Goldman Sees Samsung, SK Hynix Re-Rated on Earnings as Long-Term Agreements Lift Visibility

businessstocksaiai-infrastructureai-compute-chips 4 posts · 2 accounts

Goldman Sachs said investors are beginning to value major memory-chip makers on earnings rather than as cyclical commodity businesses, arguing Samsung Electronics and SK Hynix have moved beyond their historical price-to-book valuation ceilings as returns on equity improve. The bank said widespread long-term agreements with hyperscaler customers, often accompanied by prepayments, are improving earnings visibility and creating a structural floor against losses in a downturn.

The view extends Goldman's broader bullish call on memory, after it raised operating-profit forecasts for Samsung and SK Hynix and said DRAM, NAND and high-bandwidth memory markets are likely to remain undersupplied into 2028. Goldman cited stronger demand from AI servers and agentic AI, limited supply growth and rising wafer allocation to HBM as factors that could make the sector less volatile than in past cycles.

From the sources (4 posts)

@jukan05

Goldman Sachs raises its Samsung operating profit forecasts: 2026: KRW 355tn ($235.5bn) → KRW 374tn ($248.1bn) 2027: KRW 438tn ($290.6bn) → KRW 530tn ($351.6bn) 2028: KRW 495tn ($328.4bn) → KRW 610tn ($404.7bn)

@jukan05

Goldman Sachs raises its SK Hynix operating profit forecasts: 2026: KRW 261tn ($173.1bn) → KRW 271tn ($179.8bn) 2027: KRW 330tn ($218.9bn) → KRW 401tn ($266.0bn) 2028: KRW 366tn ($242.8bn) → KRW 454tn ($301.2bn)

@zephyr_z9

What did I tell you, anon??

@jukan05

Goldman Sachs: The market has already begun valuing the memory Big Three on a P/E basis, and no longer treats them as mere cyclical commodity companies. “As evidenced by the recent expansion in ROE, Samsung Electronics and SK Hynix have br

Market impact

30 small

MU SOXX NVDA

Why it matters: A Goldman forecast raise and re-rating thesis on memory (Samsung/SK Hynix) argues DRAM/NAND/HBM stay undersupplied into 2028, which reads through to peer Micron and the HBM-linked AI-compute supply chain, but it is sell-side opinion rather than a forced fundamental event so the tradable impact is modest.

At publish time: Headline is a Goldman analyst re-rating call plus raised operating-profit forecasts on memory makers citing structural long-term hyperscaler agreements and undersupply into 2028 — a sub-sector opinion, not a company event.

model confidence: medium

What happened next

1–2 weeks later

fizzled moved down

Predicted modest upside reversed: despite Nvidia HBM4 certification, an AI chip selloff hit memory names, KOSPI fell 5.5% then triggered a circuit breaker, SK Hynix down ~10%.

based on follow-up coverage

Follow-up coverage

Jun 5

Nvidia Certifies Samsung, SK Hynix and Micron to Supply HBM4 for Vera Rubin

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Jun 5

Nvidia Certifies Samsung, SK Hynix and Micron to Supply HBM4 for Vera Rubin

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Jun 5

SpaceX May Need More Cash Next Year Under Goldman Forecasts as Morgan Stanley Sees $3.4 Trillion Revenue

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Jun 5

Goldman Sees 40% Upside in Harmonic Drive as Humanoid Customer Enters Mass Production

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Jun 6

South Korea’s KOSPI Falls 5.5% as AI Chip Selloff Hits Samsung, SK Hynix

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Jun 7

CXMT DDR5 Prices Match Samsung, SK Hynix and Micron, Vendors Say

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Jun 7

South Korea’s KOSPI Falls 5.5% as Foreign Outflows, Forced Fund Selling Hit Samsung, SK Hynix

matched on: hynix, samsung
Jun 8

South Korea’s KOSPI Triggers Circuit Breaker After 8% Open Drop as Samsung, SK Hynix Slide

matched on: hynix, samsung

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