Investors turn backs to S. Korean Samsung (2)

15:06, July 04, 2011      

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Other local securities firms joined the downward revision. IBK Investment & Securities revised down its outlook for Samsung Electronics' second-quarter operating profit to 3.76 trillion won from its former 4.02 trillion won, with Shinyoung Securities lowering its forecast to 3.61 trillion won from 4.11 trillion won. HMC Investment & Securities and Daewoo Securities cut its outlook to 3.51 trillion won and 3.62 trillion won respectively.

Shinyoung Securities even lowered its target price for Samsung Electronics to 1,180,000 won from the former 1,220,000 won. Shinhan Investment Corp. also cut the target price from 1,300,000 won to 1,190,000 won, citing laggard performance in semiconductor and display divisions.

Samsung seemed to feel scared by the spreading outlook for weaker performances in the two divisions. The firm said last Friday it appointed Kwon Oh-hyun, president of the firm's semiconductor business, as the chief who oversees Samsung's memory chip, system LSI and LCD panel businesses.

Chang Won-kie, president of the firm's LCD division, will leave his position and support the new chief and vice chairman Choi Gee- sung on chip and panel facilities, according to the statement by Samsung.

"Samsung carried out personnel changes to censure Chang for poor performance in LCD business, which is expected to post an operating loss during the second quarter," Kim Jang-yeol, an analyst at Mirae Asset Securities in Seoul, told Xinhua.

Kim noted that Samsung's LCD unit losses, excluding earnings growth at its subsidiary Samsung Mobile Display, would have been larger than projected.

The analyst said Samsung's semiconductor business will likely show earnings growth in the second half, but chip performance will be poorer than initially expected. (one U.S. dollar equals 1066.44 won)


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Source:Xinhua
 
 
     
 
 
 
     
 
 
 
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