🔗 Samsung Electro-Mechanics: How MLCC Orders and Its Stock Price Are Moving on Different Tracks - 2026.11.02

Hi, I’m Dotori. 🌰 Today, let’s start with the big picture and map out the value chain on the board. AI component demand is building up in orders, so why isn’t the stock price following suit? Let’s keep that question in mind.

🔗 Starting with the big picture

CEO Jang Deok-hyun said the MLCC and substrate businesses face unprecedented major growth opportunities ^[1]. He cited the fact that the AI industry is only just getting started, and said the value of long-term supply contracts signed with global companies over the past 5 months had exceeded 5,000,000,000,000 KRW ^[2]. First, it’s important to distinguish that this is guidance from the company, not a figure that confirms future results on its own.

⚙️ The MLCC connection

This is the key link. iM Securities interprets Murata’s MLCC price hikes as potentially creating spillover benefits for companies like Samsung Electro-Mechanics ^[5]. KB Securities also set a target price for Samsung Electro-Mechanics against the backdrop of Murata’s price increases, and said it expected selling prices, volumes, and earnings to move forward together ^[4]. I’ll leave out the specific amount here. Numbers from a single source carry a high risk of error. Looking at the direction alone, the securities industry views this trend positively.

Meanwhile, another forecast says that the prolonged shortage of high-performance MLCCs could peak in the first half of next year, with AI server MLCCs in particularly short supply ^[3]. This is a securities industry forecast, so it shouldn’t be read as a plan confirmed by the company. In short, this sounds appealing, but until it’s confirmed in actual figures, we should treat it as an assumption.

If I draw the priorities on my board, the order looks like this: first is MLCCs, where prices and supply-demand are directly in play. Second is substrates, which have long-term contracts attached. Third is the question of how closely this trend ties in with AI infrastructure demand for finished products. To be clear, this is my interpretation of the value chain.

📚 Why is the stock price moving separately?

If order news is like a relay baton, the stock price is like the crowd’s reaction. The baton may keep coming, but the crowd doesn’t always get up at the same pace, right? Looking at the price action, the stock fell -9.05% in a single day on October 30, dropping to ₩1,166,000, then rose +0.08% to close at ₩1,197,000 on November 2. It’s too early to call a one-day rebound a trend, but it gives us a useful point to watch in checking whether orders and the stock price are moving in the same direction.

Dotori sees this as a hypothetical picture until it shows up in actual selling prices and volumes. The remaining questions are how Murata’s price hikes will be reflected in Samsung Electro-Mechanics’ selling prices, and when AI-related long-term contracts will show up in earnings figures.

🏭 Remaining variables

The question marks left on the board are how quickly long-term contracts worth 5,000,000,000,000 KRW translate into earnings, and whether the MLCC shortage outlook leads to actual price increases. Will these two really move in the same direction? 🤔

📰 Reference News (5)

2

Samsung Electro-Mechanics Sees Growth Potential as Demand for AI Components Expands… Jang Deok-hyun: “The AI Industry Is Only Just Getting Started” - CWN News

네이버뉴스 · 2026.11.02

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3

“AI Server MLCC Shortage to Peak in the First Half of Next Year”… Samsung Electro-Mechanics’ Value Is Rising

네이버뉴스 · 2026.11.02

📰 View original