[Featured Stock] Samsung Electronics Falls Over 2%... 60,000-Won Mark Also 'Broken'

[Asia Economy Reporter Ji Yeon-jin] Samsung Electronics fell below 60,000 won immediately after the market opened on the 17th.

Samsung Electronics started trading at 59,400 won on the day in the KOSPI market, down 2.46% from the previous day. The decline slightly narrowed in the early session, trading at 59,600 won as of 9:05 a.m.

Earlier, Eugene Investment & Securities downgraded Samsung Electronics' earnings forecast for this year and next, lowering the target price by 10.23% from 88,000 won to 79,000 won.

The operating profit estimate for this year was lowered by 2% from 60.7 trillion won to 58.3 trillion won, and the estimate for next year was cut by 16% from 49.7 trillion won to 40.8 trillion won.

Lee Seung-woo, a researcher at Eugene Investment & Securities, said, “In the Q1 earnings conference call, Samsung Electronics showed a very ambitious and confident attitude, but unlike the positive outlook from Asian memory and foundry companies, big tech, large retailers, semiconductor equipment, and digital advertising companies have all started to warn of possible sales slowdowns and margin declines.” He added, “Meanwhile, inflation has risen further, and the Federal Open Market Committee (FOMC)'s giant step (raising interest rates by 0.75 percentage points at once), which was hard to imagine just a few months ago, has become a reality for the first time in 28 years.”

This content was produced with the assistance of AI translation services.