Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>1Q25 better than Consensus by a good margin, guided Operating Profit KRW 6.6tn versus Consensus 5.3tn. Better Smartphone and Memory price. Risk of demand boosted ahead of US tariffs. </li>
<li>Consensus expects sequential growth from 1Q to 4Q25 on better memory prices and HBM3E contribution (late, small, but finally). </li>
<li>The stock is cheap and outperforming, flat YTD and flat since the market correction started mid-Feb-25. Also outperforming SK Hynix. Main risk is AI demand outlook.</li>
</ul>


1Q25 better than Consensus by a good margin, guided Operating Profit KRW 6.6tn versus Consensus 5.3tn. Better Smartphone and Memory price. Risk of demand boosted ahead of US tariffs. 
Consensus expects sequential growth from 1Q to 4Q25 on better memory prices and HBM3E contribution (late, small, but finally). 
The stock is cheap and outperforming, flat YTD and flat since the market correction started mid-Feb-25. Also outperforming SK Hynix. Main risk is AI demand outlook.


Samsung Elec Better 1Q25 on Smartphone. 2-4Q25 Upside Due to Memory Price Recovery

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Amid Samsung Electronics announcing a huge buyback of 10 trillion won, one of the issues that has resurfaced is the potential sale of Samsung Electronics by Samsung Life Insurance.</li>
<li>The total amount of Samsung Electronics that could be sold by Samsung Life Insurance and Samsung F&amp;M Insurance is 25.6 trillion won (at current prices). </li>
<li>We remain Positive on Samsung Electronics. The 10 trillion won buyback program is a positive sign on the company's willingness to provide higher shareholder returns.</li>
</ul>


Amid Samsung Electronics announcing a huge buyback of 10 trillion won, one of the issues that has resurfaced is the potential sale of Samsung Electronics by Samsung Life Insurance.
The total amount of Samsung Electronics that could be sold by Samsung Life Insurance and Samsung F&amp;M Insurance is 25.6 trillion won (at current prices). 
We remain Positive on Samsung Electronics. The 10 trillion won buyback program is a positive sign on the company's willingness to provide higher shareholder returns.


A Step Closer to Samsung Life Insurance Finally Selling Its Shares in Samsung Electronics?

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>We're starting to see some local market players getting ready and setting up trades that bet on a potential split for Samsung Electronics.</li>
<li>Samsung could leverage the buzz around spinning off its foundry business to split key units—foundry, memory chips, and others—into two or three separate companies at the shareholder meeting.</li>
<li>Additionally, the valuation gap between Samsung Electronics and Biologics has narrowed more than it has in the last decade, making it an even more attractive opportunity.</li>
</ul>


We're starting to see some local market players getting ready and setting up trades that bet on a potential split for Samsung Electronics.
Samsung could leverage the buzz around spinning off its foundry business to split key units—foundry, memory chips, and others—into two or three separate companies at the shareholder meeting.
Additionally, the valuation gap between Samsung Electronics and Biologics has narrowed more than it has in the last decade, making it an even more attractive opportunity.


Surging Buzz Around the Potential Split of Samsung Electronics

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>Chosun reports that some Samsung affiliates are exploring tax-free dividends at the operational level, with execs reportedly briefed on the idea.</li>
<li>Surprisingly, regulators and politicians haven't objected to tax-free dividends, which ironically align with the value-up policy. The delay in Samsung's value-up announcements may be due to this decision.</li>
<li>It’s unclear if Samsung Electronics and Life will drop tax-free dividends, but if regulators approve, they could introduce it suddenly in their value-up updates, especially with Lee Jae-yong’s cash crunch.</li>
</ul>


Chosun reports that some Samsung affiliates are exploring tax-free dividends at the operational level, with execs reportedly briefed on the idea.
Surprisingly, regulators and politicians haven't objected to tax-free dividends, which ironically align with the value-up policy. The delay in Samsung's value-up announcements may be due to this decision.
It’s unclear if Samsung Electronics and Life will drop tax-free dividends, but if regulators approve, they could introduce it suddenly in their value-up updates, especially with Lee Jae-yong’s cash crunch.


The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Samsung India Electronics, a 100% subsidiary of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, reported a 2024 turnover of USD 12 bn, ranking it among India’s largest consumer sector companies.</li>
<li>It is a leading player in smartphones, smart TVs, and home appliances, with FY2024 revenues 4.5X that of <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN).</a>
</li>
<li>Estimated valuations of Samsung India Electronics could represent nearly 20% to 25% of its parent’s EV, when valued using India peer group multiples.</li>
</ul>


Samsung India Electronics, a 100% subsidiary of Samsung Electronics (005930 KS), reported a 2024 turnover of USD 12 bn, ranking it among India’s largest consumer sector companies.
It is a leading player in smartphones, smart TVs, and home appliances, with FY2024 revenues 4.5X that of LG Electronics India (123D IN).

Estimated valuations of Samsung India Electronics could represent nearly 20% to 25% of its parent’s EV, when valued using India peer group multiples.


Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samsung Electronics Pref Shares (005935 KS)

Samsung Elec Better 1Q25 on Smartphone. 2-4Q25 Upside Due to Memory Price Recovery

Samsung's 1Q25 results beat consensus, guided higher operating profit. Expecting growth in 4Q25 with better memory prices. Stock cheap and...

Nicolas Baratte

A Step Closer to Samsung Life Insurance Finally Selling Its Shares in Samsung Electronics?

Amid Samsung Electronics announcing a huge buyback of 10 trillion won, one of the issues that has resurfaced is the potential sale of Samsung...

Douglas Kim

Surging Buzz Around the Potential Split of Samsung Electronics

This post dives into the potential split of Samsung Electronics, one of the hot topics currently heating up Korea's stock market.

Sanghyun Park

The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?

This post takes a dive into the hot topic in the local market: tax-free dividends – Will Samsung go for tax-free dividends?

Sanghyun Park

Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

Samsung Electronics' India subsidiary valuation is estimated to range between USD 45 and 60 billion—roughly 20% to 25% of parent's EV. LG...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung Elec Better 1Q25 on Smartphone. 2-4Q25 Upside Due to Memory Price Recovery

​Samsung's 1Q25 results beat consensus, guided higher operating profit. Expecting growth in 4Q25 with better memory prices. Stock cheap and...

Nicolas Baratte

A Step Closer to Samsung Life Insurance Finally Selling Its Shares in Samsung Electronics?

Amid Samsung Electronics announcing a huge buyback of 10 trillion won, one of the issues that has resurfaced is the potential sale of Samsung...

Douglas Kim

Surging Buzz Around the Potential Split of Samsung Electronics

This post dives into the potential split of Samsung Electronics, one of the hot topics currently heating up Korea's stock market.

Sanghyun Park

The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?

This post takes a dive into the hot topic in the local market: tax-free dividends – Will Samsung go for tax-free dividends?

Sanghyun Park

Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

Samsung Electronics' India subsidiary valuation is estimated to range between USD 45 and 60 billion—roughly 20% to 25% of parent's EV. LG...

Devi Subhakesan

Samsung's 1Q25 results beat consensus, guided higher operating profit. Expecting growth in 4Q25 with better memory prices. Stock cheap and...