Mirae Asset treatment, "SEC frequently recommendation, price target lowered all."

[Korea hyerin nine financial newspaper News] Daewoo, Mirae Asset has released first quarter earnings estimates for Samsung two days. Sales fell 8% QoQ 49 trillion won, and operating profit was estimated at 8.7 trillion won fell 5% QoQ. In the short-term BUY recommendation on the number of copies, and lowered the price target from 2.15 million won to 2.35 million won.

Mirae Asset treatment dohyeon Wu researchers 'We expect to continue Samsung's competitiveness to overwhelm competitors, etc.-memory semiconductor and OLED' said, "but the second quarter after that is expected to increase the memory capacity is somewhat ease the current tight supply situation We expect to be 'he said.

Also, I believe is also intensifying competition in the smartphone sector to be part of the burden.

Our target price was calculated by comparing the next three years (2017-2019) the estimated ROE 13.5% and cost of equity of 8.3%. Current price is the average of the past 10 years.

On the other hand, the semiconductor division by division Operating profit 5.1 trillion won (+ 3% QoQ), the display division 1.2 trillion won (-11% QoQ), IM sector 2.17 trillion won (-13% QoQ), CE sector 220 billion won the (-31% QoQ) was estimated to be logged.

Recent semiconductor division will continue the excellent D-RAM, NAND supply and demand, influenced earnings growth, IM sector was expected to affect the off-season is reflected affected by increased costs, such as marketing costs. It has also been estimated that the impact Display the off-season and CE sectors.

Full year sales were expected to reach 223 trillion won (+ 11% YoY), operating profit of 37.97 trillion won (+ 30% YoY).

The researchers also said, "will be a significant increase in operating profit of 18.6 semiconductor division one trillion won (+ 37% YoY) 'saying,' D Lamb 1xnm proportion will grow significantly faster than 1ynm also expected to begin mass production of its competitors'.

In addition, he added '3D NAND, while Samsung also began mass production of the competitors are only now is expected to take place within the first half of the 64 transition process.



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