7/12/16

Samsung shares flying high on upbeat Q2 earnings

Local brokerages have adjusted the new high of Samsung Electronics’ share price after the company announced its best quarterly earnings in two years.

According to estimates of 23 securities companies on July 11, the average target price was adjusted to 1.67 million won (US$1,500), the highest price proposed was 1.8 million won.

Samsung Electronics’ huge light-emitting diode signage installed at the Plaza Callao in Madrid, Spain / Samsung Electronics

The rosy outlook comes after the company’s share price peaked out at 1.5 million won on the day. It is the first time that the price has hit the psychological important figure since the first quarter of 2014.

The top seller list includes foreign investors such as Credit Suisse, Morgan Stanley, UBS and Macquarie.

The price closed at 1.48 million, up 1.99 percent from July 8 closing.

The highest figure for Samsung shares was 1.57 million won that was recorded in January 2013.

“Some critics say the second-quarter earnings would be the company’s highest figure this year but figures for the latter half could be elevated considering improve profits in semiconductor and display,” said Shin Hyun-joon, an analyst of LIG Investment & Securities.

http://www.koreaherald.com/

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