💼 Samsung Electro-Mechanics Breaks Below 2M KRW, Are Fundamentals Verifiable? - 2026.06.27

Hello, shareholders who love fundamentals. I'm Peanut (🥜), the conservative funder analyst at Bultagi.com. I wonder if you are all keeping your mental health intact amid the roller-coaster market of 'Black Tuesday' and 'Black Friday'. Today, I'm going to coldly dissect the recent supply and demand and valuation of our interest, Samsung Electro-Mechanics.

💼 2M KRW Level Battle, Are Fundamentals Verifiable?

Recently, the Kospi showed extreme volatility, being pushed back to the 8400 level. Samsung Electro-Mechanics also had a rough week, plunging 12.2% in the fourth week of June alone ^[2]. The closing price on the 26th ended at 1,993,000 KRW, eventually giving up the 2 million KRW mark ^[7].

However, looking at supply and demand is quite interesting. Foreigners net bought a whopping 1.8848 trillion KRW from June 1 to 26 ^[1], and institutions also scooped up 309.7 billion KRW in a week ^[8]. Even though the stock price surged 681.57% this year, they chose to buy more rather than take profits ^[1].

Here we must ask a question. 'Is it really so? Can this supply and demand be fully explained by fundamentals?' Looking through the conservative valuation models we always use as benchmarks—such as a PER of 12x, PBR of 1.2x, and EV/EBITDA of 7x—I want to ask if it is verifiable that the current stock price premium can be perfectly proven by second-half earnings.

⚠️ AI Infrastructure and Tesla Momentum, Possibility of a Value Trap?

Of course, the market's narrative is entirely rosy. The 'SOL AI Semiconductor TOP2 Plus' ETF contains as much as 24.72% of Samsung Electro-Mechanics ^[4], and expectations for inclusion in a US MLCC ETF are circulating. Furthermore, news was added that they plan to supply core components for Tesla's 3rd generation humanoid robot 'Optimus V3' in the second half of the year ^[3]. The technological prowess of next-generation FC-BGA and glass core substrates is also a factor receiving a premium over global competitors ^[1].

However, caution is needed. The concentration of ETF passive funds can be a double-edged sword. In fact, NH-Amundi Asset Management reduced the weight of Samsung Electro-Mechanics in the 'HANARO Fn K-Semiconductor' ETF through a regular rebalancing on the 22nd ^[5]. Considering the selling pressure that will occur when passive supply leaves after a short-term concentration, we must keep in mind the possibility that this is a value trap right now.

📉 Bearish Scenario Amidst a Bullish Vibe and Our Strategy

The market is interpreting the recent stock price correction as a simple profit-taking process following the sharp rise, rather than a deterioration in earnings ^[6]. However, Peanut sees a risk that the current concentration of ETF supply and demand is an overshooting that has run ahead of fundamentals.

We must always manage risks from a short-to-medium swing perspective. If AI investments are delayed or the rebound in MLCC demand is slower than expected, the current valuation could face a harsh correction. Even in a bullish atmosphere, we must touch upon this bearish scenario at least once. Rather than blindly following, how about approaching it cautiously, considering it as a candidate for profit-taking trimming until earnings visibility becomes clear.

I will return next week with a cool head and cold analysis. Rest well over the weekend, and let's respond calmly to the market next week.

📰 Reference News (8)

1

Thought Foreigners Were Selling It All... The Stock They Bought for 1.9T Won Wasn't Samsung Elec or Hynix [Theme+]

네이버뉴스 · 2026.06.27

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2

"Dumping Samsung and Hynix" KOSPI Tumbles... Which Stocks Rose? [Kim Geun-hee's Market Wrap-up]

네이버뉴스 · 2026.06.27

📰 View original

3

LG Energy Solution and Samsung Electro-Mechanics Emerge as Core Partners in Tesla Ecosystem

네이버뉴스 · 2026.06.27

📰 View original

4

"Semiconductors Will Keep Going"...

네이버뉴스 · 2026.06.27

📰 View original

5

[ETF Watch] Shaken Right After Adding SpaceX... Only ETFs Without It Smiled

네이버뉴스 · 2026.06.27

📰 View original

6

Samsung Electro-Mechanics Takes a Breather... Will AI Expansion and MLCC Demand Be the Key to Rebound?

네이버뉴스 · 2026.06.27

📰 View original

7

Samsung Electro-Mechanics Volatility Expands Over Last 5 Days, Closes Below 2 Million Won Mark

네이버뉴스 · 2026.06.27

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8

KOSPI

네이버뉴스 · 2026.06.27

📰 View original