Several finance brokers upgraded first-quarter forecasts for what is still the world's top smartphone maker, citing a strong start for the Galaxy S7 and S7 edge premium phones that were launched earlier this month.

Jay Yoo, industry analyst at Korea Investment & Securities, wrote in a report to investors that Samsung likely shipped 9.5 million S7 phones in the first quarter, significantly more than the initial estimate for 7 million.

HDC Asset Management fund manager Park Jung-hoon added:

"It looks like the sell-in numbers have been pretty good and analysts are raising their sales forecasts for the S7 this year. The firm is pushing up volume in the mid-to-low tier to protect market share. Starting S7 sales about a month earlier than the S6 to take advantage of Apple not having new products out yet was also a good move."

The two Galaxy S7 models have won acclaim for their sleek design and the return from previous models of features such as microSD card storage support and water resistance, though the Tame Apple Press insists that the phones offer only incremental upgrades and don't look different to their predecessors – so they are still copying Apple.

Analysts had lowered their expectations amid signs of a further slowdown in demand for consumer electronics, and investors took little heed earlier this month when Samsung's new mobile chief Koh Dong-jin claimed that the S7 models would outsell previous models following better-than-expected pre-orders.