《ASIA：TECHNOLOGY：SEMICONDUCTORS：DRAM：MOBILECOMPETITIONCONTINUESALBEITSTABILIZINGPCDRAM1128》由会员分享，可在线阅读，更多相关《ASIA：TECHNOLOGY：SEMICONDUCTORS：DRAM：MOBILECOMPETITIONCONTINUESALBEITSTABILIZINGPCDRAM1128（13页珍藏版）》请在金锄头文库上搜索。
1、30%November 28, 2012Asia: Technology: SemiconductorsEquity ResearchDRAM: Mobile competition continues albeit stabilizing PC DRAMPC DRAM price stabilizing on supply cutsAfter posting a 14% qoq decline in 3Q12, commodity DRAM contract pricestarted to stabilize in November. Although PC demand remains w
2、eak for2H12, production cuts by DRAM makers have contributed to stabilized PCDRAM prices. In light of decelerating supply growth along with fallingutilization rate, we project that PC DRAM prices will likely remain stableuntil the end of 2012, albeit sub-seasonal PC demand.Mobile DRAM supply growth
3、to accelerate price erosion in 1Q13In tandem with solid demand growth from smartphones and tabletscoupled with lackluster demand from PC, major DRAM makers are rapidlyincreasing capacity allocation to mobile DRAM from PC DRAM. SolidRELATED RESEARCH1 October 2012: Asia: Technology: Semiconductors: DR
4、AM:New PC/tablet forecasts imply weaker DRAM demand10 August 2012: DRAM: New PC forecasts imply furtherweakness in DRAM demand1 August 2012: Proactive DRAM utilization control mayimply limited margin expansion27 July 2012: DRAM: Lowering pricing assumptionsreflecting weaker demandMOBILE DRAM SUPPLY/
5、DEMAND TREND(mn,1Gbequiv.)4,000seasonal demand will result in decelerating mobile DRAM price contractionfor 4Q12, in our view. However, we foresee that mobile DRAM priceerosion will likely accelerate again in 1Q13, as a consequence of: (1)potential inventory de-stocking for mobile DRAM, and (2) sequ
6、entialmobile DRAM supply growth with limited demand recovery from PC.Asymmetric mobile DRAM consumption implies steep competitionGiven dominant positions in the smartphone market, SEC and Apple have3,5003,0002,5002,0001,5001,0005000TotalMobileDRAMSupplyOver/(Under)supply(RHS)TotalMobileDRAMDemand25%
7、20%15%10%5%0%5%emerged as major demand drivers for mobile DRAM, accounting foraround 50% of global mobile DRAM demand. We view that asymmetricmobile DRAM consumption will lead to steep pricing competition, takinginto account: (1)SECs internal mobile DRAM sourcing resulting in smalleraddressable mark
8、et for other DRAM makers, and (2) heavy dependency onApple leaving DRAM makers with limited bargaining power and fluctuatingmobile DRAM shipments coinciding with Apples product cycles.Samsung Electronics remains our top Buy pick; Neutral on HynixAlthough Hynix recently rebounded on expectation for s
9、equential earningsmomentums and stabilizing PC DRAM prices, we view that its current shareprice largely reflects its improving outlook. We expect accelerating mobileDRAM price contraction in 1Q13 to deteriorate its profitability as well asshare price momentum. Meanwhile, we maintain our Buy rating o
10、nSamsung Electronics (our top pick in the memory sector). Although currentshare price is at a historically high level, P/E, EV/EBITDA, and P/B remainsbelow three-year historical levels and we see several catalysts in FY13.Source: Company data, DRAMeXchange, Gartner, GoldmanSachs Research estimates.M
11、arcus Shin+82(2)3788-1154 Goldman Sachs (Asia) L.L.C., Seoul BranchMichael Bang+82(2)3788-1655 Goldman Sachs (Asia) L.L.C., Seoul BranchIkuo Matsuhashi, CMA+81(3)6437-9860 Goldman Sachs Japan Co., Ltd.Hyunwoo Nam+82(2)3788-1704 Goldman Sachs (Asia) L.L.C., Seoul BranchThe Goldman Sachs Group, In
12、c.Goldman Sachs does and seeks to do business withcompanies covered in its research reports. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investorsshould consider this report as only a single factor in makingthei
13、r investment decision. For Reg AC certification and otherimportant disclosures, see the Disclosure Appendix, or go Analysts employed by non-US affiliates are not registered/qualified as research analystswith FINRA in the U.S.Global Investment Research2November 28, 2012Asia: Technology: Semiconducto
14、rsPC DRAM price stabilizing on supply cutsAfter posting a 14% qoq decline in 3Q12, commodity DRAM contract price started tostabilize in November. According to DRAMeXchange, 2Gb DDR3 remained flat at $0.83 inthe first half of November 2012. Along with stabilizing prices, the price gap betweencontract
15、 and spot prices has narrowed substantially.Exhibit 1: DDR3 2Gb pricing trend(US$)2.502.302.101.901.701.501.301.100.900.700.50Exhibit 2: DDR3 2Gb contract price premium vs. spot50%40%30%20%10%0%-10%-20%-30%2GbeTTSource: DRAMeXchange2Gb1333MHzspotDDR32Gb1333MHzcontractDDR3 2Gb 1333MHz contract price
16、premium vs. spotSource: DRAMeXchangeAlthough PC demand remains weak despite favorable seasonality for 2H12, production cutsby DRAM makers have contributed to stabilized PC DRAM prices, in our view. As aconsequence of lackluster PC demand as well as ongoing price erosion, less costcompetitive DRAM ma
17、kers started to lower utilization rate in 2H12. Our bottom-up analysissuggests that global DRAM capacity will likely decline 8% to 1.06mn WPM (12-inchequivalent) in 4Q12 from 1.15mn WPM in 2Q12.Exhibit 3: Global DRAM capacity trend(K wafer/m)1,8001,6001,4001,20030%20%8%1,00080060040020001Q084Q083Q09
18、2Q101Q114Q113Q122Q13ESamsungNanyaSK HynixPowerchipMicronProMosElpidaOthersNote: We are Not Covered on Nanya, Powerchip, ProMos and Elpida. Estimates for NC companies are based onDRAMeXchange and Gartner data.Source: Company data, DRAMeXchange, Gartner, Goldman Sachs Research estimates.Goldman Sachs
19、Global Investment Research3November 28, 2012Asia: Technology: SemiconductorsIn light of decelerating supply growth along with falling utilization rate, we project that PCDRAM price will likely remain stable until the end of 2012, albeit sub-seasonal PC demand.Mobile DRAM supply growth to accelerate
20、price erosion in 1Q13Contrary to ongoing weakness in PC DRAM demand, mobile DRAM demand continues toincrease rapidly with strong smartphone and tablet shipment growth. As per our estimates,global mobile DRAM demand will likely surge by 99% yoy in 2012, followed by an 80% yoygrowth in 2013E.Exhibit 4
21、: Mobile DRAM demand trend(mn,1Gbequiv.)4,0003,5003,0002,5002,0001,5001,000500060%50%40%30%20%10%0%-10%-20%1Q10 3Q10 1Q11Basic/Feature phoneTabletOthers3Q111Q123Q12 1Q13E 3Q13ESmartphonePMP/Portable Game PlayersChang qoq (RHS)Source: Company data, Gartner, DRAMeXchange, Goldman Sachs Research estima
22、tes.In tandem with solid demand growth from smartphones and tablets coupled with lacklusterdemand from PC, major DRAM makers are rapidly increasing capacity allocation to mobileDRAM from PC DRAM. In terms of bit shipment, mobile DRAM will likely represent 29% ofglobal DRAM supply in 4Q12, surging fr
23、om 17% in 4Q11. Along with incremental capacityallocation, mobile DRAM supply will keep increasing rapidly. We estimate that globalmobile DRAM shipment will increase 28% qoq in 4Q12, following a 24% qoq growth in3Q12.Goldman Sachs Global Investment Research4Q12E1Q13E 2Q13E3Q13E 4Q13E1Q10 2Q10 3Q10 4
24、Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q124November 28, 2012Exhibit 5: Mobile DRAM bit portion trend60%Asia: Technology: SemiconductorsExhibit 6: Mobile DRAM supply trend(mn,1Gbequiv.)4,00040%50%40%30%20%10%0%3,5003,0002,5002,0001,5001,000500035%30%25%20%15%10%5%0%-5%1Q10 3Q10 1Q11Samsung3Q11 1Q12Hynix3
25、Q12 1Q13E 3Q13EElpidaIndustryaverage.SamsungHynixElpidaMicronMicronChang qoq (RHS)NanyaWinbondNote: We are Not Covered on Elpida. Estimates for NC companies are basedon DRAMeXchange and Gartner data.Source: Company data, DRAMeXchange, Gartner, Goldman Sachs Researchestimates.Note: We are Not Covered
26、 on Nanya, Elpida and Winbond. Estimates for NCcompanies are based on DRAMeXchange and Gartner data.Source: Company data, DRAMeXchange, Gartner, Goldman Sachs Researchestimates.Despite substantial supply growth, decreasing mobile DRAM pricing trend will deceleratein 4Q12 (around 5-10% qoq decline fo
27、r 4Q12 vs. 10%+ qoq declines for the past fewquarters), chiefly on account of solid demand from smartphone and tablet. Due to seasonaldownturn in demand, however, we project that mobile DRAM demand will sequentiallydecline along with potential mobile DRAM inventory de-stocking in 1Q13. On the flip s
28、ide,mobile DRAM supply will continue to grow in 1Q13 with limited demand recovery from PC.As such, we expect mobile DRAM price contraction to accelerate again in 1Q13,pressurizing DRAM makers profitability.Exhibit 7: Mobile DRAM supply/demand trend(mn,1Gbequiv.)4,0003,5003,0002,5002,0001,5001,000500
29、0TotalMobileDRAMSupplyTotalMobileDRAMDemand30%25%20%15%10%5%0%5%Over/(Under)supply(RHS)Source: Company data, DRAMeXchange, Gartner, Goldman Sachs Research estimates.Goldman Sachs Global Investment Research4Q12E 1Q13E 2Q13E 3Q13E 4Q13E1Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q125November 28, 2012Asia
30、: Technology: SemiconductorsAsymmetric mobile DRAM consumptions imply steep competitionIn the global smartphone market, Samsung Electronics (SEC) and Apple (AAPL, Buy, on CL,US$589.53; covered by Bill Shope) continue to lead the market, commanding dominantshares. Accordingly, mobile DRAM demand from
31、 SEC and Apple kept increasing rapidly aswell. As per our estimates, mobile DRAM demand from SEC and Apple including bothsmartphones and tablets will reach 1.9bn units and 1.1bn units (on a 1Gb equivalent basis)for 2012, representing 31% and 18% of global mobile DRAM demand, respectively.Exhibit 8:
32、Mobile DRAM demand from SEC and Apple as % of total60%50%40%30%20%10%0%DemandfromSamsung&AppleDemandfromSamsungDemandfromAppleSource: Company data, Goldman Sachs Research estimates.Given that SECs smartphone and tablet supply chain is vertically integrated fromsemiconductors such as mobile DRAM, NAN
33、D, and AP to other components includingdisplay and battery, SEC mostly sources its mobile DRAM internally. In addition, as aconsequence of ongoing patent litigation, Apple has substantially lowered its proportion ofmobile DRAM procurement from SEC. In our view, these factors pose structural challeng
34、esfor major DRAM makers from two perspectives.Firstly, with SEC mostly procuring its mobile DRAM for smartphones and tablets internally,other DRAM makers such as Hynix and Elpida (6665.T, Not Covered)/Micron (MU, NotRated; covered by James Schneider) inherently have very limited exposure to SECs mob
35、ileDRAM supply chains. As such, we view that SECs internal mobile DRAM sourcing willcontinue to leave a smaller addressable market for other DRAM makers, which will result inintensifying price competition so as to gain more share within the remaining mobile DRAMmarket.Goldman Sachs Global Investment
36、 Research6November 28, 2012Exhibit 9: Mobile DRAM supply/demand mapAsia: Technology: SemiconductorsMobileDRAMdemand(2012E)51%18%31%MajorSuppliersSamsung,Hynix,Elpida,Micron,Winbond,NanyaHynixandElpidaMostlySamsungSamsungAppleOthersNote: We are Not Covered on Nanya, Winbond and Elpida. Estimates for
37、NC companies are based on DRAMeXchange andGartner data.Source: DRAMeXchange, Gartner, Goldman Sachs Research estimates.Secondly, we view that Apples dominant shares in the mobile DRAM demand will leaveDRAM makers with limited bargaining power as well as fluctuating shipment trends. Weestimate that A
38、pple represents approximately 25%-30% of global mobile DRAM demandexcluding SEC. As Hynix and Elpida/Micron have to largely rely on mobile DRAM shipmentfrom a single customer, we project that those DRAM makers will have limited bargainingpower in terms of pricing. On top of it, due to their heavy de
39、pendency on Apples demand,their mobile DRAM shipment will likely move in line with Apples product cycles, resultingin substantial fluctuations in mobile DRM shipment.Exhibit 10: Mobile DRAM demand from Apple(mn,1Gbequiv.)9008007006005004003002001000140%120%100%80%60%40%20%0%-20%1Q103Q101Q113Q111Q123
40、Q12 1Q13E 3Q13EFrom Apple handsetsFrom Apple tabletsChange qoq (RHS)Source: Company data, Goldman Sachs Research estimates.Goldman Sachs Global Investment Research7November 28, 2012Asia: Technology: SemiconductorsSamsung Electronics remains our top Buy pick; Neutral on HynixAs a consequence of: (1)
41、stabilizing PC DRAM pricing trends, (2) robust rebound in NANDprice, and (3) expectation for sequential earnings momentum from 4Q12, Hynixs shareshave exhibited solid upward momentum, rebounding about 27% from its recent bottom(W20,250 in July 2012) vs. KOSPIs 6%. Trading at 17X P/E and 1.6X P/B wit
42、h ROE of 8% forFY13E, however, its current share price mostly reflects improving earnings outlook, in ourview. On top of that, we project that accelerating mobile DRAM price contraction in 1Q13will potentially deteriorate its profitability as well as any upward share price momentum.Hence, we remain
43、Neutral on Hynix.Exhibit 11: Hynixs forward P/B(X)3.53.0Exhibit 12: Hynixs historical ROE trend60%40%2.52.020%0%-20%Historical avg. = 10%1.51.0Historical avg. = 1.6x-40%-60%-80%0.520042006ROE20082010 2012EHistorical average2014E0.0Jan-04Jan-05Jan-06Jan-07Jan-08Jan-09Jan-10Jan-11Jan-12Hynix 1-yr fwd
44、P/BHistorical averageSource: Company data, Goldman Sachs ResearchSource: Company data, Goldman Sachs Research estimates.Meanwhile, we maintain our Buy rating on SEC. Although current share price is at ahistorically high level, P/E, EV/EBITDA, and P/B remains below the three-year historicallevel and
45、we see several catalysts in FY13 such as firm smartphone operations andimprovements from the NAND, System LSI, Display Panel, and tablet businesses. As such,SEC remains our top Buy pick in the memory sector.Exhibit 13: Samsung Electronics P/B band(W)1,600,0001,400,0001,200,0001,000,000800,000600,000
46、400,000200,0000Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13Exhibit 14: Samsung Electronics EV/EBITDA band(W)1,600,0001,400,0001,200,0001,000,000800,000600,000400,000200,0000Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-
47、10 Jan-11 Jan-12 Jan-13Price1X1.5X2X2.5X3XPrice3X4.5X6X7.5X9XSource: Company data, Goldman Sachs Research estimates.Goldman Sachs Global Investment ResearchSource: Company data, Goldman Sachs Research estimates.8November 28, 2012Asia: Technology: SemiconductorsRating and pricing informationSamsung E
48、lectronics (B/A, W1,404,000) and SK Hynix Inc. (N/A, W25,800)Goldman Sachs Global Investment Research9November 28, 2012Asia: Technology: SemiconductorsDisclosure AppendixReg ACI, Marcus Shin, hereby certify that all of the views expressed in this report accurately reflect my personal views about the
49、 subject company orcompanies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specificrecommendations or views expressed in this report.Investment ProfileThe Goldman Sachs Investment Profile provides investment con
50、text for a security by comparing key attributes of that security to its peer group andmarket. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on compositesof several methodologies to determine the stocks percentile rankin
51、g within the regions coverage universe.The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows:Growth is a composite of next years estimate over current years estimate, e.g. EPS, EBITDA, Revenue. Return is a year one p
52、rospective aggregateof various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividendyield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends.Quan
53、tumQuantum is Goldman Sachs proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used forin-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.GS SUSTAINGS SUSTAIN is a global inves
54、tment strategy aimed at long-term, long-only performance with a low turnover of ideas. The GS SUSTAIN focus listincludes leaders our analysis shows to be well positioned to deliver long term outperformance through sustained competitive advantage andsuperior returns on capital relative to their globa
55、l industry peers. Leaders are identified based on quantifiable analysis of three aspects of corporateperformance: cash return on cash invested, industry positioning and management quality (the effectiveness of companies management of theenvironmental, social and governance issues facing their indust
56、ry).DisclosuresCoverage group(s) of stocks by primary analyst(s)Marcus Shin: Asia Pacific Chemicals, Korea Technology.Asia Pacific Chemicals: Cheil Industries, Far Eastern New Century Corp., Formosa Chemicals & Fibre, Formosa Plastics, Hanwha Chemical, HonamPetrochemical, KP Chemical, Kumho Petro Ch
57、emical Co., LG Chem, Nan Ya Plastics, PTT Global Chemical, Petronas Chemicals Group Berhad, TaiwanFertilizer, Tata Chemicals, United Phosphorus.Korea Technology: Asia Pacific Systems, Iljin Materials, LG Display, LG Electronics, LG Innotek Co., SFA Engineering, SK Hynix Inc., Samsung Electro-Mechani
58、cs, Samsung Electronics, Samsung SDI Co., Samsung Techwin, Seoul Semiconductor, Soulbrain.Company-specific regulatory disclosuresThe following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, Goldman Sachs) and companiescovered by the Global Investment
59、Research Division of Goldman Sachs and referred to in this research.Goldman Sachs has received compensation for investment banking services in the past 12 months: Samsung Electronics (W1,416,000)Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the n
60、ext 3 months: Samsung Electronics(W1,416,000)Goldman Sachs had an investment banking services client relationship during the past 12 months with: Samsung Electronics (W1,416,000)Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with:
61、 Samsung Electronics(W1,416,000)Goldman Sachs Global Investment Research10November 28, 2012Asia: Technology: SemiconductorsGoldman Sachs had a non-securities services client relationship during the past 12 months with: Samsung Electronics (W1,416,000)Goldman Sachs (Asia) L.L.C., Seoul Branch benefic
62、ially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1346SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C
63、., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1212SAMSUNG ELECTRONICS CO., LTD. CALL.Gol
64、dman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1213SAMSUNG ELECTRO
65、NICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., L
66、TD. 0065SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA D
67、AETOO SECURITIES CO., LTD. 0087SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liq
68、uidity provider: HANA DAETOO SECURITIES CO., LTD. 1278SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for whic
69、h it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1347SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to th
70、e current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1279SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two bu
71、siness days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1362SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of thec
72、lose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1214SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as t
73、he underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1215SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has
74、the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: DAISHIN SECURITIES CO., LTD. 1D73SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked
75、Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: DAISHIN SECURITIES CO., LTD. 1E21SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially own
76、ed 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 9313SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul
77、Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANA DAETOO SECURITIES CO., LTD. 1364SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sach
78、s (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: DAISHIN SECURITIES CO., LTD. 1G71SAMSUNG ELECTRONICS CO., LTD
79、. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: HANWHA SECURITIES CO. LTD. 1064SAMSUNG ELE
80、CTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: DAISHIN SECURITIES CO., L
81、TD. 0456SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: DAISHI
82、N SECURITIES CO., LTD. 0869SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidi
83、ty provider: DAISHIN SECURITIES CO., LTD. 0923SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is
84、acting as a liquidity provider: DAISHIN SECURITIES CO., LTD. 0924SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current da
85、te for which it is acting as a liquidity provider: DAISHIN SECURITIES CO., LTD. 0E48SAMSUNG ELECTRONICS CO., LTD. CALL.Goldman Sachs Global Investment ResearchIndexPriceStockPrice11November 28, 2012Asia: Technology: SemiconductorsGoldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 0 Equity
86、Linked Warrants which has the companys stock as the underlier as of theclose of business two business days prior to the current date for which it is acting as a liquidity provider: DAISHIN SECURITIES CO., LTD. 1D64SAMSUNG ELECTRONICS CO., LTD. CALL.Distribution of ratings/investment banking relation
87、shipsGoldman Sachs Investment Research global coverage universeRating DistributionInvestment Banking RelationshipsBuyHoldSellBuyHoldSellGlobal31%55%14%49%42%35%As of October 1, 2012, Goldman Sachs Global Investment Research had investment ratings on 3,442 equity securities. Goldman Sachs assigns sto
88、cksas Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sellfor the purposes of the above disclosure required by NASD/NYSE rules. See Ratings, Coverage groups and views and related definitions below.Price target a
89、nd rating history chart(s)Sam sung Ele ctronics (005930.KS)Stock Price Currency : South Korean WonGoldman Sachs rating and stock price target history1,600,0001,400,0001,200,00092500093200091800010200009500001000000110000010500009500009750001200000145000015500002,4002,2002,0001,000,000 91500013000001
90、,800800,000600,000Mar 21110000011100001080000Nov 22100000010250001100000140000015000001,6001,400BCSBN D J F MA M J J A S O N D J F M A M J J A S O N D J F MA M J J A S2009201020112012Source: Goldman Sachs Investment Research for ratings and price targets; FactSet closing prices as of 9/30/2012.Jan 1
91、4, 2010 to N from BRatingPrice targetPrice target at removalCovered by Michael Bang,as of Nov 22, 2010Not covered by current analystKorea SE Composite(KOSPI)The price targets show n should be considered in the context of all prior published Goldman Sachs research, w hich may ormay not have included
92、price targets, as w ell as developments relating to the company, its industry and f inancial markets.Regulatory disclosuresDisclosures required by United States laws and regulationsSee company-specific regulatory disclosures above for any of the following disclosures required as to companies referre
93、d to in this report: manageror co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-managed public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs
94、 usually makes amarket in fixed income securities of issuers discussed in this report and usually deals as a principal in these securities.The following are additional required disclosures: Ownership and material conflicts of interest: Goldman Sachs policy prohibits its analysts,professionals report
95、ing to analysts and members of their households from owning securities of any company in the analysts area ofcoverage. Analyst compensation: Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment bankingrevenues. Analyst as officer or director: Goldman Sachs
96、 policy prohibits its analysts, persons reporting to analysts or members of theirhouseholds from serving as an officer, director, advisory board member or employee of any company in the analysts area of coverage. Non-U.S.Analysts: Non-U.S. analysts may not be associated persons of Goldman, Sachs & C
97、o. and therefore may not be subject to NASD Rule 2711/NYSERules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.Distribution of ratings: See the distribution of ratings disclosure above. Price chart: See the price chart, with ch
98、anges of ratings and price targets inprior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachswebsite at http:/ disclosures required under the laws and regulations of jurisdictions other than the United StatesTh
99、e following disclosures are those required by the jurisdiction indicated, except to the extent already made above pursuant to United States lawsand regulations. Australia: Goldman Sachs Australia Pty Ltd and its affiliates are not authorised deposit-taking institutions (as that term is defined inthe
100、 Banking Act 1959 (Cth) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and anyaccess to it, is intended only for wholesale clients within the meaning of the Australian Corporations Act, unless otherwise agreed by GoldmanSachs. Brazil:
101、Disclosure information in relation to CVM Instruction 483 is available at http:/ applicable, the Brazil-registered analyst primarily responsible for the content of this research report, as defined in Article 16 of CVM Instruction483, is the first author named at the beginning of this report, unless
102、indicated otherwise at the end of the text. Canada: Goldman, Sachs & Co. hasapproved of, and agreed to take responsibility for, this research in Canada if and to the extent it relates to equity securities of Canadian issuers.Analysts may conduct site visits but are prohibited from accepting payment
103、or reimbursement by the company of travel expenses for suchvisits. Hong Kong: Further information on the securities of covered companies referred to in this research may be obtained on request fromGoldman Sachs (Asia) L.L.C. India: Further information on the subject company or companies referred to
104、in this research may be obtained fromGoldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred toin this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. New Zealand: Goldman Sachs New Zealand L
105、imited and itsaffiliates are neither registered banks nor deposit takers (as defined in the Reserve Bank of New Zealand Act 1989) in New Zealand. This research,and any access to it, is intended for wholesale clients (as defined in the Financial Advisers Act 2008) unless otherwise agreed by GoldmanSa
106、chs. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are informationand analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation onappraisal act
107、ivity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman SachsGoldman Sachs Global Investment Research12November 28, 2012Asia: Technology: Semiconductors(Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for referen
108、ce only and must not be reprinted without permission.Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. UnitedKingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined i
109、n the rules of the Financial ServicesAuthority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should referto the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and
110、a glossary of certain financialterms used in this report, are available from Goldman Sachs International on request.European Union: Disclosure information in relation to Article 4 (1) (d) and Article 6 (2) of the European Commission Directive 2003/126/EC is availableat http:/ which states the Europe
111、an Policy for Managing Conflicts of Interest in Connection withInvestment Research.Japan: Goldman Sachs Japan Co., Ltd. is a Financial Instrument Dealer under the Financial Instrument and Exchange Law, registered with the KantoFinancial Bureau (Registration No. 69), and is a member of Japan Securiti
112、es Dealers Association (JSDA) and Financial Futures Association of Japan(FFAJ). Sales and purchase of equities are subject to commission pre-determined with clients plus consumption tax. See company-specificdisclosures as to any applicable disclosures required by Japanese stock exchanges, the Japane
113、se Securities Dealers Association or the JapaneseSecurities Finance Company.Ratings, coverage groups and views and related definitionsBuy (B), Neutral (N), Sell (S) -Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buyor Sell on an Inves
114、tment List is determined by a stocks return potential relative to its coverage group as described below. Any stock not assigned asa Buy or a Sell on an Investment List is deemed Neutral. Each regional Investment Review Committee manages various regional Investment Lists to aglobal guideline of 25%-3
115、5% of stocks as Buy and 10%-15% of stocks as Sell; however, the distribution of Buys and Sells in any particular coveragegroup may vary as determined by the regional Investment Review Committee. Regional Conviction Buy and Sell lists represent investmentrecommendations focused on either the size of
116、the potential return or the likelihood of the realization of the return.Return potential represents the price differential between the current share price and the price target expected during the time horizon associatedwith the price target. Price targets are required for all covered stocks. The ret
117、urn potential, price target and associated time horizon are stated in eachreport adding or reiterating an Investment List membership.Coverage groups and views: A list of all stocks in each coverage group is available by primary analyst, stock and coverage group athttp:/ The analyst assigns one of th
118、e following coverage views which represents the analysts investment outlookon the coverage group relative to the groups historical fundamentals and/or valuation. Attractive (A). The investment outlook over the following 12months is favorable relative to the coverage groups historical fundamentals an
119、d/or valuation. Neutral (N). The investment outlook over thefollowing 12 months is neutral relative to the coverage groups historical fundamentals and/or valuation. Cautious (C). The investment outlook overthe following 12 months is unfavorable relative to the coverage groups historical fundamentals
120、 and/or valuation.Not Rated (NR). The investment rating and target price have been removed pursuant to Goldman Sachs policy when Goldman Sachs is acting in anadvisory capacity in a merger or strategic transaction involving this company and in certain other circumstances. Rating Suspended (RS). Goldm
121、anSachs Research has suspended the investment rating and price target for this stock, because there is not a sufficient fundamental basis fordetermining, or there are legal, regulatory or policy constraints around publishing, an investment rating or target. The previous investment rating andprice ta
122、rget, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). Goldman Sachs has suspendedcoverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). Theinformation is not available for dis
123、play or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded.Global product; distributing entitiesThe Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs on a globalbasis. Analysts
124、 based in Goldman Sachs offices around the world produce equity research on industries and companies, and research onmacroeconomics, currencies, commodities and portfolio strategy. This research is disseminated in Australia by Goldman Sachs Australia Pty Ltd(ABN 21 006 797 897); in Brazil by Goldman
125、 Sachs do Brasil Corretora de Ttulos e Valores Mobilirios S.A.; in Canada by Goldman, Sachs & Co.regarding Canadian equities and by Goldman, Sachs & Co. (all other research); in Hong Kong by Goldman Sachs (Asia) L.L.C.; in India by GoldmanSachs (India) Securities Private Ltd.; in Japan by Goldman Sa
126、chs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., SeoulBranch; in New Zealand by Goldman Sachs New Zealand Limited; in Russia by OOO Goldman Sachs; in Singapore by Goldman Sachs (Singapore)Pte. (Company Number: 198602165W); and in the United States of America by Goldman,
127、Sachs & Co. Goldman Sachs International has approved thisresearch in connection with its distribution in the United Kingdom and European Union.European Union: Goldman Sachs International, authorized and regulated by the Financial Services Authority, has approved this research inconnection with its d
128、istribution in the European Union and United Kingdom; Goldman Sachs AG, regulated by the Bundesanstalt frFinanzdienstleistungsaufsicht, may also distribute research in Germany.General disclosuresThis research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is
129、 based on current public information that weconsider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. We seek to update our research asappropriate, but various regulations may prevent us from doing so. Other than certain industry reports published
130、 on a periodic basis, the largemajority of reports are published at irregular intervals as appropriate in the analysts judgment.Goldman Sachs conducts a global full-service, integrated investment banking, investment management, and brokerage business. We haveinvestment banking and other business rel
131、ationships with a substantial percentage of the companies covered by our Global Investment ResearchDivision. Goldman, Sachs & Co., the United States broker dealer, is a member of SIPC (http:/www.sipc.org).Our salespeople, traders, and other professionals may provide oral or written market commentary
132、 or trading strategies to our clients and ourproprietary trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, ourproprietary trading desks and investing businesses may make investment decisions that are inconsistent with the rec
133、ommendations or viewsexpressed in this research.The analysts named in this report may have from time to time discussed with our clients, including Goldman Sachs salespersons and traders, or maydiscuss in this report, trading strategies that reference catalysts or events that may have a near-term imp
134、act on the market price of the equitysecurities discussed in this report, which impact may be directionally counter to the analysts published price target expectations for such stocks. Anysuch trading strategies are distinct from and do not affect the analysts fundamental equity rating for such stoc
135、ks, which rating reflects a stocksreturn potential relative to its coverage group as described herein.Goldman Sachs Global Investment Research13November 28, 2012Asia: Technology: SemiconductorsWe and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from
136、time to time have long or short positions in,act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation wou
137、ld beillegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs ofindividual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances
138、and, ifappropriate, seek professional advice, including tax advice. The price and value of investments referred to in this research and the income from themmay fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occu
139、r.Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.Investors sh
140、ould review current options disclosure documents which are available from Goldman Sachs sales representatives or athttp:/ Transaction costs may be significant in option strategies calling for multiple purchaseand sales of options such as spreads. Supporting documentation will be supplied upon reques
141、t.In producing research reports, members of the Global Investment Research Division of Goldman Sachs Australia may attend site visits and othermeetings hosted by the issuers the subject of its research reports. In some instances the costs of such site visits or meetings may be met in part or inwhole
142、 by the issuers concerned if Goldman Sachs Australia considers it is appropriate and reasonable in the specific circumstances relating to thesite visit or meeting.All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client w
143、ebsites. Not allresearch content is redistributed to our clients or available to third-party aggregators, nor is Goldman Sachs responsible for the redistribution of ourresearch by third party aggregators. For all research available on a particular stock, please contact your sales representative or g
144、o tohttp:/.Disclosure information is also available at http:/ or from Research Compliance, 200 West Street, New York, NY10282. 2012 Goldman Sachs.No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the priorwritten consent of The Goldman Sachs Group, Inc.Goldman Sachs Global Investment Research
