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

SAMSUNG ELECTRONICS CO., LTD.

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Samsung Electronics : Co-CEO to Take Charge of Struggling Display Unit

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04/29/2016 | 04:48am EDT
By Min-Jeong Lee 

SEOUL--A Samsung Electronics Co. co-chief executive will take charge of the company's display unit, which is groping for fresh revenue streams as prices fall.

Samsung Display, 85% owned by Samsung Electronics, said Friday it named Kwon Oh-hyun chief executive, effective Monday.

As a co-CEO and vice chairman of Samsung Electronics, Mr. Kwon has long overseen its component business--which includes both chips and displays--but the new position is expected to give him a larger day-to-day role. Samsung Display has struggled to broaden beyond being a supplier to Samsung Electronics.

In addition to making the liquid-crystal displays widely used in TV sets and mobile device, Samsung Display is the world's top producer of displays using a next-generation technology known as organic light-emitting diode, or OLED. Samsung Electronics' Galaxy-branded smartphones use OLED displays, which compared with the liquid-crystal displays used by most makers have the advantage of being thinner and not requiring a backlighting unit, allowing the development of flexible screens.

As hype builds around the possibility of such screens in various gadgets, Samsung Display is widely expected to pump up its OLED capacity. Local media reports have said the company recently signed a deal to supply flexible screens for the next generation of Apple Inc.'s iPhone. A spokesman for Samsung display declined to comment on the matter.

"The display unit is currently in a bad shape," said Doh Hyun-woo, an analyst with Mirae Asset Securities in Seoul. "Placing Mr. Kwon in the CEO spot is a reaffirmation that display-manufacturing remains a key business area for Samsung, especially as Apple looms as a potential client."

One of Samsung's worst-performing divisions over the past several years, the display unit on Thursday reported dismal first-quarter results, swinging to an operating loss of 270 billion Korean won ($237 million) from an operating profit of 520 billion won a year earlier.

The display maker said it anticipates the appointment of Mr. Kwon will produce "business synergies" with Samsung's chip division. Samsung Electronics said Mr. Kwon will remain co-CEO, overseeing the component business.

Mr. Kwon, 63, who has a Ph.D. in electrical engineering from Stanford University, has been praised for his part in making Samsung the world's biggest supplier of memory chips widely used in smartphones. The chip unit already counts Apple as one of its biggest customers.

Park Dong-gun, the outgoing CEO of Samsung Display, will be reassigned to a not-yet-determined president-level post in Samsung Electronics' components business, the spokesman for the display company said.

Write to Min-Jeong Lee at min-jeong.lee@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
SAMSUNG ELECTRONICS CO., LTD. -2.91% 53400 End-of-day quote.-4.30%
WORLD CO., LTD. -1.00% 1580 End-of-day quote.-41.29%
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Financials
Sales 2020 229 229 B 192 B 192 B
Net income 2020 24 660 B 20,7 B 20,7 B
Net cash 2020 101 291 B 84,9 B 84,9 B
P/E ratio 2020 14,1x
Yield 2020 2,81%
Capitalization 357 956 B 300 B 300 B
EV / Sales 2019
EV / Sales 2020 1 561x
Nbr of Employees -
Free-Float 82,6%
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Mean consensus BUY
Number of Analysts 39
Average target price 66 102,56 KRW
Last Close Price 53 400,00 KRW
Spread / Highest target 44,2%
Spread / Average Target 23,8%
Spread / Lowest Target -6,37%
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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