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1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited,Seoul Securities Branch View HSBC Global Research at:h

2、ttps:/ HSBCinExtelSurvey2025|ThankyouforyoursupportSeeresults Disappointing 2Q prelim from weak semi margins,despite strong mobile shipments Looking toward a better 3Q from faster commodity memory turnaround,stronger HBM shipment,and improved foundry Maintain Buy with unchanged TP of KRW88k Further

3、disappointment in 2Q preliminary.Samsung reported far weaker 2Q results than HSBC or consensus estimated,with OP of KRW4.6trn(down 31%q-o-q,56%y-o-y),and sales of KRW74trn(down 6%q-o-q,1%y-o-y),mainly due to 1)weaker DRAM shipment at+8%q-o-q(vs.HSBCe of+12%)from persisting delay in HBM3e 12 high sup

4、ply to a major customer,2)ramp-up costs related to 1c-nm DRAM and 238 layer NAND,3)one-off costs to DRAM inventory adjustment,and 4)further loss in foundry from US export restrictions to China,which seems to have led to weaker demand and lower utilisation,while 5)4%q-o-q KRW appreciation(vs.USD)nega

5、tively impacted the components business.Mounting optimism on HBM:We forecast a 106%q-o-q memory-driven earnings improvement in 3Q,at KRW9.5trn(up 3%y-o-y),with sales of KRW84trn(up 13%q-o-q,6%y-o-y)on:1)sequential memory price increase of 7%for DRAM and 8%for NAND,as well as peak season demand for 2

6、)smartphone and tablet OLED.We expect 3)long delayed HBM3e supply to major GPU and ASIC customers to gain momentum from 3Q on top of surging GDDR7 orders for the Chinese market.Samsung will supply 12 high HBM3e products to AMD MI350X,MI355X and 8 high chips to Broadcom,(Seoul economic daily,17 June)