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Vera Yuan
Vera Yuan
Articles (1063) 

David Herro Comments on Samsung Electronics Co Ltd

July 09, 2015 | About:

Samsung Electronics (XKRX:005930), South Korea’s top electronics company and world leader in semiconductor manufacturing, was the quarter’s top detractor, declining 12%. Investors reacted negatively to news that initial sales of the new Galaxy S6 smartphone failed to meet consensus expectations. Although we believe it is still too early to judge that product’s success, management’s targets for the Galaxy S6 are in line with our expectations. It’s important to point out that while Samsung’s consumer electronics division (TVs and smart phones) is most visible to consumers, we don’t see it as the company’s main value driver. In our view, that driver is its semiconductors business in which Samsung is a principal leader and holds significant competitive advantages. All three of the company’s semiconductor businesses (DRAM, NAND and System LSI) are going from strength to strength. With its dominant position in semiconductors, strong balance sheet and low valuation, Samsung Electronics offers compelling long-term potential in our view.

From David Herro (Trades, Portfolio)'s Oakmark International Fund Second Quarter 2015 Commentary.


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