Weaker December Quarter Results Does not Change our Confidence on Samsung's Long-Term Memory growth
While we cut Samsung Electronics’ earnings forecast for fiscal 2019, we retain our fair value estimate of KRW 55,000, as we believe that the long-term growth scenario for its semiconductor segment is intact. We had been expecting the slowdown of the memory market in first-half 2019, but it was earlier and steeper than anticipated, which is why Samsung’s December quarter earnings numbers were below our expectation. As we view that the weaker smartphone demand and the economic slowdown will contin...
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