Samsung Electronics Jumps 10%, Common-Share Market Cap Tops $1.5 Trillion; SK Securities Sees Shares at 610,000 Won

Samsung Electronics Co. surged more than 10% on the first trading day of June, pushing the market capitalization of its common shares above 2,000 trillion won ($1.5 trillion). The company had previously exceeded that threshold including preferred shares. Brokerages said Samsung offers the biggest upside among the world’s three major memory-chip makers.

According to the Korea Exchange, Samsung rose 32,000 won, or 10.09%, from the previous session to close at 349,000 won in regular trading. The stock climbed as high as 354,500 won intraday, briefly topping 350,000 won. The advance lifted the market capitalization of Samsung’s common shares to 2,040.3512 trillion won ($1.5 trillion). On May 29, Samsung had already crossed 2,000 trillion won ($1.5 trillion) including preferred shares.

The rally reflected renewed attention to Samsung’s relatively limited gains versus rivals, despite expectations that it will take an early lead in the next-generation high-bandwidth memory, or HBM, market.

On May 29, Samsung said it had supplied samples of its 12-layer HBM4E, the seventh generation of HBM, to global customers, becoming the first in the industry to do so. That followed the industry’s first mass-production shipments of HBM4 in February, putting Samsung a step ahead of rivals in next-generation products.

Adding to the momentum, Nvidia Chief Executive Officer Jensen Huang said in a keynote address at GTC Taipei 2026 at the Taipei Music Center on June 1 that the company’s next-generation artificial intelligence accelerators had entered full-scale production and include HBM4 from Samsung Electronics, SK Hynix Inc. and Micron Technology Inc.

Brokerages remain upbeat on Samsung’s room for further gains.

Han Dong-hee, an analyst at SK Securities Co., said Samsung remains markedly undervalued relative to its earnings power, citing greater headroom than its two memory rivals, a full-fledged entry into the HBM market and expanding foundry orders. He raised his target price to 610,000 won from 500,000 won, the highest target among domestic brokerages. The consensus target compiled by FnGuide stands at 401,250 won.

Han also lifted his forecast for Samsung’s operating profit this year by 12% to 37.8 trillion won ($27.8 billion) and raised his estimate for next year by 10% to 57 trillion won ($41.9 billion).

Samsung trades at 5.8 times 12-month forward earnings, compared with 6.2 times for SK Hynix and 10.2 times for Micron, Han wrote. That puts Samsung at a 43% discount to Micron, while SK Hynix trades at a 39% discount.

Brokerages also expect a broader rerating of memory stocks to gather pace in the second half of the year. They pointed to improved demand visibility through long-term supply agreements, the dual-market effect and expectations for higher HBM prices next year.

Long-term agreements secure demand visibility for three to five years and establish a higher price floor, supporting earnings stability, Han said. As a result, memory suppliers prioritize volumes for the LTA market, leaving the remaining supply exposed to continued competition during periods of worsening DRAM shortages.

HBM prices for next year’s supply will rise by at least 50% from this year, he added. Prices for all products, including HBM3E, HBM4 and HBM4E, are set to increase, particularly given strength in application-specific integrated circuits, or ASICs, and the emergence of the HBM4E market next year.

Lee Su, Hankyung.com reporter 2su@hankyung.com