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Having grabbed a big chunk of the profitable smartphone business from Apple Inc. and others, Samsung Electronics Co. now faces a new, enviable Apple-like challenge: a mammoth pile of unspent, accumulated cash.
三星電子(Samsung Electronics Co.)從蘋果(Apple Inc.)和其他公司那里奪走了大量利潤(rùn)豐厚的智能手機(jī)業(yè)務(wù)，如今，三星電子面臨著一個(gè)與蘋果類似的惹人嫉妒的新挑戰(zhàn)：公司積累的大量閑置現(xiàn)金。
After a first quarter marked by a 42% rise in net profit, Samsung said its cash and cash equivalents grew to nearly $40 billion at the end of March. After stripping out debt, Samsung's net cash position is 31.2 trillion won, or $28.5 billion. Already one of the biggest in Asia, Samsung's cash pile is building at an eye-popping rate. Its net cash has nearly tripled over the last year alone.
在第一季度錄得42%的凈利潤(rùn)增長(zhǎng)之后，三星電子說(shuō)，該公司的現(xiàn)金和現(xiàn)金等價(jià)物3月底時(shí)已經(jīng)增長(zhǎng)到了將近400億美元。剔除債務(wù)后，三星電子的凈現(xiàn)金頭寸為31.2萬(wàn)億韓圓，即285億美元。三星電子的現(xiàn)金規(guī)模在亞洲已經(jīng)處于最高水平，目前仍以令人瞠目的速度增長(zhǎng)。僅過(guò)去一年，三星電子的凈現(xiàn)金就幾乎增長(zhǎng)了兩倍。
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. Shareholders are likely to start seeking higher returns, either through a boost in its dividend -- currently less than 1% of its share price -- or a share buyback. And while there is no sign yet of the market pressure that forced Apple to announce last month both such steps, investors are starting to notice.
分析人士預(yù)計(jì)，三星電子將使用這些錢進(jìn)行收購(gòu)，從而增強(qiáng)公司在軟件和醫(yī)療設(shè)備等領(lǐng)域的實(shí)力。股東們可能會(huì)開(kāi)始尋求更高的回報(bào)，方法是增加派息──目前不到股價(jià)的1%──或是股票回購(gòu)。盡管目前對(duì)于三星電子來(lái)說(shuō)，還沒(méi)有出現(xiàn)迫使蘋果上個(gè)月宣布采取這兩種措施的市場(chǎng)壓力，投資者正在開(kāi)始予以關(guān)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 TIAA-CREF, which manages more than $400 million of Samsung shares, according to shareholder data from S&P Capital IQ. 'When I see the company, it'll probably be the first question I ask.'
主流智能手機(jī)大比拼TIAA-CREF駐舊金山的股票研究部門的經(jīng)理Willis Tsai說(shuō)，我們將詢問(wèn)他們是否打算留下所有現(xiàn)金。根據(jù)標(biāo)普資本智商公司(S&P Capital IQ)的股東數(shù)據(jù)，TIAA-CREF管理著市值超過(guò)4億美元的三星電子股票。他說(shuō)，如果我看到這家公司，這可能是我要問(wèn)的第一個(gè)問(wèn)題。
In response to a Wall Street Journal question about its cash strategy, Samsung issued a statement last week saying its cash reserves will be managed in a way that prioritizes 'investments sustainable for areas like facilities, R&D, and marketing that will help the company solidify or boost competitiveness' in respective business areas. The company declined to comment on any specific dividend payout, share buyback or acquisition plans in the future.
三星電子上周發(fā)表了一份聲明回應(yīng)《華爾街日?qǐng)?bào)》關(guān)于其現(xiàn)金策略的質(zhì)疑，聲明說(shuō)，其現(xiàn)金管理方式是重點(diǎn)對(duì)設(shè)施、研發(fā)和營(yíng)銷等領(lǐng)域進(jìn)行可持續(xù)的投資，從而鞏固和提高公司在這些領(lǐng)域的競(jìng)爭(zhēng)力。三星電子拒絕談?wù)撊魏尉唧w的股息派發(fā)、股票回購(gòu)或收購(gòu)計(jì)劃。
The growth in Samsung's cash reflects a dramatic shift in how it generates its profit. In the past, Samsung's chip and components divisions -- underpinned by years of massive capital spending -- propelled the company's earnings. Now, its huge profit comes largely from smartphones, which generate more cash because they don't require as much capital investment.
三星電子的現(xiàn)金增長(zhǎng)反映了其利潤(rùn)產(chǎn)生方式的明顯變化。過(guò)去，三星電子的芯片和零件部門推動(dòng)了公司的盈利增長(zhǎng)，這些部門多年以來(lái)受到了大規(guī)模資本支出的支持。如今，三星電子的大量利潤(rùn)主要來(lái)自智能手機(jī)，由于智能手機(jī)不需要那么多的資本投資，它們能夠制造更多現(xiàn)金。
The division containing the mobile business accounted for 74% of Samsung's operating profit, with consumer electronics -- such as TVs -- and components -- such as chips -- making up the rest in the first quarter of 2013. Three years earlier in the same quarter, the mobile-phone segment accounted for 25% of operating profit, with semiconductors and LCDs comprising 56%.
2013年第一季度，手機(jī)業(yè)務(wù)所在的部門對(duì)三星電子運(yùn)營(yíng)利潤(rùn)的貢獻(xiàn)率為74%，公司其余的利潤(rùn)來(lái)自消費(fèi)電子產(chǎn)品（如電視機(jī)）和零部件（如芯片）。三年前的一季度，手機(jī)業(yè)務(wù)對(duì)三星電子運(yùn)營(yíng)利潤(rùn)的貢獻(xiàn)率為25%，半導(dǎo)體和液晶顯示器的利潤(rùn)貢獻(xiàn)率為56%。
Samsung routinely outspends rivals on capital expenditures to build newer and bigger factories. During market downturns, when competitors would scale back on investment, the world's top producer of memory chips would continue to spend billions of dollars -- allowing it to extend its market-share lead and give it scale to gain more bargaining power in price negotiations.
三星電子用來(lái)建設(shè)更新和更大廠房的資本支出通常高于競(jìng)爭(zhēng)對(duì)手。在市場(chǎng)低迷期間，競(jìng)爭(zhēng)者紛紛削減投資，這家世界頂尖的內(nèi)存芯片制造商繼續(xù)斥資數(shù)十億美元進(jìn)行投資，這幫助三星電子擴(kuò)大了市場(chǎng)份額方面的領(lǐng)先優(yōu)勢(shì)，也使公司在價(jià)格談判中擁有了更多討價(jià)還價(jià)的權(quán)力。
But in recent years, Samsung has kept capital spending mostly flat -- albeit at levels far greater than its competition. Samsung spent 22.8 trillion won in capital expenditures in 2012. It was largely unchanged from 2011 and the company has said it would keep spending flat this year.
但是最近幾年，三星電子的資本支出雖然仍遠(yuǎn)高于其競(jìng)爭(zhēng)對(duì)手，但卻沒(méi)有太大變化。三星電子2012年的資本支出為22.8萬(wàn)億韓圓，與2011年基本持平。三星電子表示，今年的支出仍將保持在這個(gè)水平。
'The cash balloon never got that big because they were reinvesting it all, but now that's starting to change,' said Mark Newman, a Hong Kong-based analyst for Sanford C. Bernstein., who estimates that Samsung's cash may grow to 100 trillion won by the end of 2015. 'It's getting near the point where it's more than enough.'
美國(guó)投行Sanford C. Bernstein駐香港的分析師紐曼(Mark Newman)說(shuō)，三星電子的現(xiàn)金規(guī)模從來(lái)沒(méi)有像現(xiàn)在這么大，因?yàn)樵摴疽酝鶗?huì)將手中的現(xiàn)金全部用于再投資，但是現(xiàn)在情況已經(jīng)變了。紐曼估計(jì)，三星電子的現(xiàn)金儲(chǔ)備到2015年底時(shí)可能增長(zhǎng)到100萬(wàn)億韓圓。紐曼說(shuō)，它正在超出滿足需要的水平。
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-biggest cash pile in Asia behind China Mobile Ltd.'s $64 billion war chest and ahead of Toyota Motor Corp.'s $27.5 billion cash reserves, according to data from S&P Capital IQ, which excludes financial and energy companies,
標(biāo)普資本智商提供的數(shù)據(jù)顯示，在三星電子剛剛結(jié)束的這個(gè)財(cái)年，該公司資產(chǎn)負(fù)債表上的現(xiàn)金和易變現(xiàn)證券規(guī)的模，在不包括金融和能源企業(yè)的亞洲公司中排名第二，僅次于中國(guó)移動(dòng)(China Mobile Ltd.)640億美元的現(xiàn)金規(guī)模，超過(guò)了豐田汽車(Toyota Motor Corp.)275億美元的現(xiàn)金儲(chǔ)備。
The stockpile is building rapidly in part because of Samsung's conservative use of cash. The company's latest annual dividend of 8,000 won translates to a fairly modest yield of 0.54% relative to its share price. As a percentage of net profit, Samsung's total dividend payout has decreased for five years in a row to 5% in 2012, from 15.8% in 2007.
三星電子手中現(xiàn)金迅速增加的部分原因是該公司對(duì)現(xiàn)金的保守使用。三星電子最新的年度股息為每股8,000韓圓，僅相當(dāng)于該公司股價(jià)的0.54%。三星支付的股息總數(shù)與公司凈利潤(rùn)的比率已經(jīng)連續(xù)五年下降，從2007年的15.8%下降到2012年的5%。
In addition, Samsung hasn't bought back shares since 2007. Between 2004 and 2007, it bought back at least 1.8 trillion won, or $1.6 billion, of shares every year. The impetus for a share buyback may have diminished because Samsung's stock price has nearly tripled since the start of 2008.
此外，三星自2007年以來(lái)一直沒(méi)有回購(gòu)過(guò)股票。2004至2007年，三星每年至少回購(gòu)了價(jià)值1.8萬(wàn)億韓圓（合16億美元）的股票。由于三星股價(jià)自2008年初以來(lái)上漲了近兩倍，回購(gòu)股票的動(dòng)力可能已經(jīng)減弱。
With regard to acquisitions, Samsung has gone for either relatively small companies or small stakes in larger companies. The last big deal it tried to pull off -- an acquisition of flash-memory supplier SanDisk Corp. for $5.85 billion in 2008 -- failed because the two parties couldn't agree on a price.
在收購(gòu)方面，三星的收購(gòu)對(duì)象要么是規(guī)模相對(duì)較小的公司，要么是大公司的少數(shù)股權(quán)。該公司最后一次嘗試進(jìn)行的大規(guī)模收購(gòu)是在2008年試圖以58.5億美元收購(gòu)閃存供應(yīng)商SanDisk Corp.，該交易由于雙方無(wú)法就價(jià)格達(dá)成一致而失敗。
According to research firm Dealogic, the biggest overseas deal Samsung Electronics has ever completed is a two-part acquisition of Irvine, Calif.-based AST Research Inc. for a total of $840 million, more than a decade ago. Its most recent deal, announced in March, was an acquisition of a 3% stake in struggling Japanese electronics manufacturer Sharp Corp. for about $106 million.
研究公司Dealogic的數(shù)據(jù)顯示，三星電子曾經(jīng)完成過(guò)的最大規(guī)模海外收購(gòu)交易是十多年前分兩步收購(gòu)了加州爾灣(Irvine)的AST Research Inc.，該交易總計(jì)為8.4億美元。其最新的收購(gòu)交易于今年3月宣布，三星稱它將以大約1.06億美元收購(gòu)陷入困境的日本電子產(chǎn)品生產(chǎn)商夏普(Sharp Corp.) 3%的股份。
Bernstein's Mr. Newman said it is growing more likely that Samsung may look for a larger, multibillion-dollar acquisition in the near future. He didn't specify any potential targets. One area where the company has been expanding its reach through a series of smaller acquisitions is medical equipment.
Bernstein的紐曼說(shuō)，三星目前已更有可能在不久的將來(lái)尋求進(jìn)行耗字?jǐn)?shù)十億美元的更大規(guī)模收購(gòu)。他沒(méi)有具體說(shuō)明任何可能的目標(biāo)。三星一直在通過(guò)一系列較小的收購(gòu)行動(dòng)來(lái)擴(kuò)大影響力的一個(gè)領(lǐng)域是醫(yī)療設(shè)備。
Mr. Newman expects the company to perform some kind of return to shareholders within the next two to three years. Based on its history, the company is more likely to do a share buyback, he said.
紐曼預(yù)計(jì)，三星未來(lái)兩到三年可能會(huì)以某種形式回報(bào)股東。他說(shuō)，根據(jù)三星的歷史，其更有可能進(jìn)行股票回購(gòu)。
Samsung still has time before its cash pile becomes an Apple-sized issue. Apple's cash, cash equivalents and marketable securities reached $144.7 billion at the end of March. Under pressure from investors to return more cash to shareholders, Apple announced last month that it plans to return more cash to investors than previously planned. In a series of moves aimed at returning $100 billion in cash to shareholders by the end of 2015, Apple increased the size of its share repurchase program and raised quarterly dividends.
在三星的現(xiàn)金儲(chǔ)備問(wèn)題變得像蘋果公司的這一問(wèn)題那般嚴(yán)重之前，三星還有時(shí)間。蘋果的現(xiàn)金、現(xiàn)金等價(jià)物和適銷證券在3月底達(dá)到1,447億美元。在投資者要求向股東返還更多現(xiàn)金的壓力下，蘋果上個(gè)月宣布其計(jì)劃向投資者返還超過(guò)以前計(jì)劃的現(xiàn)金。蘋果采取了一系列行動(dòng)，目的是在2015年底之前向股東返還1,000億美元現(xiàn)金，這些行動(dòng)包括擴(kuò)大股票回購(gòu)計(jì)劃的規(guī)模以及增加季度股息。
Apple and Samsung have totally different cash needs. While Samsung's memory and panel businesses may not be as critical to current earnings, they are still leading their respective industries and they will continue to require cash for capital spending to stay ahead of the competition.
蘋果和三星有著截然不同的現(xiàn)金需求。雖然三星的存儲(chǔ)器和面板業(yè)務(wù)對(duì)該公司當(dāng)前利潤(rùn)的貢獻(xiàn)率可能不是那么大，但它們?nèi)栽诟髯缘男袠I(yè)占據(jù)領(lǐng)先地位，為保持這種競(jìng)爭(zhēng)優(yōu)勢(shì)，三星電子依然需要在這兩項(xiàng)業(yè)務(wù)上投入現(xiàn)金以用作資本支出。
Also, fortunes can change quickly in the technology industry. Samsung only needs to look to its once-bigger rival Panasonic Corp.
同時(shí)，在科技行業(yè)，運(yùn)氣也可能隨時(shí)發(fā)生變化。三星只要看看曾經(jīng)比自己規(guī)模更大的競(jìng)爭(zhēng)對(duì)手松下(Panasonic Corp.)就知道了。
When flat-panel televisions started to replace bulky cathode-ray tube TV models, Panasonic invested heavily in plasma displays. It built several billion-dollar factories to churn out the displays, only to see those investments suffer during a prolonged downturn.
在平板電視開(kāi)始取代笨重的顯像管電視時(shí)，松下在等離子顯示屏上投入巨資。該公司修建了耗資數(shù)十億美元的工廠以生產(chǎn)顯示器，但等離子顯示屏行業(yè)曠日持久的不景氣卻使這些投資遭遇了損失。
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 investment grade, or 'junk' status, by rating agency Fitch in November.
過(guò)去兩年虧損逾1.5萬(wàn)億日?qǐng)A（合153億美元）之后，松下的信用評(píng)級(jí)在去年11月被評(píng)級(jí)機(jī)構(gòu)惠譽(yù)(Fitch)下調(diào)至投資級(jí)以下，跌入“垃圾”級(jí)。
Christopher Wong, a Singapore-based senior investment manager at Aberdeen Asset Management, said it is 'not a bad thing' for Samsung to maintain a large cash balance because of the size of Samsung's annual capital expenditures and the cyclical nature of the technology industry.
新加坡安本資產(chǎn)管理公司(Aberdeen Asset Management)的高級(jí)投資經(jīng)理Christopher Wong說(shuō)，由于三星年度資本開(kāi)支的規(guī)模和科技行業(yè)的周期性質(zhì)，三星持有大量現(xiàn)金不是壞事。
'We're quite relaxed when it comes to the cash pile as long as it continues to find uses for the cash,' said Mr. Wong.
他說(shuō)，我們并不擔(dān)心現(xiàn)金儲(chǔ)備的問(wèn)題，只要三星能繼續(xù)為這些現(xiàn)金找到用途就行了。
