Transferring Coverage of Samsung Electronics and Upgrading to narrow moat rating
We are transferring the coverage of Samsung Electronics to a new analyst and raising our moat rating to narrow from no-moat, as we identify a substantial cost advantage on Samsung’s memory business, which is derived from its leading position. Accordingly, we revise our fair value estimate to KRW 56,000 per share and USD 1,300 per GDR from KRW 50,000 and USD 1,200, respectively, and believe that current prices are slightly undervalued. While increasing data traffic requires larger capacity to mem...
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