The overall reaction appears to be along the lines of: it’s a good upgrade, but far from being a game changer. Perhaps the biggest significance of the launch is that it gives Samsung a jump on an expected new iPhone later this year. But until Apple reveals its cards with its next phone launch, it may be too early to say how well the new Galaxy will ultimately fare. Here’s a edited selection of what some of the investment houses said: Nomura Securities Yes, it’s much improved from the Galaxy S II. Yet it’s not amazing enough to meet the market’s expectations; nor did it come with substantial differentiating factors. Our first impression was that it is ‘Great, but not a big surprise.’ GOOD: In our view, 10% of smartphone usage is for voice, while 90% is for viewing; hence, we believe large screens will be a continuing trend in the smartphone industry. (the Galaxy S III has a 4.8 inch screen, compared with the iPhone 4S’ 3.5-inch screen) BAD: Although the new phone comes with several new features, few of them can be regarded as key differentiating factors, or revolutionary, in our view. NH Investment & Securities The Galaxy S III will surely boost Samsung’s competitiveness in the premium smartphone space. The new device made technical progress by not only strengthening its hardware specs but also in remedying (previous) shortcomings, such as the user interface. Samsung’s 2012 smartphone shipments will reach 230 million units this year, up 52.1% from last year, and its market share will reach 30.5%. HI Investment & Securities Unlike its predecessors, the Galaxy S III strongly emphasizes not only hardware specs but also the user interface, so it seems as good as other rival handsets, such as Apple’s iPhone 4S and HTC’s One X devices. E*Trade Korea Co. Ltd. As Apple’s iPhone 5 is likely to hit the market in 3Q, Samsung’s smartphone performance will continue to remain strong in the 2Q in the absence of any other competitors out there.