A Record 1Q for Samsung but not Moving to Holding Company Structure; FVE Retained at KRW 2.2 Million
Samsung has announced very strong first-quarter earnings with operating profit of KRW 9.9 trillion, up 47% year on year and 7% sequentially on the previous record operating profit reported in fourth-quarter 2016. We increased our forecasts and fair value estimate following the announcement of these earnings several weeks ago so make no further changes following this result. We retain our fair value estimate of KRW 2.2 million and our no-moat rating based on low switching costs for Samsung’s key ...Samsung Electronics is engaged in the manufacture and sale of electronic goods, communication products, semiconductors, telecommunication equipment, home appliances and other similar products. Co.'s products are mobile phones, MP3 Players, DVD players, video equipment, including Blu-Ray, TVs and VCRs; household appliances, including microwave ovens, refrigerators, home air conditioners, washing machines, ultrasonic humidifiers, dehumidifiers, vacuum cleaners and other small electrical goods; audio equipment, including semiconductors, information systems, and computers; miscellaneous parts; other products, including automatic vending machines, refrigerated display cases and electric tools.
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