Samsung Electronics · one lens
Benjamin Graham on Samsung Electronics
Samsung’s record lacks the per-share earnings, book value, debt, and dividend history needed to show a margin of safety against the September 21 close of 274,000 won.
Per the supplied market data, Mr. Market marked Samsung Electronics up 4.98%, to 274,000 won from 261,000 won, at the September 21 close. Mr. Market also marked the shares up 232.26%, to 274,000 won from a derived 82,466 won one year earlier. The record does not convert either quote into intrinsic value. Samsung must support that value with assets, earnings, dividends, and definite prospects. The supplied record gives no per-share earnings, book value, net debt, seven-year average earnings, or dividend history. The record therefore cannot show Graham’s investment operation—thorough analysis promising principal safety and an adequate return—or run his defensive tests: a price no higher than 20 times trailing 12-month earnings and no higher than 25 times average annual earnings over the prior seven years, plus conservative financing and continuous dividends. Samsung passes Graham’s large-and-prominent test on the dossier’s description as the world’s largest memory-chip maker, but the remaining tests stay unproved.
Samsung reported second-quarter 2026 operating profit up 1,814%, to about $61.46 billion from a derived year-earlier $3.21 billion, per the dossier’s CNBC record. Samsung also reported revenue up 130%, to about $118.1 billion from a derived $51.35 billion. Samsung announced a Broadcom contract worth more than $200 billion through 2030, compared with no prior-contract benchmark in the supplied record. The Bloomberg report did not establish the contract’s profit. Samsung added OpenAI collaboration on next-generation chips. The Reuters report disclosed no order volume, price, or profit. Management rejected KEPCO’s power proposal, citing uncertainty over long-term chip demand. CXMT plans to expand into NAND and compete with Samsung amid reported shortages. The Reuters report did not identify a realized Samsung share loss.
The TEXXR coverage record counted three Samsung articles in the latest complete quarter, 2026 Q2, against an eight-quarter average of two articles per quarter. The TEXXR record treats that change as published coverage, not business activity. The record’s newest hard HBM allocation figure still favors SK Hynix. Samsung later claimed shipment “firsts,” but Samsung supplied no revised share figure in the record. The record therefore cannot establish a margin of safety at the September 21 quote. Samsung shows scale, earnings growth, and customer commitments. The record still leaves Graham’s valuation arithmetic unfinished and the operation on his speculative side.
An editorial application of Benjamin Graham's published framework — not their actual view, affiliation, or advice.
Where this lens comes from
Benjamin Graham's framework is set out at the lens page, drawn from The Intelligent Investor, Security Analysis. This page applies it to Samsung Electronics and nothing else — the company's full record is in the dossier.