Samsung profit 2014 outlook

盈餘堪憂 三星股價重傷

http://news.ltn.com.tw/news/business/breakingnews/1089456

2014-08-25  10:34

〔中央社〕彭博報導，三星電子今天上午股價倒地不支，盤中跌幅一度達2%，寫下2013年8月來盤中低點，主因三星的盈餘堪憂。

全球智慧手機龍頭三星電子（Samsung Electronics Co. ）的股價目前挫1.92%，報122萬3000韓元，盤中一度挫跌2%，相較韓股Kospi指數小漲0.07%。

• 三星電子今天上午股價倒地不支，盤中跌幅一度達2%，寫下2013年8月來盤中低點，主因三星的盈餘堪憂。（路透社）

未來資產證券公司（Mirae Asset Securities）今天發布報告指出，三星第3季營業利益恐較上季衰退14%，跌至6.21兆韓元，不如彭博訪查37名分析師預估均值7.57兆韓元。儘管如此，未來資產證券仍維持三星「買進」評等。

三星漸失光環 目標價慘遭下修17.5%

http://news.ltn.com.tw/news/business/breakingnews/1079399

2014-08-12  17:44

〔本報訊〕《CNBC》報導，南韓三星（Samsung Electronics Co Ltd, KR-005930）不僅逐漸失去市場的注意力，對投資人的吸引力也迅速衰退。

Sanford Bernstein 資深分析師Mark Newman於今（12）日將三星12個月目標股價，由原本的200萬韓元下調17.5%至165萬韓元；他強調，最主要利空為來自中國廠的強力競爭，及毛利下滑，不過對於三星長期的前景，他依然保持樂觀態度。

Newman認為，隨著三星往低階市場發展，試圖從中國手機廠拿回市佔，產品毛利必定會承受許多壓力。他預估，三星手機事業毛利率將從2013年的23.3%，銳減至2015年的15.5%；這段時間，手機對三星整體的獲利貢獻，也將會由67%大幅下降至47%。

研調機構Canalys的報告指出，中國本土手機廠小米（Xiaomi）機在第二季於中國的出貨量，將首度超越三星。

Canalys表示，今年第二季小米機在中國智慧型手機的出貨量比率為14%，緊跟在後的為三星、聯想（Lenovo Group Ltd, HK-992）、酷派（Coolpad, HK-2369）、華為，前三者市佔均為12%，華為則是11%。

今年第一季，三星在中國市佔率仍達18.3%。

三星營收驟降 將展開成本縮減

2014-08-11  14:18

http://news.ltn.com.tw/news/business/breakingnews/1078269

 三星（Samsung Electronics, KR-005930）今年第二季營業利益為7.2兆韓元（約新台幣2,088.5億元），年減24.6%。據傳，為挽救難看的獲利成績，三星正全面展開成本縮減計畫。

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  三星今年第二季營業利益為7.2兆韓元（約新台幣2,088.5億元），年減24.6%，據傳，為挽救難看的獲利成績，三星正全面展開縮減成本計畫。（法新社）

《韓國先驅報》報導，因智慧型手機銷量遜於預期，三星上季營收驟減，第二季淨利比去年同期大幅萎縮20%，達6.3兆韓元（61億美元），不如分析師預估的6.5兆韓元，創2012年第2季來最低。為挽救獲利減少的狀況，正展開成本縮減計畫，其中，減少差旅支出更是首要目標。

報導指出，三星上個月與26家全球性航空公司一同舉行會議，會中提出海外差旅新政策，未來將以招標的方式，選出票價最為優惠的公司，以供主管、員工海外差旅。

事實上，三星去年的飛航費用高達590億韓元（約新台幣17.11億元），為減少費用支出，因此，公司內部希望透過新的縮減政策，讓差旅支出減少20%。

此外，外界也盛傳，三星今年底將實施人事重整計畫，以精簡成本，包括公司內的高階主管、承包商，皆可能面臨人事調動。

 Guess point : next 2 years will reveal the future strength on semis

March 20, 2014

Three Companies to Account for 52% of Semiconductor CapEx in 2014 Samsung, Intel, TSMC with largest budgets, SanDisk and Micron with biggest increases. IC Insights’ soon-to-be-released March Update to The 2014 McClean Report provides a forecast ranking of the top 25 semiconductor capital spenders for 2014.  A preview of the top 10 spenders is shown in Figure 1.  Samsung and Intel are each forecast to spend at least $11.0 billion this year, and TSMC slightly less than $10.0 billion. Collectively the three companies are forecast to account for 51.8% of total semiconductor industry capex this year.  As amazing as that number is, it is a decrease from the 55.5% share these three companies held in 2013.  Among the top 10, six companies are forecast to spend at least $3.0 billion in 2014, and nine suppliers are forecast to spend more than $1.0 billion.  After keeping their combined spending essentially flat in 2013, the top 10 spenders are forecast to boost capex spending by 10% in 2014. Figure 1 After chopping its capital spending by 28% in 2012 and 12% in 2013, SanDisk is forecast to show the largest capital spending percentage increase (86%) among the top 10. The company stated that this large increase is needed to expand production of advanced 3D NAND flash memory with its manufacturing partner Toshiba. While SanDisk’s capital spending level is expected to be much higher than in 2013, this increased spending is not expected to result in a significant boost to its NAND flash capacity levels.  It is worth noting that the combined capex spending increase of Toshiba and SanDisk (on account of their joint venture partnership to build flash memory) is forecast to be $1.06 billion in 2014. Capital spending budgets are forecast to increase by $1.0 billion or more at two companies.  Micron is expected to be very aggressive by increasing its spending $1.12 billion in 2014.  Still, this 58% jump in spending is forecast to be less than the 88% jump in sales revenue the company logged in 2013 (after the inclusion of Elpida’s sales).  Also, pure-play foundry GlobalFoundries is expected to increase its semiconductor capital spending by $1.0 billion as well this year. SK Hynix is expected to display an 18% increase in spending in 2014.  However, given the company’s excellent sales performance in 2013 (43% growth) and its aggressive rebuilding program for its fire-damaged China DRAM fab, IC Insights believes there is potential upside to this estimate. Some of the most eye-catching numbers are the massive amounts of spending expected by Samsung and Intel over the 2012-2014 timeperiod.  Over this three-year period, Samsung is forecast to spend $35.3 billion, with about 60% of this amount targeting memory production.  Intel is forecast to be second to Samsung in total outlays over this same time with $32.6 billion in dedicated to capital expenditures.  These huge levels of spending are enough for each company to construct and equip eight or nine $4.0 billion leading-edge 300mm wafer fabs. Nine of the top 10 semiconductor industry capital spenders are expected to increase their semiconductor capital expenditures in 2014.  In contrast, only four of the top 10 capital spenders increased their spending levels in 2013. Meanwhile, capex spending among “other” suppliers is expected to grow at a much slower 3% rate this year, but that is a marked improvement from the 15% decline registered by the “other” segment in 2013.  In the long run, IC Insights believes that “other” companies will likely increase their spending at a lower rate, or decrease their spending at a higher rate, as compared to the top 10 companies as they implement the fabless or “fab-lite” business models for their IC production. Report Details:  The 2014 McClean Report Data in this research bulletin was excerpted from IC Insights’ soon-to-be-released March Update to the 2014 edition of IC Insights’ flagship report, The McClean Report—A Complete Analysis and Forecast of the Integrated Circuit Industry, which features more than 400 tables and graphs in the main report alone.  A subscription to The McClean Report includes free monthly updates from March through November (including a 250+ page Mid-Year Report), and free access to subscriber-only webinars throughout the year.  An individual-user subscription to the 2014 edition of The McClean Report is priced at $3,490 and includes an Internet access password.  A multi-user worldwide corporate license is available for $6,490.