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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Samsung Electronics Co Ltd    A005930   KR7005930003

SAMSUNG ELECTRONICS CO LTD

(A005930)
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Samsung Electronics : South Korea's top court to rule on Samsung heir's bribery case on Aug.29

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08/22/2019 | 07:51am EDT
FILE PHOTO - Samsung Electronics Vice Chairman, Jay Y. Lee, arrives at a court in Seoul

SEOUL (Reuters) - South Korea's Supreme Court is to rule next Thursday on whether to uphold a reduced sentence given to Samsung Group heir Jay Y. Lee or ask an appeals court to revisit a case that was part of a graft scandal that brought down the president in 2017.

The ruling will be a test of South Korea's pledge to reform dominant conglomerates criticised for cozy relationship with political leaders, at a time when the Asia's fourth-biggest economy is facing a series of headwinds.

The 51-year old Lee was convicted of bribing Choi Soon-sil, a close friend of former President Park Geun-hye.

Prosecutors have alleged that he paid bribes to help secure control of Samsung Group, South Korea's top conglomerate that owns Samsung Electronics, the world’s leading smartphone and chip maker. He denied the charges.

He received a five-year jail term in 2017, but was released in 2018 after an appeals court reduced his punishment to a suspended prison sentence on charges of bribery, embezzlement and other convictions.

Both Lee and state prosecutors appealed to the Supreme Court, leaving the top court with the options of either upholding the appeals court's ruling or asking it to reconsider its judgment, legal experts say.

Samsung declined to comment.

The Supreme Court is also set to rule on appeals court decisions in the cases against Park and Choi.

Park, who was impeached following the scandal, received a jail sentence of 25 years, while Choi was jailed for 20 years. They were both fined of 20 billion won ($16.53 million).

Park Sang-in, an economics professor at Seoul National University, said a trade rift between South Korea and Japan could put pressure on the court to be lenient with Lee, considering Samsung's role in the economy, but that could undermine South Korea's image in financial markets.

Japan last month tightened controls on exports to South Korea of high-tech materials used to make chips - the bread-and-butter business of Samsung Electronics.

Samsung's biotech affiliate, Samsung BioLogics, is also under investigation from prosecutors over a suspected accounting fraud, with some executives arrested for their alleged roles in the case.

(Reporting by Hyunjoo Jin and Heekyong Yang; Editing by Simon Cameron-Moore, Robert Birsel)

By Hyunjoo Jin and Heekyong Yang

Stocks treated in this article : Samsung Electronics Co Ltd, Samsung Biologics Co Ltd
Stocks mentioned in the article
ChangeLast1st jan.
SAMSUNG BIOLOGICS CO LTD End-of-day quote.
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Financials (KRW)
Sales 2019 230 300 B
EBIT 2019 26 892 B
Net income 2019 21 205 B
Finance 2019 90 398 B
Yield 2019 2,93%
P/E ratio 2019 15,3x
P/E ratio 2020 12,0x
EV / Sales2019 1 421x
EV / Sales2020 1 331x
Capitalization 327 411 B
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Mean consensus BUY
Number of Analysts 37
Average target price 55 063,05  KRW
Last Close Price 49 200,00  KRW
Spread / Highest target 32,1%
Spread / Average Target 11,9%
Spread / Lowest Target -12,6%
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
Sang-Hoon Lee Chairman
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