[Goldman Sachs: Samsung's 3Q26 operating profit and 2027 HBM revenue are both expected to exceed 100 trillion won, reiterating a "buy" rating] On October 1, Goldman Sachs released the latest research report, reiterating a "buy" rating for Samsung Electronics. The bank believes that Samsung Electronics' fundamentals remain solid, storage demand continues to significantly exceed supply, and this gap is expected to further expand in 2027 and continue in 2028. The company's HBM business continues to improve, and revenue is expected to exceed 100 trillion won next year, with both volume and price providing strong support. Additionally, there is upside potential for shareholder returns. The current stock price corresponds to only 3.6 times P/E and 1.6 times P/B in 2027E (ROE reaches 53%), which Goldman Sachs believes provides an attractive risk return. Goldman Sachs pointed out that the updated 3Q26E forecast is basically consistent with the market consensus (BBG), while the profit forecast for 2027-2028 is 8%-17% higher than the market benchmark, mainly reflecting higher DRAM ASP assumptions (especially HBM), whose impact exceeds the drag caused by the downward revision of traditional DRAM shipment estimates. Goldman Sachs believes that the company's focus on HBM business will relatively limit the bit output of traditional DRAM, thereby further pushing up the tight supply situation in 2027.