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    A032830   KR7032830002

SAMSUNG LIFE INSURANCE CO., LTD.

(A032830)
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Lee's death sparks hope for Samsung shake-up, dividends

10/25/2020 | 07:46pm EDT

* Investors hope for moves to pay inheritance tax-analysts

* Around $9 bln in tax estimated for stockholdings alone

* Samsung C&T key in controlling Samsung Elec-analysts

SEOUL, Oct 26 (Reuters) - Shares in Samsung Electronics Co Ltd and affiliates rose on Monday after the death a day earlier of Chairman Lee Kun-hee sparked hopes for stake sales, higher dividends and long-awaited restructuring, analysts said.

Investors are betting that the imperatives of maintaining Lee family control and paying inheritance tax - estimated at about 10 trillion won ($8.9 billion) for listed stockholdings alone - will be the catalyst for change, although analysts are divided on what form that change will take.

Shares in Samsung C&T and Samsung Life Insurance closed up 13.5% at a two-month high and 3.8%, respectively, while shares in Samsung SDS also rose. Samsung Electronics - the jewel in the group's crown - finished 0.3% higher.

Son and heir apparent Jay Y. Lee has a 17.3% stake in Samsung C&T, the de facto holding firm, while the late Lee was the top shareholder of Samsung Life with 20.76% stake.

"The inheritance tax is outrageous, so family members might have no choice but to sell stakes in some non-core firms" such as Samsung Life, said NH Investment Securities analyst Kim Dong-yang.

"It may be likely for Samsung C&T to consider increasing dividends for the family to cover such a high inheritance tax," KB Securities analyst Jeong Dong-ik said.

Lee, 78, died on Sunday, six years after he was hospitalised due to heart attack in 2014. Since then, Samsung carried out a flurry of stake sales and restructuring to streamline the sprawling conglomerate and cement the junior Lee's control.

Investors have long anticipated a further shake-up in the event of Lee's death, hoping for gains from restructuring to strengthen de facto holding company Samsung C&T's control of Samsung Electronics, such as Samsung C&T buying an affiliate's stake in the tech giant.

"At this point, it is difficult to expect when Samsung Group will kick off with a restructuring process as Jay Y. Lee is still facing trials, making it difficult for the group's management to begin organisational changes," Jeong said.

Lee is in two trials for suspected accounting fraud and stock price manipulation, as well as for his role in a bribery scandal that triggered the impeachment of former South Korean President Park Geun-hye. The second trial resumed hearings on Monday.

Lee did not attend the trial on Monday, as Samsung executives joined other business and political leaders for the second day of funeral services for his father. ($1 = 1,129.1800 won) (Reporting by Joyce Lee and Hyunjoo Jin; Additional reporting by Heekyong Yang and Daewoung Kim; Editing by Stephen Coates)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
NH INVESTMENT & SECURITIES CO., LTD. 0.00% 12800 End-of-day quote.13.27%
SAMSUNG BIOLOGICS CO.,LTD. 0.36% 836000 End-of-day quote.1.21%
SAMSUNG C&T CORPORATION -0.37% 136000 End-of-day quote.-1.45%
SAMSUNG ELECTRONICS CO., LTD. -0.49% 80500 End-of-day quote.-0.62%
SAMSUNG ENGINEERING CO., LTD. 3.43% 24100 End-of-day quote.81.89%
SAMSUNG LIFE INSURANCE CO., LTD. -1.48% 80000 End-of-day quote.1.14%
SAMSUNG SDS CO.,LTD. -0.80% 186000 End-of-day quote.4.20%
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Financials
Sales 2021 18 454 B 16,3 B 16,3 B
Net income 2021 1 796 B 1,59 B 1,59 B
Net Debt 2021 - - -
P/E ratio 2021 8,08x
Yield 2021 4,96%
Capitalization 14 061 B 12 402 M 12 416 M
Capi. / Sales 2021 0,76x
Capi. / Sales 2022 0,77x
Nbr of Employees 5 122
Free-Float 36,1%
Chart SAMSUNG LIFE INSURANCE CO., LTD.
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Samsung Life Insurance Co., Ltd. Technical Analysis Chart | A032830 | KR7032830002 | MarketScreener
Technical analysis trends SAMSUNG LIFE INSURANCE CO., LTD.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Average target price 102 842,11 KRW
Last Close Price 78 300,00 KRW
Spread / Highest target 66,0%
Spread / Average Target 31,3%
Spread / Lowest Target -4,21%
EPS Revisions
Managers and Directors
NameTitle
Young-Muk Jeon President, Chief Executive Officer & Director
Kyung-Bok Lee Managing Director, Head-Finance & Economy
Jong-Wook Jung Senior MD, Head-Legal & Compliance Support
Kyung-Wook Heo Independent Director
Yun-Gu Kang Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
SAMSUNG LIFE INSURANCE CO., LTD.1.14%12 646
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PRUDENTIAL PLC7.28%51 886
METLIFE, INC.24.17%51 037
PRUDENTIAL FINANCIAL, INC.25.04%38 462
MANULIFE FINANCIAL CORPORATION6.31%37 488