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三星电子的难题:现金太多-亚博体彩app官网
时间:2020-11-18 来源:亚博体彩app官网 浏览量 88463 次

亚博体彩app官网|having grabbed a big chunk of the profitable smart phone business from apple Inc . and others,Samsung electronics co . now faces a new,enn三星电子(Samsung Electronics Co)在苹果(apple)发布了After a first quarter marked by a 42%的rise in net profit,Samsung Said Its Cash and CD第一季度袭击港口的净利润42%迅速增长后,除去债务后,三星电子的净现金头寸为31.2万亿韩元,即285亿美元。三星电子的现金规模已经达到亚洲最低水平,现在也以惊人的速度快速增长。三星电子的净现金仅在过去一年就完全增长了一倍。

analysts expect Samsung to use that money for acquisitions that will allow the company to beef up in certain areas like software and medical equipment分析人士预测,三星电子将通过收购这笔钱,在软件及医疗设备等领域加强公司,股东们可以通过减少接近目前股价1%的分红或购买股票,开始寻求更高的报酬。目前,对于三星电子来说,苹果上个月宣布要采取这两项措施的市场压力并不频繁,但投资者却没有受到关注。we will be asking them if they plan to keep all that cash,said Willis tsai,A San Francisco-based director in the equity research division at thewhen I see the company,itll probably be the first question I ask。

主流智能手机大队比较TIAA-CREF标准资本智商(SP Capital IQ)的股东数据显示,TIAA-CREF管理市值达4亿美元的三星电子股票。他说,如果我看到这家公司,这可能是我要回答的第一个问题。

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in response to a wall street journal question about its cash strategy,Samsung is sued a statement last week saying its cash reserves will be manage三星电子上周正式公布了对《华尔街日报》现金战略的批评,并表示现金管理方式侧重于对设施、研发、营销等方面的可持续投资。三星电子拒绝谈论任何明确的红利发行、股票购买或收购计划。 the growth in Sam sungs cash reflects a dramatic shift in how it generates Its profit . in the past,Samsungs chip and components divisions-unn三星电子的快速现金增长反映了其利益,三星电子的芯片和零部件部门在过去几年里推动了反对大规模资本支出的公司的快速收入增长。

如今三星电子的巨大利润主要来自智能手机。因为智能手机不需要那么多资本投资,需要生产更多的现金。

The division containing The mobile business accounted for 74% of samsungs operating profit,With consumer electronics-such as TVsSamsung routinely out spends rivals on capital expenditures to build newer and bigger factories . during market downturns,When competitors三星电子用于整编和建造更大工厂的资本支出一般低于竞争对手。在市场下滑期间,竞争对手们竞相减少投资,世界领先的存储芯片制造商该公司随后投资数十亿美元,使三星电子能够持续扩大在市场份额方面的领先优势,并在价格谈判中进行更好的讨价还价。(威廉莎士比亚,Northern Exposure(美国电视剧),市场名言)But in recent years,Samsung has kept capital spending mostly flat-albeit at levelit was largely unchanged from 2011 and the company has said it would keep spending flat this year。

但是近几年三星电子的资本支出仍然远远高于竞争对手,但三星电子2012年的资本支出为22.8万亿韩元,与2011年大致相同。三星电子回应说,今年的支出将保持在这个水平。the cash balloon never got that big be cause they were reinvesting it all,but now thats starting to change,said mark Newman,A hong Kongits getting near the point where its more than enough。

美国投资银行Bernstein驻香港分析师纽曼(Mark Newman)表示,三星电子的现金规模没有现在这么大。这家公司以前没有把手上的现金全部用作再投资,但现在情况已经逆转很久了。纽曼预测三星电子的现金储备到2015年底将迅速增加到100万亿韩元。

纽曼说它远远超过了满足需求的水平。 based on the amount of cash and liquid securities sitting on its balance sheet at the end of its most recent business year,Samsung has the second-biggestthe stock pile is building rapidly in part because of Samsungs conservative use of cash . the companys latest annual dividend of 8,000 won translates三星缴纳的股息总数与公司净利润的比率已经倒退了5年,从2007年的15.8%上升到2012年的5%。In addition,Samsung hasnt bought back shares since 2007 . between 2004 and 2007,it bought back at least 1.8 trillion won,or $1buy back may have diminished because samsungs stock price has nearly tripled since the start of 2008。

此外,三星自2007亚博体彩app官网年以来从未购买过股票。三星从2004年到2007年每年至少购买1.8万亿韩元(16亿美元)的股票。三星股价自2008年初以来下跌了近两倍,因此买进股票的动力有可能已经减弱。

With regard to acquisitions,Samsung has gone for either relatively small companies or small stakes in larger companies . the last big deal it trite这笔交易因双方未能完全就价格达成协议而结束。according to research firm dealogic,the biggest overseas deal Samsung electronics has ever completed is a two-part acquisition of Irvine caliityits most recent deal,announced in mark Was an acquisition of a 3% stake in struggling Japanese electronics manufacturer sharp corp . for ARP研究公司Dealogic三星电子多次完成的最大规模海外收购交易是10多年前分两个阶段收购加利福尼亚湾(Irvine)的AST Research Inc,总额为8.4亿美元。最近的收购交易显示,今年3月三星将以约1.6亿美元收购陷入困境的日本电子产品制造商夏普(Sharp Corp .)3%的股权。

Bernstein s Mr . new man said it is growing more likely that Samsung may look for A larger,Multibillion-dollar acquisition in the near fututututeBernstein的纽曼表示,三星现在更有可能寻求今后耗费10亿美元的大规模收购。他没有明确说明任何可能的目标。

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三星仍然在通过一系列小的收购合并扩大影响力的领域之一是医疗设备。new man expects the company to perform some kind of return to shareholders within the next two three years .based on its history,The company is more likely to do a share buy back,he said。纽曼预测三星在未来2 ~ 3年内将以任何形式补偿股东。

他说,根据三星的历史,他更有可能开始购买股票。Samsung still has time before its Cash pile becomes an Apple-sized issue . apples Cash,Cash equivalents and marketable securities reached三星的现金储备问题苹果的现金、现金等价物和市场证券在3月末超过了1447亿美元。

在投资者拒绝向股东返还更多现金的压力下,苹果公司宣布,计划将上个月之前计划的现金还给投资者。苹果公司采取了一系列措施,在2015年底前向股东返还1000亿美元现金,这些行动还包括不断扩大股票购买计划的规模,减少季度分红。 apple and Samsung have totally different cash needs . while samsungs memory and panel businesses may not be as critical to current earnings,They三星的存储和面板业务对该公司目前利润的贡献比例可能不太大,但三星电子仍然在各行各业占据领先地位,为了保持这种竞争优势,三星电子仍然需要在这两个业务上投入现金进行资本支出。

Also,Fortunes Can change quickly in the technology industry . Samsung only needs to look to its once-bigger rival Panasonic corp .三星如果多次想起比自己规模更大的竞争对手松下Corp .就会告诉你。when flat-panel televisions started to replace bulky cathode-ray tube TV models,Panasonic invested heavily in plasma displays . it built severver当平板电视代替轻巧的显像管电视启动时,松下在等离子显示器上投入了大量资金。该公司建造了投资数十亿美元生产显示器的工厂,但由于等离子显示器行业长期不景气,这些投资受到了损失。after losing more than 1.5 trillion yen,or $15.3 billion,over the last two years,Panasonic has seen its credit rating cut to below过去两年损失超过1.5万亿日元(Christopher wong,a Singapore-based senior investment manager at Aberdeen Asset Management,Said it is not a bad thing for)were quite relaxed when it comes to the cash pile as long as it continues to find uses for the cash,said Mr. wong。

他说,只要有三星,就不担心现金储备。

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