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SSNLF

Samsung

19:22
11/28/16
11/28
19:22
11/28/16
19:22

Samsung reveals corporate roadmap, says plans dividend boost, structure review

Samsung Electronics announced a "roadmap of actions" to enhance shareholder value. Under the plan, Samsung will further enhance its shareholder returns policy, capital management and board operation while ensuring that the company can continue to direct investment resources to "compelling" opportunities. Among the specific actions detailed Monday, Samsung announced five enhancements to its shareholder return program. For 2016 and 2017, the company will allocate 50% of free cash flow to shareholder returns. The company will increase total dividends in 2016 by 30% compared with 2015, bringing the annual dividend amount to 4T won. Taking into account recent share buybacks and cancellations, the action will result in a 36% rise in 2016 dividends per share, to 28,500 won. The remaining portion of 50% of FCF after dividend payouts, plus 0.8T won from 2015, will be used to repurchase shares starting at the end of January 2017. Samsung will initiate quarterly dividend payments starting in April 2017. The company noted it "will seek to further enhance its capital allocation policy to improve shareholder returns beyond 2017." In terms of its capital management and cash position review, Samsung said it "has concluded that achieving [its strategic] business objectives on a sustained basis will require maintaining a net cash balance of 65T-70T won, based on its historical and expected capital expenditures, working capital requirements, M&As and other financing needs. Going forward, the company plans to review its cash position every three years in light of business and economic developments and return any excess cash beyond the target." Separately, the company announced that its board is pursuing plans to invite new independent board members with international corporate experience. "With the help of outside advisors, the board is in the process of identifying a number of highly qualified candidates and plans to nominate at least one new board member with robust global C-suite experience for approval at the next annual shareholder meeting in March 2017," it said. The board also aims to further strengthen corporate governance by creating a new governance committee, comprised solely of independent board members. Regarding its corporate structure, Samsung said it "continues to review opportunities to optimize long-term value. This includes the possibility of creating a holding company structure and the potential benefits and feasibility of listing the company's shares on additional international exchanges. As determining the optimal structure is a highly complex undertaking involving important strategic, operational, legal, regulatory and financial considerations, the company has retained external advisors to conduct a thorough review of the optimal corporate structure. The review does not indicate management or the board's intention one way or another. The process is expected to require at least six months." Activist hedge fund Elliott Management, which owns 0.6% of Samsung, urged the company in October to split itself and pay $26B in a special dividend. Reference Link

SSNLF Samsung

11/01/16
ADAM
11/01/16
NO CHANGE
Target $13
ADAM
Buy
DSP Group long-term thesis remains on track, says Canaccord
Canaccord analyst Matthew Ramsay noted DSP Group (DSPG) reported strong September results driven by record revenue in new product categories. The analyst noted new design wins and said the company is well positioned to yield a return to solid sales growth at higher margins and has the financial position to secure business with large customers. Ramsay reiterated his Buy rating but lowered his price target to $13 from $14 based on the Samsung (SSNLF) Note 7 cancellation.
11/01/16
BMUR
11/01/16
NO CHANGE
Target $25
BMUR
Buy
Integrated Device continues to push through rough patch, says Brean Capital
Brean Capital analyst Mike Burton noted Integrated Device (IDTI) reported relatively in-line Q1 results and gave mixed guidance as the company is being impacted by Samsung's (SSNLF) Note 7 recall. The analyst believes the company is working through its rough patch and executing well on the margin and cost side of its business model. Burton reiterated his Buy rating and raised his price target to $25 from $23 on Integrated Device shares.
10/26/16
NEED
10/26/16
NO CHANGE
Target $150
NEED
Strong Buy
Needham recommends buying Apple on Pokemon Go, Samsung upside
Following Apple's (AAPL) Q4 results, Needham analyst Laura Martin notes that iPhone revenue rose driven in part by Samsung's (SSNLF) Galaxy Note 7 imploding in September and estimates $10B-$20B of brand value transfers to Apple during the next adoption cycle owing to Samsung's poor handling of the replacement, recall and ultimate discontinuation of the Note 7. Of the company's extra services revenue quarter over quarter, the analyst's channel checks indicate that Niantic and Nintendo's (NTDOY) Pokemon Go represented much of the growth. Martin reiterates a Strong Buy and $150 price target on Apple's shares.
10/18/16
UBSW
10/18/16
NO CHANGE
Target $127
UBSW
Buy
Apple near-term outlook improved, says UBS
UBS analyst Steven Milunovich believe Apple's (AAPL) Q4 guidance could have upside due to an extra week in the quarter and checks that show iPhone 7 demand is a bit better than the iPhone 6s. The analyst also noted the Samsung (SSNLF) Note 7 problem remains a wild card, but believes it should help Apple's retention rate. Milunovich said the current Apple share price reflects a gradual erosion of its installed base and the amount people are willing to spend with Apple, which he believes is conservative. Milunovich reiterated his Buy rating and $127 price target on Apple shares.

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Carlyle Group

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PSTG

Pure Storage

$12.16

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14:12
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IX

ORIX Corp

$82.04

0.99 (1.22%)

14:10
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RIG

Transocean

$15.43

0.585 (3.94%)

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NMR

Nomura

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0.22 (3.40%)

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MET

MetLife

$57.13

-0.06 (-0.10%)

14:06
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QQQ

NASDAQ 100 Index Tracking Stock

$118.57

0.21 (0.18%)

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CFX

Colfax

$39.04

-0.245 (-0.62%)

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NRE

Northstar Realty Europe Corp.

$12.13

0.36 (3.06%)

, NSAM

NorthStar Asset Management

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0.09 (0.60%)

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NRE

Northstar Realty Europe Corp.

$12.13

0.36 (3.06%)

NSAM

NorthStar Asset Management

$15.09

0.09 (0.60%)

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CALA

Calithera Biosciences

$3.20

-0.05 (-1.54%)

13:44
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BAC

Bank of America

$23.03

0.075 (0.33%)

13:40
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VIA

Viacom

$42.60

0.45 (1.07%)

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Viacom

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0.79 (2.08%)

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Viacom

$42.60

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VIAB

Viacom

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0.79 (2.08%)

CMCSK

Comcast

CMCSA

Comcast

$69.23

-0.1 (-0.14%)

SNE

Sony

$29.40

0.24 (0.82%)

FOXA

21st Century Fox

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0.53 (1.89%)

FOX

21st Century Fox

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DIS

Disney

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TWX

Time Warner

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LGF

Lionsgate

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VHC

VirnetX

$2.95

-0.35 (-10.61%)

, AAPL

Apple

$112.12

1.09 (0.98%)

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1.09 (0.98%)

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AFL

Aflac

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AFLAC call volume above normal and directionally bullish »

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TTI

TETRA

$4.61

-0.4 (-7.98%)

13:20
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$NYE

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NASDAQ Market Internals

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SPY

SPDR S&P 500 ETF Trust

$225.83

0.68 (0.30%)

, XLF

Financial Select Sector

$23.64

-0.06 (-0.25%)

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SPDR S&P 500 ETF Trust

$225.83

0.68 (0.30%)

XLF

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United States Oil Fund

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UWTI

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GLD

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