Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Samsung 2Q25: Poor Quarter, Poor Outlook for 2H25, Management Bullish on HBM / Foundry Catch Up

Samsung Electronics (005930 KS) Tactical Outlook After Disappointing Earnings

Samsung Electronics (005930 KS) Tactical Outlook : New Rally After Large Pullback?

Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

Chips News: GPU, CPU in China. Qualcomm Going to Samsung Maybe, Microsoft Accelerator Delayed.

US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China

Equity Bottom-Up

<ul>
<li>1st July the Korean media was “pre-announcing” 2Q25 operating profit to be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. </li>
<li>Samsung official announcement is worse: operating profit KRW 4.6tn, down -56% YoY and -31% QoQ. This suggests a lower margins mix (less HBM, higher Foundry losses) and more Opex. </li>
<li>Last week, Consensus was expecting 2Q OP KRW 6.7tn, now down to 6.1tn. The reported 4.6tn is a nasty miss that implies that Consensus is way too high for 2H25. </li>
</ul>


1st July the Korean media was “pre-announcing” 2Q25 operating profit to be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. 
Samsung official announcement is worse: operating profit KRW 4.6tn, down -56% YoY and -31% QoQ. This suggests a lower margins mix (less HBM, higher Foundry losses) and more Opex. 
Last week, Consensus was expecting 2Q OP KRW 6.7tn, now down to 6.1tn. The reported 4.6tn is a nasty miss that implies that Consensus is way too high for 2H25. 


Samsung 2Q25: It’s Even Worse than the Official Leak