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A. Stotz Investment Research

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Earnings on an upcycle trend, sales on an upcycle trend, and low debt levels relative to its sector</li><li>Going to increase its DRAM capacity in order to support growing demand for this product which is Samsung’s most profitable business unit</li><li>Game changer in handset industry should be brought by Samsung in 2018 or 2019 as it is currently working on foldable displays</li><li>Trades cheap at 18CE* PEG ratio of 0.4 versus Asian Info Tech at 0.8 and Samsung has a solid net-cash position</li><li>Risks: Harsh smartphone competition, unsuccessful succession in management as Kwon has announced he will step down</li></ul><p><em>* Consensus Estimates</em></p>

Earnings on an upcycle trend, sales on an upcycle trend, and low debt levels relative to its sectorGoing to increase its DRAM capacity in order to support growing demand for this product which is Samsung’s most profitable business unitGame changer in handset industry should be brought by Samsung in 2018 or 2019 as it is currently working on foldable displaysTrades cheap at 18CE* PEG ratio of 0.4 versus Asian Info Tech at 0.8 and Samsung has a solid net-cash positionRisks: Harsh smartphone competition, unsuccessful succession in management as Kwon has announced he will step down* Consensus Estimates

Samsung (005930 KS): Changing the Game with Foldable Screens

Samsung Electronics

Samsung (005930 KS): Changing the Game with Foldable Screens