[Click e Stocks] Samsung Fire & Marine Insurance "Samsung Electronics Dividend Special"

[Asia Economy Reporter Junho Hwang] Daishin Securities maintained Samsung Fire & Marine Insurance's target stock price at 260,000 KRW per share on the 22nd.

They first anticipated that the company could once again achieve annual profits in the 1 trillion KRW range this year. This is because the investment income segment, which was conservative in 2019-2020, is expected to rise in the first quarter of this year due to special dividends from Samsung Electronics. The profit growth rate this year is 39.8%, the highest among coverage. The increase in profits is expected to lead to an expansion of dividends to an all-time high level. There is also a possibility of exceeding the 2018 dividend per share of 11,500 KRW.

In addition to the special dividend from Samsung Electronics, improvements in the automobile insurance loss ratio and a decrease in operating expenses are also expected to positively contribute to securing performance by significantly improving the insurance business surplus.

Accordingly, Daishin Securities forecasted Samsung Fire & Marine Insurance's separate net profit for the first quarter of this year to be 406.7 billion KRW, an increase of 148% compared to the previous year. The first quarter net profit is expected to exceed the consensus of 346.5 billion KRW by 17.4%.

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