Market expectations suggest that Samsung Electronics' shareholder return program could expand by 10 to 20 times its current size. Based on the current share price of 230,000 won, the dividend yield would exceed 7%. KB Securities has rated Samsung Electronics as a strong buy, maintaining a target price of 600,000 won.

KB Securities noted: "Samsung Electronics is currently the world's largest DRAM manufacturer, yet its market capitalization is only 4% higher than that of Micron Technology, the third-ranked player. Even when factoring in the dollar premium, this valuation level is clearly unreasonable." The firm predicts that by 2027, Samsung's average selling price for HBM will more than double year-on-year, while its market share for HBM4 is expected to reach 44%, securing the top global position.

KB Securities estimates that under Samsung Electronics' new shareholder return policy, total annual dividends and buybacks could reach between 100 trillion and 200 trillion won. If implemented, this would represent a 10 to 20-fold increase compared to the current annual figure of 9.8 trillion won, potentially driving a revaluation of the company's stock. KB Securities stated: "Based on the current share price of 231,000 won, the dividend yield would exceed 7%."

Despite recent weak stock performance, Samsung Electronics' fundamental business foundation remains solid. Storage demand from major US tech companies is only about 60% satisfied, keeping industry supply and demand tight. The supply shortage is expected to persist for another three years before new storage fabrication plants come online.

KB Securities forecasts that Samsung Electronics' third-quarter operating profit could reach 112 trillion won, nine times higher than the same period last year. The firm's analysis projects: a Q3 DRAM business operating margin of 83%, an NAND business operating margin of 71%, and thanks to the mass production of 4nm LPU technology in the third quarter, the foundry business—excluding incentive-related gains—is expected to turn profitable for the first time since 2022, marking a return to profitability after four years.

On the same day, KB Securities provided three scenario forecasts for Samsung Electronics beyond its base target price. In the optimistic scenario, the maximum target price is 700,000 won, applicable under conditions of a storage industry upcycle, rising average selling prices (ASP), and sustained growth in storage demand from both AI servers and general servers. In the pessimistic scenario, the minimum target price is 250,000 won, applicable if DRAM average selling prices rise less than 254% and NAND average selling prices rise less than 278% within the year.

KB Securities data shows: Samsung Electronics' 2026 expected price-to-earnings ratio (PER) is 5 times, and its 2027 expected PER is 3.3 times, both lower than Micron Technology (Micron's 2026 PER is 7.8 times, 2027 PER is 5.3 times). Samsung's 2026 expected price-to-book ratio (PBR) is 2.2 times, and its 2027 expected PBR is 1.4 times, also lower than Micron Technology (Micron's 2026 PBR is 5.3 times, 2027 PBR is 2.8 times).