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Samsung third quarter profit forecast up almost 80%
Samsung Electro-Mechanics will earn an estimated 293.7 billion won ($244.75 million) in operating profits this year, 347.2 billion won ($289.3 million) next year, and 437.1 billion won ($364.25 million) in 2017, according to a report by Hyundai Securities on Tuesday.
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After bottoming out a year earlier, Samsung’s operating profit continued to increase for four quarters through the third quarter, boosting expectations for a full-scale recovery from the lackluster earnings trend.
Samsung has recently been facing stiff competition for its top-end smartphones made by its main rival, Apple.
Samsung also expects its third-quarter revenue to have risen 7.5 percent from a year earlier to 51 trillion won. In fact, they estimated that Samsung’s profit from its smartphone division declined from a year earlier even as handset shipments likely went up.
Its semiconductor business was estimated to have performed well during the quarter on the back of predominant technological prowess in the nano-level making of DRAM chips and brisk sales of system LSI chips. This compared with a 6.7 trillion won profit tipped by a Thomson Reuters SmartEstimate poll of 30 analysts.
“The falling portion of PC DRAMs, and sound profitability through the 20 nanometer technology has lent support to its chip business”, said Hwang Joon-ho, an analyst from Daewoo Securities Co.
Analysts had been rushing to revise down Samsung’s third-quarter earnings due mainly to its sluggish outlook in the mobile segment.
Analysts added that Samsung’s earnings also may turn cloudy for the fourth quarter, depending on currency rates. Chinese makers have eaten up its lower end market. In addition to its own devices, Samsung supplies chips to new Apple iPhones.
“A bendable display can be one example”, Soh added. Samsung launched a pair of new smartphone models-the Galaxy Note 5 and the Galaxy S6 Edge +-in August, advancing the timing of its launch by several weeks to beat Apple Inc.in the market.
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Samsung shares were up 6.3 percent as of 0239 GMT (2139 EDT), outperforming a 0.5 percent gain for the broader market .KS11 .