Jefferies & Co.’s Hyunwoo Doh today reiterates a Buy rating on shares of Samsung Electronics (005930KS), and a target of ₩1,800,000, while cutting his operating profit estimate for Q4 ended last month to reflect higher bonus payouts, adjustments to the company’s manufacturing of display panels, and the decline of the U.S. dollar against the Korean Won.
Samsung is likely to miss consensus expectations, he writes, as his own estimate for operating profit, cut from ₩9.9 trillion to ₩9.3 trillion, which is below consensus for ₩10.4 trillion.
He models more than ₩400 billion in “special bonuses” for the 20th anniversary of Samsung’s “new management initiative,” plus ”
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