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.

Equity Bottom-Up

<ul>
<li>Weak results again in 4Q24. Weak outlook for 1H25 as Mobile, PC demand remains weak (ie DRAM, NAND, Display).</li>
<li>Samsung expects its “optimized” HBM3E to ramp from 2Q25.  HBM4 in 2H25. Logic 2nm production in 2026.</li>
<li>The stock is cheapish at ~8x 2025-26EPS but with a lack of catalyst, visibility, effectiveness of managements changes. Revisit mid-2025.</li>
</ul>


Weak results again in 4Q24. Weak outlook for 1H25 as Mobile, PC demand remains weak (ie DRAM, NAND, Display).
Samsung expects its “optimized” HBM3E to ramp from 2Q25.  HBM4 in 2H25. Logic 2nm production in 2026.
The stock is cheapish at ~8x 2025-26EPS but with a lack of catalyst, visibility, effectiveness of managements changes. Revisit mid-2025.


Samsung 4Q24: Weak Again, Weak Outlook, Lack of Catalysts on the Horizon

Samsung Electronics

Samsung 4Q24: Weak Again, Weak Outlook, Lack of Catalysts on the Horizon