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MRAAY - Samsung Electro-Mechanics: Momentum To Pick Up QoQ In Q2 2020
Murata Manufacturing Co Ltd ADR
Investment highlights
We maintain BUY and our six-month-forward target price of KRW155,000 (2.0x 2020F BPS) on SEMCO (SMSGF). At KRW1.84tn, SEMCO's 4Q19 sales missed our estimate by 5.6% due to larger-than- anticipated camera module inventory adjustments. However, operating profit beat our forecast by 4.6% to come in at KRW138.7bn on a higher MLCC (multi-layer ceramic capacitor) margin. We believe most one-off costs were recognized into 4Q19, including the cost of closing the Kunshan plant. In 1Q20, we expect sales and operating profit to grow 11% and 40% QoQ to KRW2tn and KRW193.7bn helped