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Samsung Electronics’ target price has increased.
Consignment (foundry) semiconductor manufacturing business is expected to grow seriously next year.
▲ Kim Ki-nam, vice president of the DS division of Samsung Electronics.
On the 3rd, Do Hyun-woo, a researcher at NH Investment & Securities, raised Samsung Electronics’ target price from 76,000 won to 90,000 won. We have kept our BUY rating.
On the 2nd, Samsung Electronics’ share price closed at 69500 won.
Researcher Do said: “In 2021, the price-to-earnings ratio of the shares (PER) was only 10.6 times, which was undervalued compared to global competitors.” As a result, non-memory related sales will increase to 22 trillion won. “
Recently, the foundry industry is showing the highest level of growth in the past 10 years. Machine learning, high-performance smartphones, the Internet of Things (IoT), and newly developed processors using the ARM architecture are in high demand, but the supply is limited.
Currently, only Samsung Electronics and TSMC are the only companies in the world capable of developing processes with large-scale investments such as extreme ultraviolet (EUV) exposure equipment worth 200 billion won per unit for semiconductor manufacturing. 5 nanometers or less.
If the market grows in the future, fruit will most likely focus on the two companies.
To address the supply shortage, Samsung Electronics is expected to increase its investment in non-Momerry from 6 trillion won in 2020 to 12 trillion won in 2021.
The supply and demand for memory semiconductors is expected to improve from early 2021. As hyperscalers like Google, Facebook and Amazon (companies that operate large-scale data centers) resume investments in data centers in the fourth quarter, it is expected that demand will increase from 1Q2021.
Smartphone demand is improving due to competition from Chinese smartphone companies to fill Huawei’s vacancy under the US government’s Huawei sanction. From 1Q2021, the average selling price (ASP) of some DRAM products is expected to increase.
Samsung Electronics is expected to generate sales of 26.262 trillion won and operating profit of 53.593 trillion won on a consolidated basis in 2021. Sales and operating profits increased 11.4% and 47.6% from earnings forecast for 2020. [비즈니스포스트 남희헌 기자]
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