[Edaily Reporter Park Jung-Soo ] On the 24th, KB Securities projected that SamsungElectronics(005930)would reach a turning point in its valuation as large-scale additional shareholder returns align with profit growth.
Kim Dong-won, Head of Research at KB Securities, stated, “The simultaneous expansion of earnings growth and shareholder returns marks a turning point where SamsungElectronics will be reevaluated from a simple cyclical stock to a long-term compound growth investment asset.”
KB Securities estimated that SamsungElectronics has 110 trillion won in remaining funds under its 2024–2026 shareholder return policy. SamsungElectronics recently announced that it would return an additional 90 trillion to 110 trillion won of expected remaining funds, in accordance with its existing policy of allocating 50% of free cash flow (FCF) over the past three years to shareholder returns. Considering this year’s projected operating profit of 380 trillion won, the remaining funds are expected to reach the upper limit of 110 trillion won.
Of this amount, 30 trillion won is scheduled to be distributed as a third-quarter cash dividend. This figure consists of a regular quarterly dividend of 2.45 trillion won plus a special cash dividend of 27.55 trillion won. Excluding this amount, the funds available for future returns to shareholders are projected to total 80 trillion won.
Starting today, the company will also begin a 15 trillion won share buyback program to reward employees. The maximum daily purchase limit is 7,321,653 shares, and the acquisition period will last three months, ending on November 21.
The details of additional shareholder returns are expected to take shape this October. SamsungElectronics is expected to share the policy direction and timing for additional return methods—including cash dividends and share buybacks and cancellations—in October, and to announce the exact scale and methods in January of next year.
Particular attention was paid to the new shareholder return policy set to take effect next year. KB Securities estimated that if SamsungElectronics allocates 50% of its free cash flow (FCF) to shareholder returns from 2027 to 2029—as it has in the past—it will generate at least 600 trillion won in shareholder return funds over the next three years. This represents more than a fourfold increase compared to the 2024–2026 period.
Anthropic’s initial public offering (IPO) was also cited as an additional source of momentum. KB Securities projected that if Anthropic—which is pursuing a $2 trillion IPO this October—raises more than $100 billion, investment in AI infrastructure will accelerate significantly.
“SamsungElectronics, which currently holds the top market share in memory supply for Anthropic’s AI infrastructure, is also highly likely to produce Anthropic’s proprietary AI chips (ASICs) using its 2-nanometer (nm) process,” said Division Head Kim, adding that the company is expected to benefit from the Anthropic IPO.