Samsung Electro-Mechanics Q3 upgrade despite FX headwinds — AI component demand doing the heavy lifting.
KB Securities raised Q3 operating profit estimate to 660.1B won. iM Securities at 650B won. Both above FnGuide consensus ~600B won.
Usually a firmer won hurts exporters. Not this time. High-spec AI-server MLCCs and large, high-layer FC-BGA substrates more than offset currency drag.
Content per AI server is multiples of a standard box. Supply still tight. Pricing and mix improving.
Utilization at peak. Long-term MLCC supply agreements with global hyperscalers expanding. Next year's capacity already locked into contracts.
Company confirms: demand for high-end MLCCs and package substrates continues rising with AI server and data center buildout. Focus remains on high-reliability components.
AI infrastructure spend creating real pricing power in the component layer. Worth watching how long this cycle runs.
KB Securities raised Q3 operating profit estimate to 660.1B won. iM Securities at 650B won. Both above FnGuide consensus ~600B won.
Usually a firmer won hurts exporters. Not this time. High-spec AI-server MLCCs and large, high-layer FC-BGA substrates more than offset currency drag.
Content per AI server is multiples of a standard box. Supply still tight. Pricing and mix improving.
Utilization at peak. Long-term MLCC supply agreements with global hyperscalers expanding. Next year's capacity already locked into contracts.
Company confirms: demand for high-end MLCCs and package substrates continues rising with AI server and data center buildout. Focus remains on high-reliability components.
AI infrastructure spend creating real pricing power in the component layer. Worth watching how long this cycle runs.