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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Samsung Electronics Co., Ltd.    A005930   KR7005930003

SAMSUNG ELECTRONICS CO., LTD.

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AMS posts third-quarter revenue jump, sees strong demand from Apple, others

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10/22/2019 | 04:18am EDT
FILE PHOTO: Employees of Austrian sensor specialist AMS work in their factory in Unterpremstaetten

VIENNA (Reuters) - Apple supplier AMS beat expectations with a 41% jump in third-quarter revenue on Tuesday and forecast further strong demand for its optical sensors from smartphone makers as it takes aim at a takeover of German lighting maker Osram.

Revenue of $645 million topped its own forecast of $610-640 million and AMS said it expected a figure of $610-$650 million in the fourth quarter.

AMS' Swiss-listed shares, which gapped higher at the open, were down 0.9% at 0810 GMT.

Its adjusted EBIT margin was 28% and AMS said it expected to at least maintain this level in the fourth quarter.

Operating cash flow increased more than threefold to $299 million, and AMS's backlog stood at $253.1 million end-September.

"AMS delivered even stronger results than expected and the outlook for the fourth-quarter also confirms the very solid business momentum not just with Apple but also the Android ecosystem," Vontobel analysts said in a note to clients.

AMS's main revenue source is optical sensors and Apple, its top customer, uses the Austrian firm's 3D facial recognition technology in its latest iPhones.

Apple accounts for around 40% of group revenue, analysts estimate.

CEO Alexander Everke's next aim is a takeover of Osram to combine AMS's expertise in sensors with the German firm's lighting know-how.

Everke's first attempt failed this month as AMS secured 51.6% support from Osram shareholders, short of the required 62.5%.

Under a new bid, its offer price stays at 41 euros per share, valuing Osram at 4.6 billion euros ($5.1 billion), but with a lowered acceptance rate of 55%.

Private equity groups Bain and Advent informed Osram on Friday that they would refrain from a takeover bid for the time being, and AMS hopes that will convince investors to tender their shares.

But sources familiar with the groups' thinking told Reuters on Sunday that they were waiting in the wings and could revive their approach if AMS's bid failed.

AMS plans to take on billions of new debt to take over Osram.

AMS "feels confident about the new takeover offer for Osram... as it is financially attractive, strategically compelling and the viable option for Osram shareholders," it said.

Subject to the German financial watchdog Bafin's approval, the offer period is expected to begin this month, AMS said.

Last year the company was hit by production delays and initially slow demand for Apple's iPhone X series last year, but this year has been positive with iPhone 11 models and higher demand from Android phone makers including Samsung, and China's Xiaomi and Huawei .

(Reporting by Kirsti Knolle; editing by Tassilo Hummel and Jason Neely)

By Kirsti Knolle

Stocks mentioned in the article
ChangeLast1st jan.
AMS AG -2.81% 9.35 Delayed Quote.-63.75%
APPLE INC. -4.14% 247.74 Delayed Quote.-15.63%
OSRAM LICHT AG -0.40% 32.67 Delayed Quote.-26.00%
SAMSUNG ELECTRONICS CO., LTD. 10.47% 46950 End-of-day quote.7.07%
XIAOMI CORPORATION 5.26% 10 End-of-day quote.1.83%
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Financials (KRW)
Sales 2020 246 241 B
EBIT 2020 37 119 B
Net income 2020 28 355 B
Finance 2020 97 664 B
Yield 2020 3,13%
P/E ratio 2020 11,2x
P/E ratio 2021 8,06x
EV / Sales2020 1 308x
EV / Sales2021 1 176x
Capitalization 322 161 B
Chart SAMSUNG ELECTRONICS CO., L
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Samsung Electronics Co., L Technical Analysis Chart | A005930 | KR7005930003 | MarketScreener
Technical analysis trends SAMSUNG ELECTRONICS CO., L
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 39
Average target price 67 776,32  KRW
Last Close Price 48 300,00  KRW
Spread / Highest target 69,8%
Spread / Average Target 40,3%
Spread / Lowest Target 11,8%
EPS Revisions
Managers
NameTitle
Hyun-Suk Kim Co-President, Co-CEO & Director
Dongjin Koh Co-President, Co-CEO & Director
Kinam Kim President, Co-CEO & Director
Tae Moon Roh Co-President & Head-Research & Development
Jae-Wan Park Chairman
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