三星又有新動作

來源: Financial Times 編輯: Vicki

周末朝鮮發射的導彈震懾了韓國周一的股市，而與別人不同的是，三星公司卻爆出公司的第二季度總賬。作為韓國最大的出口商，有利于三星自然有利于韓國經濟的發展，三星公司所說的將會使公司的利潤增長5倍無疑是個好消息。事實上，今年三星公司的股票已經上升了40%。

Samsung

Take that, Kim Jong-il. Missiles launched by North Korea over the weekend barely caused South Korea’s stock market（股市） to break sweat （一身冷汗）on Monday. Then, dispensing with （省掉）tradition, Samsung Electronics （三星電子）released a buoyant（輕松愉快的） forecast for second-quarter earnings. That really put a rocket up the market. Shares in Asia’s biggest technology group leapt 5.5 per cent, while the benchmark （基準）Kospi bucked regional malaise（不滿，隱憂） to close slightly higher.

As the country’s biggest exporter, what is good for Samsung is good for Korea – and the prospect of a fivefold （五倍的）increase in consolidated （加固的）operating profit from the first quarter is indubitably（無疑地） good. (Compared with a year ago, however, Samsung’s $1.7bn to $2bn projection（投影） is roughly flat.) It is a fair bet Samsung will deliver on its promises; after all, the second quarter closed last week, so management has full visibility. Semiconductors（半導體） are at last benefiting from higher spot prices. Depending on size, Nand flash memory prices rose 36-84 per cent from the first quarter, according to iSuppli, a consultancy（顧問公司）. Sales of liquid crystal display panels, which accounted for some 40 per cent of Samsung’s operating profit last year, are likewise rising: shipments rose 42.5 per cent quarter on quarter, according to WitsView.

Samsung’s stock price has risen 40 per cent this year, comfortably outpacing（超過） the broader market. Although its shares now trade on 1.4 times book value, that is still far from the 2.2 times that might be justified in a cyclical upswing（改進，提升）. One niggle（吹毛求疵） is that Samsung’s guidance refers to consolidated accounts, instead of the more usual parent-basis numbers. The switch allows Samsung to include more overseas subsidiaries（子公司）, implying that is where most of the profit boost is coming from. Good news, in short, especially if it signals a broader tech recovery, but not enough to send Samsung’s shares ballistic（發射的）.

Keke Vew: 自1992年中韓正式建交后，三星電子于1992年8月在中國惠州投資建立了三星電子有限公司 (SEHZ)。此后，三星電子不斷加大在中國的投資與合作，截止到2002年，在華累計投資額已達26億美金，成為對中國投資最大的韓國企業。
　　三星電子作為三星集團的旗艦企業，迄今為止已經在中國設立了顯示器、CDMA系統以及手機、打印機及傳真機、家電等11個合資工廠，1個研發中心，3個銷售公司和1個售后服務中心，員工數達1萬1千之多。