South Korean brokerages are lifting their valuations for Samsung Electronics as analysts argue that memory semiconductor supply constraints will last longer than expected. Yuanta Securities maintained its "Buy" rating and raised its target price 18.9% to ₩630,000 (approximately $470) from ₩530,000 (approximately $390), implying 128% upside from the previous close of ₩276,500 (approximately $200). The target is based on a 3.5x target price-to-book ratio applied to estimated 2027 book value per share of ₩179,148 (approximately $130), making it the second-highest target among South Korean brokerages after Korea Investment & Securities’ ₩650,000 target set in late July. Yuanta analyst Baek Gil-hyun said HBM (high-bandwidth memory) production is consuming capacity that would otherwise serve general-purpose DRAM, while AI inference is increasing demand for high-capacity memory. As a result, supply-demand tightness could persist through 2027–2028 despite slower price gains. Yuanta forecasts third-quarter revenue of ₩212.192 trillion (approximately $157.0 billion) and operating profit of ₩99.86 trillion (approximately $73.9 billion), up 720.8% from a year earlier, with the DS semiconductor division contributing ₩100 trillion (approximately $74.0 billion). It projects 2026 revenue of ₩745.987 trillion and operating profit of ₩358.485 trillion, followed by record 2027 revenue of ₩1,193.508 trillion and operating profit of ₩590.492 trillion. Kiwoom Securities also retained its "Buy" rating but set a much lower target of ₩350,000 (approximately $260), emphasizing HBM and foundry growth, including mass production of the Exynos 2800. Samsung shares were trading at ₩283,750 (approximately $210), up 2.62% at 10:29 a.m. after rebounding from a sharp July decline. Whether earnings validate the prolonged memory-cycle thesis is expected to determine the stock’s next direction.