三星又有新动作

来源: Financial Times  编辑: Vicki

周末朝鲜发射的导弹震慑了韩国周一的股市，而与别人不同的是，三星公司却爆出公司的第二季度总账。作为韩国最大的出口商，有利于三星自然有利于韩国经济的发展，三星公司所说的将会使公司的利润增长5倍无疑是个好消息。事实上，今年三星公司的股票已经上升了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 （三星电子）released a buoyant（轻松愉快的） 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 （基准）Kospi bucked regional malaise（不满，隐忧） 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（无疑地） 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（半导体） 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（顾问公司）. 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（超过） 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（改进，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（发射的）.

Keke Vew: 自1992年中韩正式建交后，三星电子于1992年8月在中国惠州投资建立了三星电子有限公司 (SEHZ)。此后，三星电子不断加大在中国的投资与合作，截止到2002年，在华累计投资额已达26亿美金，成为对中国投资最大的韩国企业。
　　三星电子作为三星集团的旗舰企业，迄今为止已经在中国设立了显示器、CDMA系统以及手机、打印机及传真机、家电等11个合资工厂，1个研发中心，3个销售公司和1个售后服务中心，员工数达1万1千之多。