Samsung Electronics Co., Ltd.
Thesis
Samsung Electronics was undervalued due to concerns about its smartphone market share loss and a slowdown in its DRAM semiconductor business. However, the consolidation in the DRAM market suggested that pricing would remain stable, allowing Samsung to maintain healthy margins even during downturns. The stock's valuation appeared attractive given the potential for significant upside with limited downside risk.
Did it work?
The long thesis on Samsung Electronics has decisively played out, with the stock returning +889.2% over roughly 12.5 years since the pitch. The thesis's core arguments — DRAM market consolidation supporting stable pricing and margins, and an attractive valuation with significant upside — were validated by this exceptional performance. With far more than any stated multi-year horizon having elapsed and a strongly positive return, the verdict is clear.