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Home Economie

Samsung stock price gains as Q1 profit surges

by souhaib
April 7, 2021
in Economie
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Shares of Samsung Electronics (KRX: 005930) soared about 5% in the past few days as investors anticipated a stronger-than-expected first quarter for the South Korean tech titan.

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Fundamental analysis: Profit in Q1 likely up 44%

Samsung’s profit in the quarter between January and March likely rose by 44% thanks to strong sales of smartphones, TVs and home appliances, the company said today. However, the profit in the tech giant’s chip unit is estimated to fall by 20% after a storm halted production at the company’s plant in the United States. 


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Consumers have been spending significantly more on electronics amid the coronavirus pandemic, which has also caused a global deficit of semiconductor chips. Samsung reported operating profit of 9.3 trillion won ($8.3 billion), in line with analysts’ estimates.

This marks Samsung’s highest operating profit level for Q1 since 2018. Analysts expected the company’s revenue to climb by 12% while Samsung reported a surge of 17%.

It appears that Samsung’s mobile unit is likely its best performer in Q1, after the launch of its flagship model Galaxy S21 in mid-January. Samsung is estimated to have accounted for about 23% of the global market in Q1 after launching the S21 and pricing it cheaper-than-usual for its flagship models. S21 costs $200 less than its predecessor S20. 

Analysts also expect high-margin accessories including Galaxy Buds to have performed very well in the quarter and expect operating profit for this unit to be up by over 1 trillion won compared to last year to about 4.15 trillion won. 

However, analysts estimated that Samsung’s semiconductor unit’s profit will be down around 20% to 3.6 trillion won after a winter storm halted production at its Texas plant in February. 

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Technical analysis: 2-month highs hit

Samsung stock price gained over 4% last week to erase losses from the early in the week after analysts released their expectations for the first quarter. Overall, shares of Samsung are up over 5% in April.

Samsung stock price gains as Q1 profit surges
Samsung Electronics daily chart (TradingView)

Today’s earnings release from Samsung came in pretty much in line with the analysts’ estimates, allowing the price action to stay trading near the 2-month highs. The price action is now approaching the resistance zone around 86800.

Summary

Samsung’s profit in the first quarter is likely up 45% thanks to strong sales of smartphones, TVs, and home appliances. As a result, shares are up about 5% to trade near the 2-month highs. 



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