? Samsung May Cut Spending Due to Apple Row ? 三星擬將明年半導體投資規模縮減近一半 ?

Investors' Soapbox PM


Samsung May Cut Spending Due to Apple Row

Caris & Co. says Samsung growth outlook could be impacted.

Caris & Co.
Unofficial reports are indicating Samsung Electronics could be reducing 2013 capital spending by half. The reports were published in the Kyunghyang Shinmun, a Korean news source.
If true, the cuts would represent about $6.5 billion based on the capital-spending budget for 2012 of $12.5 billion-$13.4 billion. This would be a significant gap to fill and would likely cause capital spending in 2013 to be down double digits. Although expectations for 2013 capital spending are low, we think the rumors will weigh heavily on the group and no equipment companies in our space would be immune. We still think strong demand for mobility products during the Holiday season could drive overall foundry capital spending higher in 2013.
Samsung has overbuilt for both DRAM and NAND flash segments and we had already been expecting reductions. However, the cuts could also indicate that the friction in the relationship with Apple (ticker: AAPL) could be impacting Samsung's growth outlook for both foundry and NAND flash manufacturing.
We think strong demand for mobility products during the Holiday season could lead to stronger foundry spending. There have been news reports that already indicate Taiwan Semiconductor Manufacturing (TSM) could increase capital spending by $2 billion in 2013. We think Taiwan Semi's spending could ramp to even higher levels if they gain a meaningful share of Apple's business. We estimate that foundry spending could account for 45% of capital spending in 2012 and could approach 50% in 2013.
DRAM and NAND are not likely to rebound unless [ Intel (INTC)-defined] Ultrabooks gain momentum. Although the demand for Ultrabooks has been weak, lower pricing and the coming launch of [ Microsoft (MSFT)] Windows 8 should be demand catalysts in 2013. We estimate DRAM and NAND spending should account for 28% of spending in 2012 but will likely fall below 25% in 2013.
-- Ben Pang


《MarketWatch》周三(19日)報導,三星電子(Samsung Electronics)(005930-KR)計畫將明年半導體投資規模縮減近一半,因市場需求不振且價格持續下滑。
報導引述南韓當地媒體《漢城新聞(Kyunghyang Shinmun)》指出,三星高階主管表示,「市場狀況不佳而且公司今年已投入相當高的投資」。

據悉,今年三星對半導體業務的投資金額約有 14- 15 兆韓元(125- 134 億美元)。
三星今年 7 月公佈第 2 季財報時表示,上半年資本支出為 14 兆韓元,其中半導體事業約佔 9.7 兆韓元。
台北時間周三上午 10:30,三星股價下滑 0.61% 暫報 130.7 萬韓元。


TSMC expects Q3 results boost

TSMC expects Q3 results boost

Capex to rise for 2013 as Apple rumours circle

TSMC announced today it had increased sales by 32 percent, while reports claim that the foundry is set to up its capex spend amid talk of new orders from Apple.
In financial results released today, the Taiwanese foundry said that unconsolidated sales were up to $1.64 billion during August, increasing two percent over the previous quarter and 32 percent from the same point in 2011.  Consolidated sales increased 31.5 percent over August 2011.
Commenting on the results, TSMC's chief financial officer, Lora Ho, said that third quarter revenues are now expected to be slightly higher than previous estimates.
According to CENS, TSMC is also set to increase its capital expenditure budget by 25 percent, up from $8 billion to $10 billion during 2013.  
Although TSMC is not expected to make any official announcements until later this year, the increased spending would enable expansion of production at its current leading edge 28nm process, as well as beginning volume production of 20nm chips.  Cash would also be spent on advanced lithography tools, and beginning development of 16 nm chips.
The increased capex budget will also dovetail with the growing rumours that Apple is to ditch its mobile patent sparring partner, Samsung, with regards to chip production for its smartphones.
The battle between the two has become increasingly savage and Apple appears to be looking for alternative component suppliers.
Citing sources close to Chinese-language Economic Daily NewsCENS claimed that plans for TSMC to begin pilot production for Apple in the first half of 2013, with volume production to kick off in the second half of the year.

Read more: http://news.techeye.net/chips/tsmc-expects-q3-results-boost#ixzz26GBj2x41

TSMC to up 2013 capex to $10bn

David Manners
Monday 10 September 2012 09:05
According to Taiwan’s Economic News newspaper, TSMC is to increase capex by 25% from this year’s $8bn to $8.5bn, giving it a 2013 capex of around $10bn.
Last week Intel announced it was cutting capex to under $12bn. The company had intended to spend $12.5bn this year until it was hit by a softening PC market in Q3.
Top of the pile in capex spenders this year is Samsung which has a budget of $13.1bn.
TSMC has been under pressure from customers such as Qualcomm and Nvidia to increase capacity or improve yields or both, following a shortage of 28nm IC which is not expected to be resolved until the end of Q4.
SEMI, the trade body for fab equipment suppliers, says it expects a 17% growth in the fab equipment market to $43bn, making it a golden year for the manufacturers of chip-making equipment.

TSMC to Start 450mm Production in 2018

Although Taiwan Semiconductor Manufacturing Co. is showing a lot of interest towards the next-generation tools that will be used to process 450mm wafers and even made a strategic investment into ASML, a provider of lithography tools, it looks like actual production of chips using large wafers is still six years off at TSMC.
TSMC now expects to begin running pilot 450mm lines in 2016 or 2017, said J.K.Wang, TSMC's vice president for operations, at a press event ahead of the Semicon Taiwan trade-show, reports China Economic News Service. TSMC's roadmap for transition to 450mm had been reportedly completed and the company intends to start making commercial chips on 450mm wafers sometimes in 2018. Apparently, the new plan is much more conservative than those outlined by the company's executives in 2010 and 2011.
Last year TSMC said it would build the first pilot production line at its Fab12 phase 6 (with 20nm technology)  that processes 450mm wafers in 2013 - 2014 timeframe and would start mass production of semiconductors on 450mm wafers in 2015 - 2016.
It appears that TSMC has delayed its 450mm plans by two years and will now use 450mm wafers in combination with 10nm-class process technology with FinFET transistors. According to Bin Lin, TSMC’s vice president for research and development, TSMC will use the legacy immersion lithography technology on its 10nm and 16nm transistors as extreme ultraviolet (EUV) lithography is still immature. Only production technologies thinner than 10nm will use EUV or multi e-beam lithography technology. By contrast, Intel Corp. wants to deploy both 450mm wafers and EUV at the same time.
The reasons why TSMC pushes back its 450mm fabs are unclear. Intel is constructing a 450mm-ready factory at the moment. It is unknown when ASML plans to make its 450mm lithography equipment ready for production, which means that there may be changes in plans of Intel and Samsung Semiconductor as well.

台積電:18吋晶圓估2018量產 EUV於10nm導入

2012/09/04 16:59記者 王彤勻 報導

全文網址: http://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=b9b0d93e-342d-4543-8e9f-698a28273a31#ixzz26GAK362K
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TSMC cuts stake in SMIC

TSMC reportedly cuts stake in SMIC
Commercial Times; Jessie Shen, DIGITIMES [Thursday 6 September 2012]
Taiwan Semiconductor Manufacturing Company (TSMC) has sold off almost 191 million shares of Semiconductor Manufacturing International (SMIC) at HK$0.291 (US$0.04) each, cutting its stake in the China foundry to 7.63% from 8.22%, according to a recent Chinese-language Commercial Times report.
TSMC previously received 1,789,493,218 Hong-Kong listed ordinary shares of SMIC as part of an agreement reached between the two companies in late-2009 to settle their trade secrets dispute.
In other news, SMIC has reported that revenues for the second quarter of 2012 climbed 26.8% sequentially and 19.7% from a year earlier to a record US$421.8 million. SMIC credited the positive sales performance to rising sales generated from its 65nm/55nm process technologies, and specialty processes for the manufacture of power management ICs, EEPROM and others.
Thanks to a higher utilization rate, SMIC saw its gross margin double to 24.1% in the second quarter from 12% in the first. The firm swung to net profits of US$7.1 million in second-quarter 2012, compared to the losses generated in the prior quarter and a year ago.

Smartphone processor sales surged in Q1

 智慧型手機處理器市場 UP

市場研究機構 Strategy Analytics 的最新報告指出,全球智慧型手機應用處理器市場營收,在 2011年第一季達到16.8億美元規模,較去年同期成長了108%;同時間蜂巢式基頻晶片的銷售額,則達到20%的年成長率。
Strategy Analytics 的報告指出,高通(Qualcomm)、德州儀器(TI)、三星電子(Samsung Electronics)、Marvell與Nvdia,在第一季名列全球前五大智慧型手機應用處理器供應商;該排行榜也反映了智慧型手機廠與作業系統領域的競爭態勢,仍持續對應用處理器供應商的際遇有所影響。
根據 Strategy Analytics 的資深分析師Sravan Kundojjala表示,德州儀器在 2010年第四季就將佔據多年的智慧型手機應用處理器龍頭供應商寶座,拱手讓給高通;此一情勢延續到了 2011年第一季。該機構估計,高通的 Snapdragon 應用處理器在第一季佔據該公司整體智慧型手機處理器出貨量的22%,這也讓該公司守住了產品的平均售價(ASP)。
在此同時,整體蜂巢式基頻晶片的營收在 2011年第一季達到35億美元,高通憑藉其 CDMA 、 W-CDMA 與 LTE 基頻晶片,位居出貨量第一名的供應商。而博通(Broadcom)、英特爾(Intel)與展訊(Spreadtrum Communications)等廠商的第一季基頻晶片出貨量也成長強勁,但聯發科(MediaTek)、ST-Ericsson的基頻晶片第一季營收則較上季衰退。
Kundojjala指出,英特爾的蜂巢式基頻晶片營收在第一季成長近兩倍,主要是因為取得了一線手機廠商的設計案:「儘管最新版的 MeeGo 作業系統遭遇挫敗,諾基亞(Nokia)仍然是貢獻英特爾基頻晶片出貨量的重要客戶;然而,英特爾顯然在諾基亞的3G基頻晶片供應商名單中缺席,這對英特爾來說是威脅、也是個潛在商機。」
此外根據Strategy Analytics報告,展訓的基頻晶片出貨市佔率,在第一季首度達到了兩位數字;對此該機構手機零組件技術研究總監Stuart Robinson表示:「展訊的出貨量大幅成長,動力來自於其積極的訂價策略、全球市場的擴充計畫,以及來自中國政府的研發經費補助。」
編譯:Judith Cheng
(參考原文: Smartphone processor sales surged in Q1)

中國勞工問題 產業供應鏈隱憂?

編譯:Susan Hong
(參考原文:Beware of Growing Chinese Labor Unrest,by Marc Herman)

在公開報導中 的72位大陸億萬富翁死亡案例

72名億萬富豪短命 活不過50歲

  • 2011-07-23
  • 旺報
  • 【記者陳曼儂/綜合報導】


2012/07/10 台北熱飆38.3 今夏新高

台北熱飆38.3 入夏新高  2012/07/10 12:05:00

中央氣象局指出,台北10日中午11時38分高溫攝氏38.3度,創今年入夏來新高紀錄。在台北車站附近候車的民 眾或路過行人紛紛躲到店家陰涼處,避免遭太陽灼傷。(中央社記者張新偉攝 101年7月10日)






李明博 :跳過大學,去工作

失業世代╱南韓頂尖大學生 也找不到工作

今年25歲的金惠民以優異成績從南韓頂尖大學畢業,英語流利而且有三星信用卡公司與AT Kearney顧問公司的實習經驗,可是她應徵20家公司全部沒錄取。

Skip College Is Top Advice for World-Beating Koreans: Jobs

Skip College Is Top Advice for World-Beating Koreans: Jobs

Kim Hye Min boasts a 4.0 grade- point average at one of South Korea’s top colleges, a perfect score in English proficiency and internships at Samsung Card Co. (029780) and AT Kearney Inc. All of her 20 job applications were rejected.
“A degree from a good university used to guarantee a spot at least at a top 10 company, but that was when a college degree actually meant something,” Kim, 25, said on Aug. 28, as she walked to a Chinese lesson she’s taking to boost her chance of joining one of the nation’s most prestigious employers. “I studied hard and did everything right, but there are too many of us who did.”
University students look at employment information booklets at a job fair organized by the Ministry of Knowledge and Economy in Seoul. Photographer: SeongJoon Cho/Bloomberg
A 20 year old job seeker looks at employment information at a job fair in Seoul. Photographer: SeongJoon Cho/Bloomberg
Lee Myung Bak, South Korea's president's new message to many high-school students is: Skip college and go to work. Source: Yonhap News via Bloomberg
With almost three out of four high school students going to college in an effort to get a top-paying job in one of the leading industrial groups, known as chaebols, South Korea is being flooded with more college graduates than it needs. Its 30 biggest companies hired 260,000 of them last year, leaving another 60,000 to swell the youth unemployment rate to 6.4 percent in August, more than twice the national average.
The government’s response is a U-turn from decades of increasingly competitive and expensive education that made South Korea No. 1 in the world for academic qualifications. President Lee Myung Bak’s new message to many high-school students is: Skip college and go to work.
“This is the price South Korea is paying for its education fervor and social pressure on everyone to want the same jobs,” said Sung Tae Yoon, an economics professor at Yonsei University in Seoul. “The problem is not the lack of jobs, it’s the lack of quality employment and the lack of flexibility among job seekers to consider options beyond the conglomerates.”

All Work

South Korean students are pushed to study more than 12 hours a day in order to get to one of the top colleges, like Yonsei, from which companies such as Hyundai Motor Co. (005380) and Samsung Electronics Co. (005930), the biggest shareholder in Samsung Card, typically draw their executive graduates.
While more and more children achieve the required academic success, the coveted top 30 business groups in Asia’s fourth- largest economy account for only 6.8 percent of total employment, according to Federation of Korean Industries data.
Many rejected applicants don’t even show up in official jobless numbers. One quarter of all college graduates under the age of 30 are classified as “Neets” -- not in education, employment or training -- and are excluded from unemployment data. Lee Joon Hyup, a research fellow at Hyundai Research Institute in Seoul, estimates the real youth jobless rate -- for those between 15 and 29 -- is as high as 22 percent.

Unemployment Rate

That compares with a rate of 0.8 percent in Singapore for 15-to-24-year olds in June, 2011, the latest published data from the Ministry of Manpower. In the U.S., the unemployment rate in August for those age 16-to-24 was nearly 17 percent, according to the Bureau of Labor Statistics.
“Reckless university enrollment has aggravated both the private education burden and youth unemployment,” President Lee said last month during a visit to a job fair in Seoul. “It’s a huge loss, not just for households but the whole country.”
Last year, 99.7 percent of South Korean teenagers attended high school and more than 95 percent of those graduated, according to the Education Ministry. Nearly 84 percent of high- school graduates enrolled in college in 2008, the latest year comparative data are available from the Organization for Economic Cooperation and Development. That was the highest rate among the organization’s 34 members.

Confucian Values

The drive for academic success, underscored by Confucian values of education and hard work, has spawned more graduates. Of young adults, 25 to 34 years old, 98 percent had at least a secondary education in 2009, the highest rate in the OECD, according to a 2012 report by the organization. That compares with 40 percent for South Koreans in the 55-to-64 bracket.
The situation in South Korea contrasts with the U.S., where 68 percent of high school students attended college in the fall immediately following graduation in 2010, prompted by better employment prospects and higher wages for those with degrees. That compared with 49 percent in 1980, according to the National Center for Education Statistics.
The U.S. unemployment rate for those age 25 or older who held a bachelor’s degree and higherwas 4.5 percent in August, compared with 8.4 percent for high school graduates, BLS data shows. The pay advantage for four-year college graduates over high school grads has doubled over the past 30 years, according to a recent study by the Federal Reserve Bank of Cleveland.
South Korea’s President Lee, himself a vocational school graduate, attributes youth unemployment to the entrenched competition for academic credentials and has introduced policies to encourage young people to skip college and “work first, study later.”

Tax Breaks

To persuade companies to hire high-school graduates, the government in September 2011 started offering companies tax incentives of up to 20 million won ($17,776) for each one they employ. Career counseling services and job fairs help teenagers explore options other than college. Funding has increased for vocational schools, which are designed to prepare students directly for employment as engineers and other professions.
The results are beginning to show. Banks nearly tripled the number of high-school graduate recruits in the first half of 2012 compared with the same period last year. Government- controlled Woori Bank, Korea Development Bank and Industrial Bank of Korea doubled their hiring quota for the same group.
Kim Ye Bin, 18, is one beneficiary of Lee’s policy. After attending the vocational Yeosu Information Science High School in the southern port city of Yeosu, she got a job at Korea Asset Management Corp. under the special recruitment program. She’s training to provide consulting services to poorer families with low credit ratings.

Job First

“I decided to get a job first, rather than following others to college, as I heard many college graduates have trouble finding jobs,” Kim said. She still worries that her future advancement may be curbed “in a society filled with college graduates” because she only has a high-school diploma. “I may need a university degree someday but I hope employers will value work experience more than academic background.”
To succeed, the government will have to wean South Korean society off a culture of academic ambition. Families spent 20.1 trillion won on private tuition last year to boost children’s chances of a place at a good university. College students took out 34.2 billion won in June from private loan sellers to fund tuition and living costs, according to the privately funded Financial Supervisory Service in Seoul. South Korea had the second-highest share of private funding for education among the 34 OECD member states, according to an OECD report released yesterday citing 2009 data.

Economic Band-Aid

The proportion of vocational-school students going on to college fell to 61 percent last year, from 74 percent in 2009, as Lee’s policies encouraged graduates to enter the workforce, Ji Hye Jin, an Education Ministry official who handles vocational-school policies, said in a Sept. 11 phone interview.
The government’s “work first, study later” policy is a Band-Aid to cover the underlying problem that the economy needs to create more jobs that college graduates want, said Moon Keun Chan, a business administration professor at Soongsil Cyber University in Seoul.
“The battle for a handful of jobs at top companies is a result of South Korea’s unhealthy, decades-long reliance on chaebols,” said Moon. “The chaebols found a way to generate profit without hiring many people by monopolizing business opportunities, giving no chance for small businesses to grow.”
An Jong Hyun, an official at the Federation of Korean Industries, a lobby group for conglomerates, said the surplus of college graduates was a structural problem in Korean society that needs a comprehensive set of policies to resolve.

Policy Failure

“Youth unemployment is a combination of graduates’ rising expectations and the lack of policies nurturing growth from small and medium businesses,” An said in a telephone interview on Sept. 11. “It isn’t right to attribute it to the lack of jobs created by larger corporations. The business groups are working continuously to hire more people.”
Last month, 24 ruling New Frontier Party lawmakers, led by Nam Kyung Pil, submitted a bill to parliament that would restrict the power of the chaebols’ controlling families to redirect capital between units, which are tied by a network of cross-shareholdings and weighted voting rights. The practice gives the groups an unfair advantage over smaller businesses that lack the resources to compete, the bill’s supporters say.
With a presidential election coming up on Dec. 19, both leading parties have named youth job creation as a key campaign issue to win over younger voters.

Keep Trying

College graduates like Kim Hye Min would rather keep trying to land a place at one of the top companies instead of starting work at a lower-tier firm. In a 2010 survey of 3,000 students by the Korea Employment Information Service, 40 percent said they would be willing to spend a year unemployed rather than settle for a lower-paying job. The average starting annual salary for a new hire at a conglomerate this year was 34.6 million won, or 54 percent more than at a small- or medium-sized business, according to an April survey by online employment agency JobKorea.
South Korean companies hold a second round of applications this month and Kim is applying again to the same 20 companies that rejected her in the spring, hoping her new Chinese skills will give her an edge.
“I’d rather be unemployed with a college degree than employed with just a high-school diploma,” she said. “I don’t want people to think I’m under-educated. My degree vouches for my hard work. I hope it will eventually pay off.”
To contact the reporter on this story: Sangwon Yoon in Seoul at syoon32@bloomberg.net
To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net