Samsung Electronics Earnings Announcement Points?! If 'This Word' Appears, It's an Opportunity! | Kim Rok-ho, Hana Securities Research Center Analyst

삼성전자 실적발표 포인트?! '이 단어'가 나온다면 기회다! | 김록호 하나증권 리서치센터 애널리스트 [글로벌 인터뷰]
Watch on YouTube ↗  |  January 19, 2026 at 23:10  |  41:04  |  3PRO TV (삼프로TV)
Speakers
Kim Rok-ho — Team Leader, Hana Securities Research Center

Summary

Kim Rok-ho of Hana Securities Research Center discusses the upcoming Samsung Electronics and SK hynix earnings, the DRAM/memory upcycle, TSMC's strong gross margin, Samsung's 2nm foundry progress, and the limited Chinese semiconductor threat. He remains positive on memory and AI semiconductor demand, sees equipment capex supported by TSMC and Korean memory investments, and highlights Hyundai Motor's physical AI and robotics showing at CES. The main risk he notes is rising memory costs for B2C devices, but he expects server demand to offset it.

  • Kim Rok-ho expects Samsung Electronics and SK hynix detailed earnings on January 29 to be a key catalyst.
  • DRAM prices rose sharply in the fourth quarter and may rise further in the first quarter.
  • Memory supply is expected to stay tight through 2026 because new capacity is limited until 2027.
  • TSMC's gross margin beat confirms strong AI/HPC foundry demand and supports semiconductor sentiment.
  • Samsung's 2nm foundry business is showing early customer progress with Tesla and Exynos.
  • China's memory and foundry threat is seen as limited by yield and equipment constraints.
  • Hyundai Motor was highlighted as a physical AI/robotics beneficiary at CES.
  • Semiconductor equipment demand is supported by TSMC and Korean memory capex.
Ideas
Kim Rok-ho Team Leader, Hana Securities Research Center 3:05
Samsung memory with shareholder return catalyst.
Samsung Electronics' preliminary fourth-quarter results already showed strong memory pricing, with blended DRAM ASP up about 40%, but the detailed earnings release on January 29 is the key catalyst. If management uses the words shareholder return, the stock could improve because much of the memory improvement is already reflected; the speaker maintained his target price and sees the detailed results and capital-return language as the main swing factor.
005930.KS MED
Kim Rok-ho Team Leader, Hana Securities Research Center 3:05
SK hynix benefits from memory shortage.
China's competitive threat to Korean semiconductors looks less severe than feared: CXMT's DRAM ramp is struggling, Chinese DRAM equipment orders are slowing, and Chinese foundries such as SMIC and Hua Hong have high utilization but low gross margins because of yield issues and equipment restrictions. That limits China's ability to disrupt supply over the next one to two years and benefits Samsung Electronics and SK hynix.
000660.KS HIGH
Kim Rok-ho Team Leader, Hana Securities Research Center 9:59
TSMC margin beat confirms AI demand.
TSMC's fourth-quarter gross margin hit a roughly three-year high and beat guidance by 2.8 percentage points, helped by an HPC/AI-driven product mix. The result confirms strong high-end foundry demand and is a positive read-across for the broader semiconductor and Korean memory complex.
TSM HIGH
Kim Rok-ho Team Leader, Hana Securities Research Center 11:57
Micron benefits from constrained memory supply.
Micron's results helped confirm that AI/memory demand is better than feared, and Micron also lacks room to expand capacity until at least the first half of 2027. That supports the memory pricing upcycle and makes it a direct beneficiary of the shortage.
MU MED
Kim Rok-ho Team Leader, Hana Securities Research Center 13:01
DRAM shortage drives memory upcycle.
The memory cycle is stronger than expected: AI and server demand are driving DRAM prices sharply higher, with Samsung's blended DRAM ASP up about 40% in the fourth quarter and first-quarter price increases likely equal to or larger than the fourth quarter. Double-ordering may exist, but Samsung, SK hynix and Micron cannot add enough general DRAM capacity before at least the first half of 2027, and suppliers are filtering orders, so the shortage should persist through 2026. The shift toward server demand also means B2B demand can offset weaker smartphone and PC demand.
SMH HIGH
Kim Rok-ho Team Leader, Hana Securities Research Center 38:13
Hyundai leads CES physical AI robotics.
At CES, physical AI and robots were the main theme, and Hyundai's Boston Dynamics Atlas robot stood out for high-end motion and dexterity. Hyundai also showed SDF, a digital-twin and automation platform developed with NVIDIA that could improve manufacturing productivity. The speaker sees Hyundai as a key listed physical-AI beneficiary, though he does not cover the stock and caveats the view as personal observation.
005380.KS MED
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This 3PRO TV (삼프로TV) video, published January 19, 2026, features Kim Rok-ho discussing 005930.KS, 000660.KS, TSM, MU, SMH, 005380.KS. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Rok-ho  · Tickers: 005930.KS, 000660.KS, TSM, MU, SMH, 005380.KS