601 per share (₩30T across common and preferred shares) is set; buyback details are due at the January 2027 board meeting
02Research Team Debate — 6 Issues
| Nov 5-6 plunge×2 | Bull | The question was whether the cause lies with the company. The cause is confirmed only within the Nov 5 Bizwatch report, and the link to regulation worries is not asserted since the stock fell just 0.68% on Nov 4, but the drop was a foreign-flow shock alongside KOSPI -5.28% and earnings power (₩107.4T operating income) is intact, so the ruling goes to Bull. |
| Peak-earnings debate | Bear | The question is how far profit can keep growing. Operating income growth slowed from +56.4% in Q2 to +20.0% in Q3, and the stock sits 46.9% below its high, so Bear's point that the market priced the slowdown first carries more weight. The ruling goes to Bear. |
| Valuation | Bull | The question is whether the stock is expensive relative to growth. A PEG of about 0.04 (on one-year expected EPS growth) is low even against the 12.9x peer median and 62.3% growth, so the ruling goes to Bull. If EPS forecasts are cut the multiple would rise, so forecast changes are checked at Q4 results around Jan 27. |
| ₩90-110T shareholder returns | Bull | The question is whether returns build a floor. The confirmed Q3 dividend alone is about 2.6% of market cap and the ₩90-110T annual target fits within net cash of about ₩167.6T, so the ruling goes to Bull. Buyback details come at the January 2027 board meeting. |
| ₩84.4T capex and DX losses | Bear | The question is investment burden and profit concentration. Cash is ample, but 99% of profit comes from chips and capex is up 61.7%, so Bear's point that nothing absorbs a fall in memory prices carries more weight. The ruling goes to Bear. |
| Foreign selling and a weak chart | Bear | The question is whether the rebound is a trend change. A one-day 4.74% gain on lower volume with the close below every moving average earns a Bear ruling. Recovering the 20-day line at ₩216,000 is the next test. |
The overall call is HOLD: earnings, shareholder returns and a low multiple argue Bull, while peak-earnings debate, profit concentration and weak flows argue Bear. The call reopens with the Q3 quarterly filing around Nov 14 and whether foreign net selling subsides.
03Conditions That Change the Verdict
▲ Upgrade Conditions
- Quarterly filing around Nov 14Operating cash flow staying near Q2's ₩105.1T with capex within 20% of it would confirm profit as cash.
- Foreign flowsForeign net selling of Samsung falling below Nov 5's ₩1,160B and turning to net buying would signal calming flows.
- Price lineA close back above the 20-day line at ₩216,000 would signal the short-term downtrend has stopped.
▼ Downgrade Conditions
- KOSPI 5,200 levelA break below 5,200 from the Nov 10 close of 5,239.13 could bring the added volatility a Daishin Securities analyst warned of in the Nov 5 Bizwatch report (S5).
- AI regulation worriesIf US AI data-center regulation talk turns into specific legislation, memory demand expectations could fall.
- Price lineA close below the Nov 6 close of ₩188,700, which is also under the lower Bollinger band at ₩189,363, would signal further weakness.
LightView AI Stock Analysis Summary
Nov 11, Issued 2026 (Wed) · As of Nov 10, 2026 close · 2/204Quarterly Results Unit: ₩T
| Q2 2025 | Q3 | Q4 | Q1 2026 | Q2 |
|---|
| Revenue | 74.6 | 86.1 | 93.8 | 133.9 | 171.5 |
| Operating Income | 4.7 | 12.2 | 20.1 | 57.2 | 89.5 |
| Net Income | 4.9 | 12 | 19.3 | 47.1 | 71.3 |
| Operating Margin | 6.3% | 14.1% | 21.4% | 42.8% | 52.2% |
Operating margin52.2%Year ago 6.3%
Gross margin (Yahoo basis)69.6%Year ago 34.2%
06동종 비교(외부 목표가 0건)
| Company | P/S | Market Cap |
|---|
| SK hynix 000660 | 4.6x | about ₩861.8T |
| Samsung Electronics 005930 | 2.3x | about ₩1,135.6T |
| Hyundai Motor 005380 | 0.3x | about ₩55.8T |
| Samsung Electro-Mechanics 009150 | 5.1x | about ₩64.1T |
| Hanmi Semiconductor 042700 | 29.8x | about ₩16.4T |
07Financial Strength
Cash and short-term investments (Jun 30)₩190T₩100.7T → +88.6%
Total debt (Jun 30, Yahoo basis)₩22.4T₩14T → +59.7%
Shareholders' equity (Jun 30)₩565.1T₩388.7T → +45.4%
08Recent News
- 11/6 Second straight drop, close at ₩188,700Nov 6 -6.35% · -13.4% in two days · volume 1.85x the 20-day average · 49.6% below the 52-week high
- 11/5 KOSPI -5.28%, sell sidecar triggeredKOSPI closed at 5,383.80 · foreigners net sold ₩3,390B on KOSPI, ₩1,160B of it Samsung · SK hynix -9.46%
- 11/4 AI data-center regulation worries after US midtermsBizwatch Nov 5 report (S5): Democrats won both chambers on Nov 3, raising worries of tighter AI data-center regulation · no specific legislation yet · the stock fell only 0.68% on Nov 4
09Upcoming Events
- Around Nov 14 · Q3 2026 quarterly filing expectedCheck official operating cash flow, capex and EPS · based on the statutory deadline
- Around Jan 27 · Q4 2026 earnings date (Yahoo estimate)Expected revenue ₩224.6T · not a confirmed company date
- January 2027 · Board to detail buybacks and cancellationsTiming given in the Q3 release · 2026 return target of ₩90-110T
10Key Risks
- Persistent foreign net selling (₩1,160B of Samsung on Nov 5)Impact High · Likelihood High · Watch Whether foreigners turn net buyers of Samsung
- Tighter AI data-center regulation worriesImpact High · Likelihood Medium · Watch Legislative talk after the US midterms
- Memory peak-profit worries (operating income growth +56.4% to +20.0%)Impact High · Likelihood Medium · Watch Q4 results around Jan 27
11Checkpoints
- ★★★ Foreign flowsCheck whether foreign net selling of Samsung (₩1,160B on Nov 5) eases and turns to net buying.
- ★★★ KOSPI 5,200Watch the distance between the 5,200 level a Daishin Securities analyst flagged (Bizwatch Nov 5, S5) and the Nov 10 close of 5,239.13.
- ★★☆ Q3 quarterly filingCheck the official operating cash flow, capex and EPS in the filing due around Nov 14.