While Memory Demand Is Weaker Than Anticipated, Downside to Samsung’s Share Is Limited
We trim Samsung’s fair value estimate from KRW 56,000 to KRW 55,000 per share, and from USD 1,300 to USD 1,200 per GDR, as we lowered our forecast numbers for fiscal 2019. While we had been assuming that the price decline of DRAM will occur in first-half 2019, it began earlier than anticipated, which is the reason to lower our NAND price assumption in 2019. On the NAND side, because of the prolonging replacement cycle, smartphone shipment seems to be weaker than our forecast, and thus we lowered...
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