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Bernard Horn Comments on Samsung Electronics

- By Holly LaFon

Samsung Electronics (005930.KS) was up more than 25% during the quarter after reporting strong results backed by rising prices and volumes for semiconductor chips and TV panels. As the dominant player and price leader in semiconductors, Samsung eased off price competition, effectively increasing cash flow in that business line. Management anticipated accelerated sales in the mobile phone business upon the launch of the Galaxy S8. Samsung committed to shareholder- friendly actions, including raising its dividend, conducting a share repurchase and returning 50% of 2017 free cash flow to investors.


From Bernard Horn (Trades, Portfolio)'s Polaris Global Fund first quarter 2017 shareholder letter.
This article first appeared on GuruFocus.