reports
- Dave Nicoski
- Ross LaDuke
Int'l Macro Vision: Sector Synopsis
Int'l Equity Strategy Global equities were on a tear in early January, continuing the trend that began in 4Q2019. As global equities started to get extended, the coronavirus outbreak hit in mid-January, leading to some market setbacks and deterioration in market indicators as global growth expectations were dialed-in. Despite this deterioration, what was important to us was that there were not any breakdowns. Even the areas of the market most-directly affected by the outbreak -- China (MSCI Chi...
FME FRESENIUS MEDICAL CARE AG
UBI UBISOFT ENTERTAINMENT SA
STMICROELECTRONICS N.V. ADS
NOVN REALTEK SEMICONDUCTOR CORP
LONN NOVARTIS AG
MAS LONZA GROUP AG
SOBI MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
BAYN SWEDISH ORPHAN BIOVITRUM AB
GEN BAYER AG
AMP GENMAB A/S
KXS AMPLIFON S.P.A.
2376 KINAXIS INC.
9697 GIGA-BYTE TECHNOLOGY CO. LTD.
2379 CAPCOM CO. LTD.
009150 DIP CORPORATION
TECN SAMSUNG ELECTRO-MECHANICS CO. LTD
8WY TECAN GROUP AG
DIM WYNN MACAU LTD.
5483 SARTORIUS STEDIM BIOTECH SA
000660 SINO-AMERICAN SILICON PRODUCTS INC.
00027 SK HYNIX INC
2337 GALAXY ENTERTAINMENT GROUP LIMITED
TECN3 MACRONIX INTERNATIONAL CO. LTD.
237690 TECHNOS
SAP ST PHARM
VIFN SAP SE
OTEX VIFOR PHARMA AG
BIM OPEN TEXT CORPORATION
AMBU B BIOMERIEUX SA
SSU AMBU A/S CLASS B
1928 SAMSUNG ELECTRONICS CO. LTD. SPONSORED GDR
SANDS CHINA LTD.
- Kazunori Ito
Morningstar | Memory Recovery is Mostly Embedded to the Share Price; R...
Samsung Electronics’ earnings guidance was fairly in line with our forecasts, excluding the one-time factor. The company announced its operating income for the June quarter will be approximately KRW 6.5 trillion, a 56% drop from the previous year, but still above our forecast of KRW 6 trillion. However, while the company did not disclose the breakdown, it suggested there were some one-off gains in the display business and we therefore assume the semiconductor business continued to be weak in t...
- Kazunori Ito
Memory Recovery is Mostly Embedded to the Share Price; Retain Samsungâ...
Samsung Electronics’ earnings guidance was fairly in line with our forecasts, excluding the one-time factor. The company announced its operating income for the June quarter will be approximately KRW 6.5 trillion, a 56% drop from the previous year, but still above our forecast of KRW 6 trillion. However, while the company did not disclose the breakdown, it suggested there were some one-off gains in the display business and we therefore assume the semiconductor business continued to be weak in t...
- Kazunori Ito
Morningstar | Lower Memory Pricing and Disciplined Expenditure Will Su...
Samsung Electronics has been a fantastic growth story as it established itself as the clear global leader in the smartphone space during the past decade, following its success in becoming the global top manufacturer of flat panel TV in the 2000s. However, we do not identify an economic moat from its consumer electronics business, as these products are mature and difficult to differentiate, and are exposed to the tough competition from Chinese manufacturers. Unlike its competitor Apple, Samsung d...
- Kazunori Ito
Lower Memory Pricing and Disciplined Expenditure Will Support Memory's...
While we revise our fair value estimate for Samsung Electronics to KRW 51,000 from KRW 55,000 as we lower our pricing assumption for both DRAM and NAND memories, we think that the recovery on memory demand in late 2019 is not fully embedded to the current share price. The end demand for smartphones has slowed down significantly since last winter, and as a result, suppliers have been forced to cut down utilization rates to reduce excess inventories in the supply chain. We had been anticipating th...
- Kazunori Ito
Morningstar | Lower Memory Pricing and Disciplined Expenditure will Su...
While we revise our fair value estimate for Samsung Electronics to KRW 51,000 from KRW 55,000 as we lower our pricing assumption for both DRAM and NAND memories, we think that the recovery on memory demand in late 2019 is not fully embedded to the current share price. The end demand for smartphones has slowed down significantly since last winter, and as a result, suppliers have been forced to cut down utilization rates to reduce excess inventories in the supply chain. We had been anticipating th...
- Kazunori Ito
Morningstar | Lower Memory Pricing and Disciplined Expenditure will Su...
While we revise our fair value estimate for Samsung Electronics to KRW 51,000 from KRW 55,000 as we lower our pricing assumption for both DRAM and NAND memories, we think that the recovery on memory demand in late 2019 is not fully embedded to the current share price. The end demand for smartphones has slowed down significantly since last winter, and as a result, suppliers have been forced to cut down utilization rates to reduce excess inventories in the supply chain. We had been anticipating th...
- Kazunori Ito
Lower Memory Pricing and Disciplined Expenditure will Support Memoryâ€...
While we revise our fair value estimate for Samsung Electronics to KRW 51,000 from KRW 55,000 as we lower our pricing assumption for both DRAM and NAND memories, we think that the recovery on memory demand in late 2019 is not fully embedded to the current share price. The end demand for smartphones has slowed down significantly since last winter, and as a result, suppliers have been forced to cut down utilization rates to reduce excess inventories in the supply chain. We had been anticipating th...
- Kazunori Ito
Morningstar | Solid Profitability at the Bottom of the Memory Cycle Su...
Samsung Electronics announced its earnings guidance for the March quarter, which implies 14% decline on revenue and 60% decline on operating income from the previous year. While Samsung does not disclose the breakdown by products, we view that numbers are in line with the market’s expectation as: 1) Samsung had issued a profit warning on March 26, suggesting that price decline on memories and display panels will drag down its profitability; and 2) recent market research suggests that both DRAM...
- Kazunori Ito
Solid Profitability at the Bottom of the Memory Cycle Supports Samsung...
Samsung Electronics announced its earnings guidance for the March quarter, which implies 14% decline on revenue and 60% decline on operating income from the previous year. While Samsung does not disclose the breakdown by products, we view that numbers are in line with the market’s expectation as: 1) Samsung had issued a profit warning on March 26, suggesting that price decline on memories and display panels will drag down its profitability; and 2) recent market research suggests that both DRAM...
- Kazunori Ito
Morningstar | Samsung’s Profit Warning Does not Change our View of E...
On March 26, Samsung Electronics issued profit warning, which implies that its numbers for the March quarter will be lower than the market’s expectation, owing to the price decline on memories and display panels. Recent market research suggests that both DRAM and NAND price have dropped more than 20% from the previous quarter because of the weak demand and high inventory level, which is above our forecast of assuming a low to midteens percentage decline. We were expecting that Samsung’s oper...
- Kazunori Ito
Samsung’s Profit Warning Does not Change our View of Expecting Memor...
On March 26, Samsung Electronics issued profit warning, which implies that its numbers for the March quarter will be lower than the market’s expectation, owing to the price decline on memories and display panels. Recent market research suggests that both DRAM and NAND price have dropped more than 20% from the previous quarter because of the weak demand and high inventory level, which is above our forecast of assuming a low to midteens percentage decline. We were expecting that Samsung’s oper...
- Kazunori Ito
Morningstar | Weaker December-Quarter Results Do Not Change Our Confid...
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 co...
- Kazunori Ito
Morningstar | Weaker December Quarter Results Does not Change our Conf...
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 co...
- Kazunori Ito
Weaker December Quarter Results Does not Change our Confidence on Sams...
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 co...
- Kazunori Ito
Samsung’s Preliminary Numbers Imply Memory Headwinds in 2019, but Do...
Samsung Electronics’ preliminary result for the December quarter was weaker than anticipated, suggesting there will be headwinds to the memory business in first-half 2019. Revenue of KRW 59 trillion and operating income of KRW 10.8 trillion for December quarter are below our forecast of KRW 64 trillion and KRW 14.5 trillion, respectively. However, we consider that the numbers are within the market’s latest expectations, as: 1) Samsung’s preliminary results are in line with Micron’s Novem...
- Kazunori Ito
Morningstar | While Memory Demand Is Weaker Than Anticipated, Downside...
Samsung Electronics has been a fantastic growth story as it established itself as the clear global leader in the smartphone space during the past decade, following its success in becoming the global top manufacturer of flat panel TV in the 2000s. However, we do not identify an economic moat from its consumer electronics business, as these products are mature and difficult to differentiate, and are exposed to the tough competition from Chinese manufacturers. Unlike its competitor Apple, Samsung d...
- Kazunori Ito
While Memory Demand Is Weaker Than Anticipated, Downside to Samsung’...
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 lower...
- Kazunori Ito
Morningstar | While Memory Demand Is Weaker Than Anticipated, Downside...
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 lower...
- Kazunori Ito
Morningstar | While Memory Demand Is Weaker Than Anticipated, Downside...
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 lower...
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