KB Securities expects commodity DRAM tags to rise 40 percent in 2027, NAND to gain 32 percent and high-bandwidth memory to climb 121 percent, all measured against this year. Analyst Lee Chang-min describes 2027 as an acceleration phase in which price and shipment growth arrive together.
The forecast rests on a squeeze. Expanding HBM output consumes ordinary DRAM capacity, and inference demand keeps lifting the baseline. KB set target prices of KRW 600,000 for Samsung Electronics and KRW 3.5M for SK hynix, implying gains of about 167 percent and 147 percent from the October 30 close.
The valuation gap is the argument. On estimated 2027 earnings the two trade at 3.0 and 2.5 times profit. Lee calls the current level the second bottom of a W-shaped recovery, with a rally building in November and December as earnings and price converge.
KB is not alone. Hana Securities and Meritz Securities have both raised 2027 operating profit forecasts for the pair, which suggests the estimates are moving in one direction across brokers rather than sitting on a single outlier model.
The risk sits in the assumption. A 121 percent HBM increase implies buyers keep absorbing steep pricing as capacity finally arrives. If supply additions land faster than expected in 2027, the price path breaks before the multiples ever get tested.
The site’s own coverage has tracked this arc through Samsung’s third-quarter call and Micron’s order book. What KB adds is a number attached to the pricing leg.
