[Korea] Semiconductors October 12, 2020

Samsung Electronics Buy (005930 KS ) (Maintain)

3Q20 preliminary r eview : Portfolio effects TP: W76,000 Upside: 27.3%

Mirae Asset Daewoo Co., Ltd. Young-gun Kim [email protected] Yumi Cha [email protected]

3Q20 preliminary review OP beats consensus on strong set demand and Huawei ’s buying ó For 3Q20, Samsung Electronics (SEC) reported preliminary revenue of W66tr (+6.5% YoY) and operating profit of W12.3tr (+58.1% YoY). ó Our operating profit estimates by business division are: 1) W5.5tr for semiconductors; 2) W0.6tr for display; 3) W4.5tr fo r IT & mobile communications (IM); and 4) W1.4tr for consumer electronics (CE). ó The profit beat was driven by strong set/device demand and Huawei’s chip purchases. ó 1) Rebound in smartphone demand: We estimate the company shipped 80mn (+49% QoQ) smartphones in 3Q20. ó 2) ASP likely rose 8% due to the release of the company’s flagship smartphone. ó 3) We estimate DRAM bit growth was +4% (vs. previous guidance of flat growth), boosted by rush shipments to Huawei.

4Q20 outlook Se miconductor/IM pro fits likely to decline in 4Q20 , but OLED should provide some cushion ó For 4Q20, we look for revenue of W64tr (+6.8% YoY) and operating profit of W11.1tr (+55.0% YoY). ó 1) We see smartphone shipments shrinking 5% amid the rollout of the iPhone 12 and the absence of any new releases by SEC. ó 2) For display, we forecast operating profit of W1.5tr, as OLED panel shipments should grow on the launch of the iPhone 12. ó 3) DRAM prices should continue to fall, but the rate of decline should slow due to suppliers ’ inventory normalization. ‰ Our DRAM ASP forecasts: -5% in 4Q20, -1% in 1Q21, and +6% in 2Q21

Maintain Buy and TP of W 76,000 Profit to rebound after bottoming in 4Q20 ; 2021F OP to grow 5 1.5 % YoY ó Foundry revenue should reach W9.6tr (+89% YoY), representing 10% of semiconductor revenue. ‰ The valuation of the foundry business should begin to be priced in. ※ The company’s 3Q20 conference call is scheduled for Oct. 29. Key data

Current price (10/8/20, W) 59,700 Market cap (Wbn) 356,396 140 Samsung Electronics KOSPI OP (20F, Wbn) 37,977 Shares outstanding (mn) 6,793 120 Consensus OP (20F, Wbn) 34,682 Free float (%) 78.8 100 EPS growth (20F, %) 34.4 Foreign ownership (%) 56.0

80 P/E (20F, x) 14.0 Beta (12M) 0.94

60 Market P/E (20F, x) 16.7 52-week low (W) 42,500 10.19 2.20 6.20 10.20 KOSPI 2,391.96 52-week high (W) 62,400

Share performance Earnings and valuation metrics (%) 1M 6M 12M (Dec.) 2017 2018 2019 2020F 2021F 2022F Absolute 1.7 22.8 22.1 Revenue (Wbn) 239,575 243,771 230,401 238,250 267,437 300,200 Relative 2.1 -7.2 4.4 OP (Wbn) 53,645 58,887 27,769 37,977 57,540 64,771

OP margin (%) 22.4 24.2 12.1 15.9 21.5 21.6 NP (Wbn) 41,345 43,891 21,505 28,898 42,845 48,122 EPS (W) 5,421 6,024 3,166 4,254 6,308 7,084 ROE (%) 21.0 19.6 8.7 10.9 14.7 14.8 P/E (x) 9.4 6.4 17.6 14.0 9.5 8.4 P/B (x) 1.8 1.1 1.5 1.5 1.3 1.2 Dividend yield (%) 1.7 3.7 2.5 2.7 3.0 3.0 Notes: Under consolidated K-IFRS; NP is attributable to owners of the parent Source: Company data, Mirae Asset Daewoo Research estimat es Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he US. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. October 12, 2020 Samsung Electronics

Table 1. Quarterly and annual earnings (Wbn, %) 1Q20 2Q20 3Q20P 4Q20F 1Q21F 2Q21F 3Q21F 4Q21F 2019 2020F 2021F USD/KRW 1,193 1,221 1,188 1,180 1,180 1,180 1,180 1,180 1,180 1,099 1,157 Revenue 55,325 52,966 66,000 63,959 61,613 65,381 70,764 69,680 230,401 238,250 267,437 YoY 5.6 -5.6 6.4 6.8 11.4 23.4 7.2 8.9 -5.5 3.4 12.3 QoQ -7.6 -4.3 24.6 -3.1 -3.7 6.1 8.2 -1.5 Semiconductors 17,644 18,231 18,881 18,815 18,838 22,148 25,302 25,986 64,939 73,572 92,274 Memory 13,140 14,615 14,354 14,017 13,604 16,531 19,283 19,688 50,216 56,126 69,106 Foundry/system LSI 4,505 3,616 4,527 4,798 5,234 5,617 6,019 6,298 14,723 17,445 23,168 Display 6,588 6,722 8,092 9,014 7,566 8,350 9,621 9,597 31,054 30,417 35,135 Large-sized LCD 1,100 1,200 1,265 1,064 460 483 642 667 5,800 4,629 2,252 Small/mid-sized OLED 5,488 5,522 6,827 7,950 7,106 7,867 8,980 8,930 25,254 25,788 32,882 IM 26,004 20,694 29,246 25,920 27,122 25,516 26,666 25,024 107,266 101,864 104,327 MC 24,951 19,799 28,396 25,086 26,121 24,515 25,966 24,429 102,332 98,231 101,031 IT 1,053 895 851 834 1,000 1,000 700 595 4,934 3,633 3,296 CE 10,155 10,315 13,188 13,249 11,380 12,519 12,287 12,074 44,756 46,907 48,261 VD 5,650 5,312 7,684 7,910 6,202 6,616 6,560 6,519 26,178 26,556 25,897 Harman 2,101 1,543 1,697 1,866 1,680 1,764 1,852 1,945 10,077 7,207 7,240 Gross profit 20,518 21,060 28,380 26,863 24,930 27,006 29,503 28,823 83,161 96,821 110,262 YoY 4.5 4.3 28.9 25.9 21.5 28.2 4.0 7.3 -25.3 16.4 13.9 QoQ -3.8 2.6 34.8 -5.3 -7.2 8.3 9.2 -2.3 Gross margin 37.1 39.8 43.0 42.0 40.5 41.3 41.7 41.4 36.1 40.6 41.2 OP 6,447 8,146 12,283 11,100 10,910 13,056 16,899 16,675 27,769 37,977 57,540 YoY 3.4 23.5 57.9 55.0 69.2 60.3 37.6 50.2 -52.8 36.8 51.5 QoQ -10.0 26.4 50.8 -9.6 -1.7 19.7 29.4 -1.3 Semiconductors 3,993 5,427 5,523 4,917 4,336 6,864 9,148 9,407 14,016 19,860 29,755 Memory 3,735 5,338 5,168 4,509 4,237 6,400 8,448 8,702 12,894 18,750 27,786 Foundry/system LSI 258 89 355 408 99 464 700 705 1,123 1,110 1,969 Display -287 298 631 1,469 1,444 1,706 2,214 2,091 1,581 2,112 7,454 Large-sized LCD -347 -316 -276 -289 -213 -165 -89 -154 -1,366 -1,228 -620 Small/mid-sized OLED 60 615 907 1,758 1,657 1,871 2,302 2,245 2,948 3,340 8,075 IM 2,650 1,950 4,512 2,790 2,918 3,030 3,311 3,173 9,273 11,901 12,431 MC 2,439 1,878 4,444 2,723 2,813 2,948 3,253 3,123 8,374 11,484 12,138 IT 211 72 68 67 105 82 58 49 898 417 293 CE 465 719 1,444 1,583 935 971 1,007 1,132 2,606 4,212 4,044 VD 375 369 1,059 1,209 728 735 663 798 1,907 3,012 2,924 Harman -188 -93 51 56 50 13 45 45 322 -174 153 OP margin 11.7 15.4 18.6 17.4 17.7 20.0 23.9 23.9 12.1 15.9 21.5 Semiconductors 22.6 29.8 29.3 26.1 23.0 31.0 36.2 36.2 21.6 27.0 32.2 Memory 28.4 36.5 36.0 32.2 31.1 38.7 43.8 44.2 25.7 33.4 40.2 Foundry/system LSI 5.7 2.5 7.8 8.5 1.9 8.3 11.6 11.2 7.6 6.4 8.5 Display -4.4 4.4 7.8 16.3 19.1 20.4 23.0 21.8 5.1 6.9 21.2 Large-sized LCD -31.6 -26.4 -21.8 -27.1 -46.2 -34.1 -13.8 -23.1 -23.6 -26.5 -27.5 Small/mid-sized OLED 1.1 11.1 13.3 22.1 23.3 23.8 25.6 25.1 11.7 13.0 24.6 IM 10.2 9.4 15.4 10.8 10.8 11.9 12.4 12.7 8.6 11.7 11.9 CE 4.6 7.0 11.0 11.9 8.2 7.8 8.2 9.4 5.8 9.0 8.4 Harman -8.9 -6.1 3.0 3.0 3.0 0.7 2.4 2.3 3.2 -2.4 2.1 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2 October 12, 2020 Samsung Electronics

Samsung Electronics (005930 KS)

Income statement (summarized) Balance sheet (summarized) (Wbn) 2019 2020F 2021F 2022F (Wbn) 2019 2020F 2021F 2022F Revenue 230,401 238,250 267,437 300,200 Current assets 181,385 204,107 234,919 261,541 Cost of revenue 147,240 141,429 157,176 176,430 Cash & equivalents 26,886 39,480 56,071 61,698 Gross profit 83,161 96,821 110,261 123,770 AR & other receivables 39,310 41,985 45,740 51,120 SG&A expenses 55,393 58,844 52,722 58,998 Inventory 26,766 28,588 31,145 34,960 OP (adj.) 27,769 37,977 57,540 64,771 Other current assets 88,423 94,054 101,963 113,763 OP 27,769 37,977 57,540 64,771 Non-current assets 171,179 174,215 181,162 199,739 Non-operating profit 2,663 2,827 3,032 3,006 Investments in associates 7,592 8,108 8,833 9,916 Net financial income 1,974 2,042 2,524 3,006 PP&E 119,825 125,217 133,430 152,918 Net income from associates 413 -17 -4 0 Intangible assets 20,704 17,832 15,840 13,847 Pretax profit 30,432 40,804 60,572 67,777 Total assets 352,564 378,323 416,081 461,280 Income tax 8,693 11,911 17,735 19,664 Current liabilities 63,783 67,085 71,723 77,796 Profit from continuing operations 21,739 28,892 42,837 48,113 AP & other payables 20,721 22,130 24,110 27,064 Profit from discontinued operations 0 0 0 0 Short-term financial liabilities 15,240 15,240 15,240 14,393 NP 21,739 28,892 42,837 48,113 Other current liabilities 27,822 29,715 32,373 36,339 Attributable to owners 21,505 28,898 42,845 48,122 Non-current liabilities 25,901 27,448 29,619 32,859 Attributable to minority interests 234 -5 -8 -9 Long-term financial liabilities 3,172 3,172 3,172 3,172 Total comprehensive income 24,755 28,892 42,837 48,113 Other non-current liabilities 22,729 24,276 26,447 29,687 Attributable to owners 24,467 30,138 44,683 50,187 Total liabilities 89,684 94,533 101,342 110,655 Attributable to minority interests 288 -1,245 -1,846 -2,074 Equity attributable to owners 254,915 275,830 306,787 342,681 EBITDA 57,366 65,460 81,804 89,035 Capital stock 898 898 898 898 FCF 20,015 26,299 36,492 30,652 Capital surplus 4,404 4,404 4,404 4,404 EBITDA margin (%) 24.9 27.5 30.6 29.7 Retained earnings 254,583 272,924 303,881 339,775 OP margin (%) 12.1 15.9 21.5 21.6 Minority interests 7,965 7,960 7,952 7,943 Net margin (%) 9.3 12.1 16.0 16.0 Shareholders' equity 262,880 283,790 314,739 350,624

Cash flow statement (summarized) Key valuation metrics/ratios (Wbn) 2019 2020F 2021F 2022F 2019 2020F 2021F 2022F Operating cash flow 45,383 56,302 66,978 72,412 P/E (x) 17.6 14.0 9.5 8.4 NP 21,739 28,892 42,837 48,113 P/CF (x) 6.4 6.1 4.9 4.6 Non-cash income/expenses 37,443 37,216 39,326 40,769 P/B (x) 1.5 1.5 1.3 1.2 Depreciation 26,574 24,611 22,272 22,272 EV/EBITDA (x) 5.1 4.6 3.4 2.9 Amortization 3,024 2,872 1,992 1,992 EPS (W) 3,166 4,254 6,308 7,084 Other 7,845 9,733 15,062 16,505 CFPS (W) 8,713 9,732 12,096 13,085 Chg. in working capital -2,546 -91 -127 34 BPS (W) 37,528 40,607 45,164 50,449 Chg. in AR & other receivables 1,829 -2,390 -3,356 -5,008 DPS (W) 1,416 1,600 1,800 1,800 Chg. in inventory 2,135 -1,821 -2,557 -3,815 Dividend payout ratio (%) 38.9 33.1 25.1 22.3 Chg. in AP & other payables -1,305 593 833 1,243 Dividend yield (%) 2.5 2.7 3.0 3.0 Income tax -13,221 -11,911 -17,735 -19,664 Revenue growth (%) -5.5 3.4 12.3 12.3 Cash flow from investing activities -39,948 -35,191 -37,770 -52,628 EBITDA growth (%) -32.8 14.1 25.0 8.8 Chg. in PP&E -24,854 -30,003 -30,486 -41,759 OP growth (%) -52.8 36.8 51.5 12.6 Chg. in intangible assets -3,243 0 0 0 EPS growth (%) -47.4 34.4 48.3 12.3 Chg. in financial assets -10,358 -5,188 -7,285 -10,869 AR turnover (x) 6.7 6.6 6.8 6.9 Other -1,493 0 1 0 Inventory turnover (x) 8.3 8.6 9.0 9.1 Cash flow from financing activities -9,485 -10,557 -11,888 -13,074 AP turnover (x) 17.1 15.7 16.2 16.4 Chg. in financial liabilities 3,745 0 0 -846 ROA (%) 6.3 7.9 10.8 11.0 Chg. in equity 0 0 0 0 ROE (%) 8.7 10.9 14.7 14.8 Dividends -9,639 -10,557 -11,888 -12,228 ROIC (%) 11.5 15.6 22.7 24.1 Other -3,591 0 0 0 Debt-to-equity ratio (%) 34.1 33.3 32.2 31.6 Chg. in cash -3,455 12,594 16,590 5,627 Current ratio (%) 284.4 304.2 327.5 336.2 Beginning balance 30,341 26,886 39,480 56,071 Net debt-to-equity ratio (%) -32.2 -38.1 -41.9 -42.6 Ending balance 26,886 39,480 56,071 61,698 Interest coverage ratio (x) 40.5 55.9 84.7 97.6 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 3 October 12, 2020 Samsung Electronics

Appendix 1

Important disclosures and disclaimers Two-year rating and TP history

Company Date Rating TP (W) (W) Samsung Electronics Samsung Electronics (005930) 07/31/20 Buy 76,000 80,000 05/13/20 Buy 68,000 12/26/19 Buy 70,000 60,000 10/01/19 Buy 60,000 03/18/19 Buy 56,000 40,000 02/01/19 Buy 57,000 20,000 01/01/19 Buy 50,800

09/21/18 Buy 63,000 0 Oct 18 Oct 19 Oct 20

Stock ratings Sector ratings Buy Expected 12-month performance: +20% or greater Overweight Expected to outperform the market over 12 months Trading Buy Expected 12-month performance: +10% to +20% Neutral Expected to perform in line with the market over 12 months Hold Expected 12-month performance: -10% to +10% Underweight Expected to underperform the market over 12 months Sell Expected 12-month performance: -10% or worse

Rating and TP history: Share price (─), TP (▬), Not Rated ( ■), Buy (▲), Trading Buy (■), Hold (●), Sell ( ◆) * Our investment rating is a guide to the expected return of the stock over the next 12 months. * Outside of the official ratings of Mirae Asset Daewoo Co., Ltd., analysts may call trading opportunities should technical or short-term material developments arise. * The TP was determined by the research analyst through valuation methods discussed in this report, in part based on estimates of future earnings. * TP achievement may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Ratings distribution and investment banking services Buy Trading Buy Hold Sell Ratings distribution 73.62% 14.11% 11.04% 1.23% Investment banking services 72.22% 11.11% 16.67% 0.00% * Based on recommendations in the last 12-months (as of September 30, 2020)

Disclosures As of the publication date, Mirae Asset Daewoo Co., Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Samsung Electronics as an underlying asset; other than this, Mirae Asset Daewoo has no other special interests in the covered companies.

Analyst certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws or regulations thereof. Each Analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst about any and all of the issuers and securities named in this report and (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director, or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. Like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading, and private client divisions. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo except as otherwise stated herein.

Disclaimers This report was prepared by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein or of any translation into English from the Korean language. In case of an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws, and accounting principles, and no person whose receipt or use of this report would violate any laws or regulations or subject Mirae Asset Daewoo or any of its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The report does not constitute investment advice to any person, and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates, and their directors, officers, employees, and agents

Mirae Asset Daewoo Research 4 October 12, 2020 Samsung Electronics

do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views, and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Daewoo, its affiliates, and their directors, officers, employees, and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making, or other financial services as are permitted under applicable laws and regulations. No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo. For further information regarding company-specific information as it pertains to the representations and disclosures in this Appendix 1, please contact [email protected] or +1 (212) 407-1000.

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Mirae Asset Daewoo Research 5 October 12, 2020 Samsung Electronics

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