三星電子的"難題":現金太多

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.)和其他公司那裏奪走了大量利潤豐厚的智能手機業務，如今，三星電子面臨着一個與蘋果類似的惹人嫉妒的新挑戰：公司積累的大量閒置現金。

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%的淨利潤增長之後，三星電子說，該公司的現金和現金等價物3月底時已經增長到了將近400億美元。剔除債務後，三星電子的淨現金頭寸爲31.2萬億韓圓，即285億美元。三星電子的現金規模在亞洲已經處於最高水平，目前仍以令人瞠目的速度增長。僅過去一年，三星電子的淨現金就幾乎增長了兩倍。

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.

分析人士預計，三星電子將使用這些錢進行收購，從而增強公司在軟件和醫療設備等領域的實力。股東們可能會開始尋求更高的回報，方法是增加派息──目前不到股價的1%──或是股票回購。儘管目前對於三星電子來說，還沒有出現迫使蘋果上個月宣佈採取這兩種措施的市場壓力，投資者正在開始予以關注。

'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.'

主流智能手機大比拼TIAA-CREF駐舊金山的股票研究部門的經理Willis Tsai說，我們將詢問他們是否打算留下所有現金。根據標普資本智商公司(S&P Capital IQ)的股東數據，TIAA-CREF管理着市值超過4億美元的三星電子股票。他說，如果我看到這家公司，這可能是我要問的第一個問題。

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.

三星電子上週發表了一份聲明迴應《華爾街日報》關於其現金策略的質疑，聲明說，其現金管理方式是重點對設施、研發和營銷等領域進行可持續的投資，從而鞏固和提高公司在這些領域的競爭力。三星電子拒絕談論任何具體的股息派發、股票回購或收購計劃。

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.

三星電子的現金增長反映了其利潤產生方式的明顯變化。過去，三星電子的芯片和零件部門推動了公司的盈利增長，這些部門多年以來受到了大規模資本支出的支持。如今，三星電子的大量利潤主要來自智能手機，由於智能手機不需要那麼多的資本投資，它們能夠製造更多現金。

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，手機業務所在的部門對三星電子運營利潤的貢獻率爲74%，公司其餘的利潤來自消費電子產品（如電視機）和零部件（如芯片）。三年前的一季度，手機業務對三星電子運營利潤的貢獻率爲25%，半導體和液晶顯示器的利潤貢獻率爲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.

三星電子用來建設更新和更大廠房的資本支出通常高於競爭對手。在市場低迷期間，競爭者紛紛削減投資，這家世界頂尖的內存芯片製造商繼續斥資數十億美元進行投資，這幫助三星電子擴大了市場份額方面的領先優勢，也使公司在價格談判中擁有了更多討價還價的權力。

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高於其競爭對手，但卻沒有太大變化。三星電子2012年的資本支出爲22.8萬億韓圓，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.'

美國投行Sanford C. Bernstein駐香港的分析師紐曼(Mark Newman)說，三星電子的現金規模從來沒有像現在這麼大，因爲該公司以往會將手中的現金全部用於再投資，但是現在情況已經變了。紐曼估計，三星電子的現金儲備到2015年底時可能增長到100萬億韓圓。紐曼說，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,

標普資本智商提供的數據顯示，在三星電子剛剛結束的這個財年，該公司資產負債表上的現金和易變現證券規的模，在不包括金融和能源企業的亞洲公司中排名第二，僅次於中國移動(China Mobile Ltd.)640億美元的現金規模，超過了豐田汽車(Toyota Motor Corp.)275億美元的現金儲備。

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.

三星電子手中現金迅速增加的部分原因是該公司對現金的保守使用。三星電子最新的年度股息爲每股8,000韓圓，僅相當於該公司股價的0.54%。三星支付的股息總數與公司淨利潤的比率已經連續五年下降，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年以來一直沒有回購過股票。2004至2007年，三星每年至少回購了價值1.8萬億韓圓（合16億美元）的股票。由於三星股價自2008年初以來上漲了近兩倍，回購股票的動力可能已經減弱。

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.

在收購方面，三星的收購對象要麼是規模相對較小的公司，要麼是大公司的少數股權。該公司最後一次嘗試進行的大規模收購是在2008年試圖以58.5億美元收購閃存供應商SanDisk Corp.，該交易由於雙方無法就價格達成一致而失敗。

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的數據顯示，三星電子曾經完成過的最大規模海外收購交易是十多年前分兩步收購了加州爾灣(Irvine)的AST Research Inc.，該交易總計爲8.4億美元。其最新的收購交易於今年3月宣佈，三星稱它將以大約1.06億美元收購陷入困境的日本電子產品生產商夏普(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，三星目前已更有可能在不久的將來尋求進行耗字數十億美元的更大規模收購。他沒有具體說明任何可能的目標。三星一直在通過一系列較小的收購行動來擴大影響力的一個領域是醫療設備。

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.

紐曼預計，三星未來兩到三年可能會以某種形式回報股東。他說，根據三星的歷史，其更有可能進行股票回購。

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.

在三星的現金儲備問題變得像蘋果公司的這一問題那般嚴重之前，三星還有時間。蘋果的現金、現金等價物和適銷證券在3月底達到1,447億美元。在投資者要求向股東返還更多現金的壓力下，蘋果上個月宣佈其計劃向投資者返還超過以前計劃的現金。蘋果採取了一系列行動，目的是在2015年底之前向股東返還1,000億美元現金，這些行動包括擴大股票回購計劃的規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.

蘋果和三星有着截然不同的現金需求。雖然三星的存儲器和麪板業務對該公司當前利潤的貢獻率可能不是那麼大，但它們仍在各自的行業佔據領先地位，爲保持這種競爭優勢，三星電子依然需要在這兩項業務上投入現金以用作資本支出。

Also, fortunes can change quickly in the technology industry. Samsung only needs to look to its once-bigger rival Panasonic Corp.

同時，在科技行業，運氣也可能隨時發生變化。三星只要看看曾經比自己規模更大的競爭對手鬆下(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.

在平板電視開始取代笨重的顯像管電視時，松下在等離子顯示屏上投入巨資。該公司修建了耗資數十億美元的工廠以生產顯示器，但等離子顯示屏行業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.

過去兩年虧損逾1.5萬億日圓（合153億美元）之後，松下的信用評級在去年11月被評級機構惠譽(Fitch)下調至投資級以下，跌入“垃圾”級。

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.

新加坡安本資產管理公司(Aberdeen Asset Management)的高級投資經理Christopher Wong說，由於三星年度資本開支的規模和科技行業的週期性質，三星持有大量現金不是壞事。

'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，我們並不擔心現金儲備的問題，只要三星能繼續爲這些現金找到用途就行了。