Another Memory-Driven Record Quarter for Samsung
Samsung has again announced very strong quarterly guidance for first-quarter 2018, with revenue up around 19% to around KRW 60 trillion and operating profit up around 22% to around KRW 15.6 trillion. The quarterly operating profit will be a record high for Samsung, driven by a very favorable memory market. We retain our fair value estimate of KRW 2.5 million per share and our GDR valuation of USD 1,200 per GDR. We also retain our no-moat rating with low switching costs for Samsung’s key smartpho...
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