“We beat Intel, and our earnings are new records.” Why the hell is Samsung’s stock? [비즈360]
[헤럴드경제=문영규 기자] Samsung Electronics achieved record-breaking performance, beating Intel and taking the top spot in the semiconductor market, but investors’ resentment is still lingering over the sluggish stock price.
According to the business world on the 29th, Samsung Electronics announced on the 27th that it posted 279.6 trillion won in sales last year. Sales increased by 18.1% compared to the previous year. Operating profit was 51.63 trillion won, up 43.5% from the same period last year. Operating profit was the highest since 2018 and 2017, when semiconductors were super booming.
The record-breaking performance was driven by rapid growth in the special semiconductor and mobile markets. The semiconductor division recorded a record high of 94.16 trillion won in sales last year, while the mobile division posted 10925 trillion won in sales.
In particular, Samsung Electronics won the battle for leadership in the global semiconductor market with Intel. Intel announced on the same day that it posted $79.02 billion in sales last year. This is about 93.8 trillion won as of the end of the fiscal year, slightly ahead of Samsung Electronics. In addition, if Samsung Electronics’ semiconductor sales are converted by applying the average won-dollar exchange rate (1,144.60 won) last year, it will be around $82.3 billion.
In the mobile field, premium foldable smartphones, ‘Galaxy Z Flip 3 · Z Fold 3’, gained popularity in the market and drove earnings improvement.
Nevertheless, the share price of Samsung Electronics has been on a downward trend since the beginning of the year. On the 28th, it rose 2.81% and rebounded, but it is 6.39% lower than 78,300 won at the end of last year. It reached an all-time high of 91,000 won (closed price on the 15th) in January last year, down 19.45% from the time when we looked at ‘100,000 electrons’.
After the stock split, Samsung Electronics emerged as a ‘people’s stock’ with the stock craze, but the recent market situation is not easy.
This is because investor sentiment is shrinking as concerns are rising due to internal and external negative factors such as the US Federal Reserve’s rate hike. Markets are predicting that the Fed will raise interest rates soon after keeping interest rates unchanged at the Federal Open Market Committee (FOMC). For this reason, the US stock market has recently been bearish, led by global technology stocks.
Irrespective of the stock market situation, Samsung Electronics’ earnings this year are also expected to exceed 300 trillion won, a record high.
According to market research firm FnGuide, the average sales of Samsung Electronics this year, estimated by securities companies over the past three months, reached 30,0198.8 billion won.
It is analyzed that there are sufficient factors for this year’s earnings growth, including price defense in the semiconductor market, the spread of foldable phones, and strengthening of premium home appliance lineups.
Regarding semiconductor supply and demand, Lee Soo-bin, a researcher at Daishin Securities, said, “We sold strategically in consideration of product mix and profitability rather than expanding sales too much.”
In addition, “Samsung Electronics’ smartphone shipments will grow steadily this year due to the popularization of foldable phones, expansion of the base of premium smartphones, and strengthening of 5G (generational) model lineup.” Sales are expected to increase.”
Although the target price of many securities companies (6 months and 12 months ahead) is heading toward ‘100,000 electrons’, there are also pessimistic voices.
Daejong Nam, a researcher at eBest Investment & Securities, said, “(Samsung Electronics) did not present an annual market forecast due to uncertainty about the (semiconductor) market environment.” The mobile and home appliances sector also analyzed that “amid fierce competition, various cost reductions will be attempted to improve profitability, and will act as a pressure factor for price cuts for parts makers.”
ygmoon@heraldcorp.com
