[News Space=Reporter seungwon lee] Global investment bank (IB) Nomura Securities has released unprecedented target stock prices and performance outlooks for Samsung Electronics and SK Hynix.

Samsung Electronics' 2026 operating profit forecast is set at 133.4 trillion won, and its target stock price has been raised from 150,000 won to 160,000 won. This is based on the belief that the steeper-than-expected rise in memory semiconductor prices suggests significant room for earnings improvement through next year. As of the 24th of this month, Samsung Electronics' closing price was 111,100 won, representing an upside of approximately 44% compared to Nomura's target price.

Nomura also maintained a buy rating on SK Hynix and set a target price of 880,000 won. They also raised their operating profit forecast for SK Hynix to 99 trillion won in 2026 and 128 trillion won in 2027. This figure surpasses that of TSMC, the world's largest foundry (semiconductor contract manufacturing company), and is the highest forecast among domestic and international securities firms.

Domestic securities firms are also raising their target stock prices one after another. Mirae Asset Securities raised its target price for Samsung Electronics from 142,000 won to 155,000 won, and Hana Securities also raised it to 155,000 won.

Nomura forecasts a positive memory supply-demand structure for the foreseeable future. While demand for both high-bandwidth memory (HBM) and general-purpose DRAM is growing due to increased demand for artificial intelligence (AI) servers, the pace of supply expansion is limited. According to Nomura, a significant increase in general-purpose memory supply is unlikely until 2028 at the earliest, and the memory supercycle is likely to continue until at least 2027.

By division, Samsung Electronics' memory division is expected to see the largest performance improvement. Nomura analyzed that DRAM and NAND prices will rise 68% and 73% year-on-year next year, respectively, and general-purpose DRAM prices could rise by over 80%. In the fourth quarter, general-purpose DRAM prices are projected to rise 30-40%, while server DRAM prices are projected to rise 40-60%. The OLED division's profit outlook has also been revised upward, driven by exchange rate effects and recovering demand from major customers.

Major domestic and international securities firms are also presenting similar forecasts. Kim Hyung-tae, a senior researcher at Shinhan Investment & Securities, believes 2026 will be the period when the memory price increase cycle accelerates in earnest. He predicted that with the leadership shifting to memory suppliers, contract price increases, long-term contract structures, and HBM volume confirmations will be confirmed starting in the first quarter of next year. The overall upward trend in the memory sector's stock prices is expected to continue.

Meanwhile, forecasts are being raised regarding how long the rising memory prices will last. According to global brokerage analysis, upward pressure on DRAM and NAND prices is likely to continue until late 2025 (4Q25) to early 2026 (1Q26). However, there's also the possibility of a double-digit decline in HBM prices in 2026, which could slow the rate of increase and lead to product differentiation.

As the memory semiconductor industry rapidly improves, the performance and stock price outlooks for Samsung Electronics and SK Hynix are rising. Nomura's groundbreaking outlook sends a powerful message to domestic and international investors, suggesting that the semiconductor industry's supercycle will be prolonged.