Samsung Electronics Co Ltd

005930: XKRX (KOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	₩32,365.00	Hxwlfb	Mfkkhrwz

Memory Price Decline To Narrow in Late 2023 and Recover in 2024; Samsung's FVE Up to KRW 78,000

Kazunori Ito

May 1, 2023

Business Strategy and Outlook

Samsung Electronics has been a fantastic growth story as it established itself as the clear global leader in the smartphone space during the past decade, following its success in becoming the global top manufacturer of flat panel TV in the 2000s. However, we do not identify an economic moat from its consumer electronics business, as these products are mature and difficult to differentiate, and are exposed to the tough competition from Chinese manufacturers. Unlike its competitor Apple, Samsung does not have an ecosystem that prevents users from switching to other brands, in our view.

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