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By Miyoung Kim and Se Young Lee SEOUL (Reuters) – Samsung Electronics Co Ltds new Galaxy S5 smartphone should outsell its predecessor and defy predictions that the South Korean titans latest model will struggle in a tough market for high-end handsets, a top executive said. The worlds biggest smartphone maker has slashed prices of the S5, which rolled out globally on Friday, offered a gift pack worth $600, and more than doubled the number of initial launching countries to 125 in a bid to sustain growth in the mobile business, which generates 70 percent of its total profit. A smooth launch is crucial for Samsung, which reported its second straight quarter of profit decline earlier this month as margins in the key smartphone business come under growing pressure from cheaper Chinese rivals. (The S5) is selling faster than the S4 so far, though its difficult to share specific numbers as were still at early stages, Yoon Han-kil, senior vice president of Samsungs product strategy team, told Reuters in an interview.