Nomura analysts Eon Hwang and YJ Kim say Samsung Electronics remains undervalued
versus peers given its profit scale. They estimate that, assuming Samsung took a
roughly 20 trillion won special bonus provision in 1H, Q2 operating profit would
have been about 110 trillion won; Samsung’s preliminary operating profit
Guidance of about 89 trillion won is above Nomura’s 76 trillion won estimate.
Nomura forecasts DRAM and NAND prices to rise 15–20% QoQ in Q3 on strong demand
and tight supply.
