Samsung Shares In Freefall As Investors Shed Stock
Samsung appears to be in freefall, losing 3 per cent off its share price in this month alone, down a massive 21 per cent from its January 11 peak.
Foreign investors are shedding Samsung stock, selling $21 billion AUD worth of shares throughout the year, as supply chain issues, and stock shortages result in four straight months of losses – the worst streak the company has weathered since 2018.
Korean analysts are still hopeful, with 93 per cent having a ‘buy’ or ‘hold’ rating on Samsung, which has actually risen since August.
“The overall operating profit this year is beating the market consensus by a great extent so the continuing earnings surprise needs to be re-evaluated,” Hyundai Motor Securities Co. analyst Roh Geun-Chang said in a note.
“Buy-and-hold strategy should remain effective as the quality of profit has begun to change,” he said.