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Samsung Electro-Mechanics Meets 3Q Consensus - Sangsangin Securities

뉴스핌 2023.09.11 10:59 댓글0

[서울 = 뉴스핌] 알파경제 = Sangsangin Securities predicted on the 11th that Samsung Electro-Mechanics' third-quarter earnings will meet market expectations. Investment opinion 'buy' and target stock price remained at 182,000 won.

"The performance of the component division continues to improve due to the expansion of the proportion of multi-layer ceramic capacitor (MLCC)," said Sangsangin Securities. "The demand for global smartphones is expected to decrease by about 6% compared to the previous year, but the trend of expanding the proportion of flagship models is maintained. Samsung Electro-Mechanics, which has a high value-added product lineup, is expected to minimize the impact of the decrease in demand."

Sales in the third quarter fell 4.4 percent year-on-year to 2.28 trillion won and operating profit fell 21.9 percent to 242.9 billion won. It is expected to meet the consensus (operating profit of 249.6 billion won).

"Samsung Electro-Mechanics is investing in a higher level of internalization of raw materials than its competitors and has internalized some powders with high process difficulty. The investment is starting to expand production of MLCCs at its plants in China and the Philippines, and it is expected to improve costs due to the internalization of raw materials," said Sangsangin Securities. "The package solution division will accelerate production of FC-BGAs for AI and servers starting with the operation of its plants in Vietnam next year."

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