[JPMorgan Chase: Samsung Electronics’ third-quarter preview memory business remains strong and maintains an “overweight” rating] On September 21, JPMorgan Chase issued a research report stating that Samsung Electronics’ third-quarter performance preview showed that the memory business operations remained strong, but were affected by currency headwinds in the short term. The bank maintains an "overweight" rating and a target price of 400,000 won. It believes that the medium-term risk return is favorable and recommends investors to absorb it. The bank raised its HBM business assumptions, expecting Samsung Electronics' HBM value market share to increase from 20% in 2025 to 34% and 39% in 2026 and 2027, and predicted that the HBM mixed average selling price in fiscal 2027 will increase by 64% year-on-year. Affected by the strength of the Korean won, the bank lowered its adjusted earnings per share forecast for 2026 and 2027 by 4% and 4.6%, respectively, to 48,788 won and 68,995 won respectively. Taking into account foreign exchange changes, the bank lowered its operating profit forecast for the third and fourth quarter of this year from 7 trillion to 9 trillion won to 102 trillion to 109 trillion won, which is lower than market forecasts of 109 trillion to 121 trillion won. It also slightly lowered its earnings per share forecast for the next two years, reflecting the strengthening of the Korean won. The forecast in US dollars was raised due to the increase in HBM's business volume, pricing and profit margin forecasts. The bank believes positive shareholder returns are necessary for a smooth recovery in the stock price, and views the mid-term update on the third-quarter earnings conference call as the next key point of observation.