Wow, Consumer electronics operating profit was 250 billion won, estimates had it at 444.5 billion won.
3Q chip sales of 23 trillion won are far below 35.2 trillion won estimates. Not good.
A strong dollar helped Samsung’s operating profit by a measure of 1 trillion won versus 2Q.
Bottom-line: 수요 회복은 내년 하반기로 예상하나 거시적 환경을 지속 살펴야 할 것임.
Samsung expects memory demand to improve only from the second half of 2023, propped up by servers and mobile phones but also the migration to more advanced DDR5 for newer PCs. But one caveat: “Impacts of the macro economy on demand require monitoring.”
Samsung expects memory demand to improve only from the second half of 2023, propped up by servers and mobile phones but also the migration to more advanced DDR5 for newer PCs. But one caveat: “Impacts of the macro economy on demand require monitoring.”
Bottom-line: 하이닉스처럼 과격한 표현을 사용하지 않아 덜 우울한 이야기로 들림.
Samsung’s comments about the chip downturn aren’t quite as bleak as Hynix’s (which said it was “unprecedented”). Samsung described it this way:
“Earnings in the Memory Business declined as inventory adjustments of customers exceeded market expectations and demand for consumer products remained weak.”
Samsung’s comments about the chip downturn aren’t quite as bleak as Hynix’s (which said it was “unprecedented”). Samsung described it this way:
“Earnings in the Memory Business declined as inventory adjustments of customers exceeded market expectations and demand for consumer products remained weak.”
Bottom-line: 거시 환경이 불확실하고 반도체 수요 회복이 가시적이지 않음은 동종 업체와 유사함.
So far, Samsung’s outlook seems in line with peers including Hynix from this week: the prognosis for the global macroeconomic environment is none-too-rosy, and uncertainty clouds any imminent recovery in semiconductor demand.
So far, Samsung’s outlook seems in line with peers including Hynix from this week: the prognosis for the global macroeconomic environment is none-too-rosy, and uncertainty clouds any imminent recovery in semiconductor demand.
Bottom-line: 파운드리 사업부는 매우 훌륭한 수익 기여를 했고, 향후에도 견조한 수요로 성장할 것임.
Samsung is trumpeting its progress in the foundry business, which is the division that makes chips for other customers and competes with Taiwan Semiconductor (TSMC). In its release, Samsung said that foundry delivered record earnings.
“In the Foundry Business, earnings momentum is expected to continue on solid demand from global customers and additional yield improvements.”
Samsung is trumpeting its progress in the foundry business, which is the division that makes chips for other customers and competes with Taiwan Semiconductor (TSMC). In its release, Samsung said that foundry delivered record earnings.
“In the Foundry Business, earnings momentum is expected to continue on solid demand from global customers and additional yield improvements.”
Bottom-line: 스마트폰 사업에서 신규 제품의 견조한 판매로 매출이 호조를 보임.
On the mobile front, Samsung’s touting better revenue and operating profit from the previous quarter, crediting its Galaxy Z Fold4 and Z Flip4 foldables, which “showed strong growth” despite challenging market conditions.
On the mobile front, Samsung’s touting better revenue and operating profit from the previous quarter, crediting its Galaxy Z Fold4 and Z Flip4 foldables, which “showed strong growth” despite challenging market conditions.
Bottom-line: 메모리 사업부 조정에 대한 언급은 아직 없음. 정부의 눈치를 볼 수 밖에 없는 입장이 아닌가.
No word yet of any output cuts on the memory business front. Samsung is particularly sensitive to being seen as a price setter in the market, so it’ll hold off cuts as long as it can, lest regulators come knocking on its door.
No word yet of any output cuts on the memory business front. Samsung is particularly sensitive to being seen as a price setter in the market, so it’ll hold off cuts as long as it can, lest regulators come knocking on its door.
Bottom-line: 종합적으로 보면, 이미 성숙해버린 시장보다 고성장이 가능하며 이익률이 높은 곳에 더 집중하는 전략을 취하겠다는 것임.
Pulling together a summary of Samsung’s outlook for various divisions, the standout thing is focus on the high end. The company already said it’s not expanding production capacity for mature chips, it’s now restating that by saying it’s looking to grow provision of advanced chipmaking for foundry customers and sales of high-density memory. With phones, likewise, it aims to boost revenue by focusing on higher-margin foldables.
Pulling together a summary of Samsung’s outlook for various divisions, the standout thing is focus on the high end. The company already said it’s not expanding production capacity for mature chips, it’s now restating that by saying it’s looking to grow provision of advanced chipmaking for foundry customers and sales of high-density memory. With phones, likewise, it aims to boost revenue by focusing on higher-margin foldables.
Bottom-line: 아래 삼성의 스마트폰 차트가 성숙해버린 시장의 정의를 보여줌.
Sam’s chart of smartphone growth is the very definition of a plateaued, mature industry.
Sam’s chart of smartphone growth is the very definition of a plateaued, mature industry.
Bottom-line: 전년 대비 반도체 부문 투자를 축소하지 않는다는게 놀랍지만, 반대로 커다란 배가 어찌 한 번에 방향을 틀 수 있는가.
I was initially surprised that Samsung’s still projecting a chip capex increase in 2022, compared with 2021, but then it isn’t easy to turn around such a big ship, with so much critical mass in the industry.
I was initially surprised that Samsung’s still projecting a chip capex increase in 2022, compared with 2021, but then it isn’t easy to turn around such a big ship, with so much critical mass in the industry.
Bottom-line: 제이피모건자산운용과 오성자산운용의 매니저는 여전히 달러 강세에 확신을 가지고 있다고 함. 캐나다 중앙은행이 예상보다 낮은 금리인상을 함에 따라 여타 중앙은행 또한 강한 긴축적 태도를 선회할 것으로 기대가 형성되며 달러지수가 1개월 최저치를 기록 한 뒤에도 그렇게 생각함. 이들은 중앙은행의 최종금리에 아직 도달하지 않았고, 전세계 경기가 침체 위험에 직면한 상황에서 미국이 다른 국가 대비 나은 거시경제 환경에 놓일 것이므로 달러에 대한 수요는 여전할 것으로 봄. 최근까지 달러지수는 4개월 가까이 랠리를 하며 다른 국가의 통화를 다년 간 최저치로 끌어내렸음.
It’s too soon to write off the dollar’s dominance as the US rate-hike cycle may not be near its peak. That’s the firm conviction of money managers at JPMorgan Asset Management and Fivestar Asset Management even after a gauge of the greenback touched a one-month low on Thursday. Signs that aggressive Federal Reserve tightening is starting to take a toll are fueling bets for a slower pace of rate increases. But dollar bulls remain undaunted: a hawkish Fed, fears of a global recession and heightened geopolitical tensions in Europe should only bolster demand for the US currency, investors say. “At the moment it is difficult to see kind of what causes the dollar to weaken from here,” said Iain Stealey, international chief investment officer for fixed income at JPMorgan. “The Fed hasn’t hit the terminal rate yet, the US economy looks like it’s probably a bit more resilient than some other economies out there.”. Investors are pondering the dollar’s direction after a smaller-than-expected rate increase by the Bank of Canada spurred speculation of a dovish pivot by other central banks. A four-month rally in the greenback has rippled across the globe as a host of currencies tumbled to multi-year lows while import costs in developing nations soared.
It’s too soon to write off the dollar’s dominance as the US rate-hike cycle may not be near its peak. That’s the firm conviction of money managers at JPMorgan Asset Management and Fivestar Asset Management even after a gauge of the greenback touched a one-month low on Thursday. Signs that aggressive Federal Reserve tightening is starting to take a toll are fueling bets for a slower pace of rate increases. But dollar bulls remain undaunted: a hawkish Fed, fears of a global recession and heightened geopolitical tensions in Europe should only bolster demand for the US currency, investors say. “At the moment it is difficult to see kind of what causes the dollar to weaken from here,” said Iain Stealey, international chief investment officer for fixed income at JPMorgan. “The Fed hasn’t hit the terminal rate yet, the US economy looks like it’s probably a bit more resilient than some other economies out there.”. Investors are pondering the dollar’s direction after a smaller-than-expected rate increase by the Bank of Canada spurred speculation of a dovish pivot by other central banks. A four-month rally in the greenback has rippled across the globe as a host of currencies tumbled to multi-year lows while import costs in developing nations soared.