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      "text": "Notes: 1. The contents of this slide shall not be taken to mean or imply (i) that the research reports referred to are a representative sample of all research reports on the topics concerned; or (ii) that the authors of the reports or their employing banks/brokers endorse in any way the Samsung Electronics Value Enhancement Proposals or the views set out in this presentation. We have emboldened, by way of emphasis, certain parts of the original text of the analysts’ views which appear in this presentation.",
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      "text": "Independent research analysts have commented on many of the issues which underpin the Samsung Electronics Value Enhancement Proposals:",
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      "text": "The amount of FCF should continue to rise in the next two years, in spite of rising capex. As a result, we expect share repurchases/cancellations to recur every year, in addition to rising cash dividends. Moreover, the company needs to implement another round of its ‘special’ share buyback program in the future, since its net cash balance is still rising, up 6% QoQ to Won64.9tr in 2Q16.",
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      "text": "We believe SEC’s significant non-operating asset value should become clear through proactive shareholder returns and the group restructuring process.",
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      "text": "One way of unlocking this value could be a holding and operating company separation... Advantages could include: (i) streamlining management structure focused on its business prospects and less group issues; (ii) allowing greater transparency and potentially higher dividend payments to benefit the holding company; and (iii) this could involve potential gains from non-core asset disposals and revaluation of assets.",
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      "text": "However, given very modest or even negative market expectations, we see significant rerating upside potential if the company implements better shareholder returns, either proactively or pushed by minority shareholders.",
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      "text": "\"The amount of FCF should continue to rise in the next two years, in spite of rising capex. As a result, we expect share repurchases/cancellations to recur every year, in addition to rising cash dividends.\" — Macquarie, July 28, 2016; \"One way of unlocking this value could be a holding and operating company separation...\" — Morgan Stanley, July 2, 2016; \"However, given very modest or even negative market expectations, we see significant rerating upside potential if the company implements better shareholder returns, either proactively or pushed by minority shareholders.\" — Citi, October 27, 2015; \"We believe SEC's significant non-operating asset value should become clear through proactive shareholder returns and the group restructuring process.\" — Barclays, October 7, 2015",
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