Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Samsung 1P Ends 3-Day Skid Relative to Ordinary: Situation Check-Up

The Passing of Samsung Lee Kun-Hee: Checking Immediate Issues

LJY's New Samsung May Begin with Sale of Financial Arm (Life)

Samsung 1P at a Profound Diversion, Possibly Resulting from Signal Misinterpretation

Samsung Dividend Play, Hedging-Adjusted with Futures

Event-Driven

Samsung Electronics Pref Shares / Event-Driven

Samsung Electronics Pref Shares (005935 KS)

Samsung beat the street consensus for 3Q, and the local market now expects Samsung to do so for the next quarter as well.






Income statement (₩T)
2019 1Q
2019 2Q
2019 3Q
2019 4Q
2020 1Q
2020 2Q
2020 3Q


Revenue
52.4
56.1
62.0
59.9
55.3
53.0
66.0


Operating profit
6.2
6.6
7.8
7.2
6.4
8.1
12.3


Profit before income tax
6.9
7.2
8.6
7.7
6.8
7.8
-


Net profit
5.0
5.2
6.3
5.2
4.9
5.6
-

Revenue by Segment

SEMI
14.5
16.1
17.6
16.8
17.6
18.2
-


DP
6.1
7.6
9.3
8.0
6.6
6.7
-


IM
27.2
25.9
29.3
25.0
26.0
20.8
-


CE
10.0
11.1
10.9
12.7
10.2
10.3
-


Harman
2.2
2.5
2.6
2.7
2.1
1.5
-

Operating profit by Segment

SEMI
4.1
3.4
3.0
3.4
4.0
5.4
5.7


DP
-0.6
0.7
1.2
0.2
-0.3
0.3
0.3


IM
2.3
1.6
2.9
2.5
2.6
2.0
5.0


CE
0.5
0.7
0.5
0.8
0.5
0.7
1.3


Harman
0.01
0.09
0.10
0.12
-0.19
-0.09
-


OPM
11.9
11.8
12.5
12.0
11.7
15.4
18.6

Source: Samsung Electronics 


The local consensus on FY20 OP got bumped up to ₩37T, up 12.4% since a month ago.It means that 4Q OP will be around ₩10T, which is substantially higher than the initial market expectation.










FY2020 - consolidated (₩T)
2020. 10. 13
T-1M
T-3M
T-6M
T-1Y


Sales
238.1
233.9
231.6
236.3
252.4


OP
37.0
32.9
32.6
34.5
37.1


NP to controlling stake
27.7
24.8
25.1
26.6
28.8


EPS (₩)
4,077
3,648
3,696
3,915
4,238


PER (x)
14.80
16.20
14.30
12.60
11.60


12M PER (x)
12.04
12.94
11.85
11.13
12.09


TP (₩)
76,008
72,592
65,957
64,577
58,071

Source: FnGuide













FY2017~2022E - consolidated (₩T)
2017
2018
2019
2020E
2021E
2022E


Sales
239.6
243.8
230.4
238.1
263.8
281.0


- YoY
18.68%
1.75%
-5.48%
3.34%
10.81%
6.49%


OP
53.6
58.9
27.8
37.0
46.8
54.3


- YoY
83.46%
9.77%
-52.84%
33.07%
26.56%
16.11%


NP
42.2
44.3
21.7
27.8
35.6
41.6


- YoY
85.63%
5.12%
-50.98%
27.92%
28.03%
16.72%


NP to controlling stake
41.3
43.9
21.5
27.7
35.4
41.2


EPS (₩)
5,421
6,024
3,166
4,077
5,206
6,061


BPS (₩)
28,971
35,342
37,528
40,429
44,034
48,597


DPS (₩)
850
1,416
1,416
1,475
1,517
1,536


PER (x)
9.40
6.42
17.63
14.82
11.60
9.97


PBR (x)
1.76
1.10
1.49
1.49
1.37
1.24

Source: FnGuide



Samsung 1P Going Strong on Expectations of Special Dividend & New 3-Yr Return Plan