Samsung Electronics could generate as much as 600 trillion won, approximately $440.53 billion, in resources for shareholder returns over the next three years, according to KB Securities. The estimate is more than four times the brokerage's 140 trillion-won estimate for the current three-year period and assumes Samsung continues returning 50% of free cash flow through dividends and share buybacks or cancellations. The forecast is based on a prolonged shortage of conventional DRAM as high-bandwidth memory, or HBM, absorbs wafer capacity. HBM requires more than three times the wafer capacity of conventional DRAM, while Samsung expects HBM to use more than one-third of global DRAM wafer capacity next year. KB Securities also projects HBM selling prices to rise more than 100% in 2027, with HBM4 increasing to 80% of Samsung's HBM revenue from 40% this year. Tight supply, longer DDR5 lead times and stronger demand from AI inference are supporting higher earnings forecasts, although elevated NAND prices and profit-taking have kept semiconductor shares volatile.