- We maintain BUY and our six-month-forward target price of KRW64,000 (1.6x 2020F BPS) on Samsung Electronics.
- Samsung reported preliminary 2Q20 sales of KRW52.2tn, 1% higher than consensus, and operating profit of KRW8.12tn, 7.9% higher than consensus.
- Sales were in line with expectations but operating profit was an earnings surprise, trouncing the consensus by more than 25%.
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