While Samsung’s (XKRX:005930, Financial) memory semiconductor business has weakened slightly in 2022, it remains highly profitable, and the shares are remarkably inexpensive. The stock trades at little more than book value, and given inflationary pressures, at a significant discount to replacement book value. The balance sheet should mitigate the downside from here, with more than one-third of the market cap accounted for by excess cash and investments totaling more than US$100 billion.
From the Yacktman Fund (Trades, Portfolio)'s second-quarter 2022 commentary.
