We maintain BUY and our six-month forward target price.
Preliminary operating profit was an earnings surprise, beating the consensus by 9.7%.
Earnings at every division are set to grow over the next three years.
We maintain BUY and our six-month-forward target price of KRW71,000 on Samsung Electronics (OTC:SSNLF), applying a 1.72x target P/B to 2020F BPS. Samsung reported preliminary sales of KRW59tn for 4Q19, which