Samsung Electronics Updates And What's Driving Our $1,350 Price Estimate

Consumer electronics behemoth Samsung Electronics published a lackluster set of Q1 2015 numbers late last month, as quarterly revenues fell by 12% year-over-year to about $43 billion, while operating profits fell 30% to around $5.49 billion, marking the sixth straight year-over-year drop in quarterly profit. However, profitability improved by 13% on a sequential basis, driven by sales of higher-value semiconductor products and lower marketing expenses for the smartphone division. We believe that...