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Samsung Earnings Miss Expectations Due To One-Off Bonus Payment

KRW

Spot USD/KRW continues to push higher as hawkish Fed talk continued to do the rounds Thursday, while Samsung reported lower than expected Q4 earnings this morning (note an important caveat below).

  • Samsung reported operating income of KRW13.80tn for the final quarter of 2021, missing analysts' estimate of KRW15.21tn. That said, it is worth noting that the headline figure was affected by a one-time special bonus for employees, while revenue rose more than forecast.
  • Spot USD/KRW last sits +2.85 figs at KRW1,203.40, after printing a fresh cycle high of KRW1,203.90. Bulls need a move through Jul 14, 2020 high of KRW1,207.75 before targeting Jun 17, 2020 high of KRW1,218.60. Bears keep an eye on the 50-DMA at KRW1,184.65.
  • USD/KRW 1-month NDF last seen -1.34 fig at KRW1,204.45. Bears look to a slide through the 50-DMA at KRW1,186.59, while bulls would be pleased by a clearance of yesterday's peak/Jul 14, 2020 high of KRW1,207.50/1,208.20.
  • The BoK will publish the minutes from their December non-rate decision meeting today. Next week, focus will move to BoP current account balance (Tuesday), unemployment (Wednesday) and BoK monetary policy decision (Friday).
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