伊坎提醒投資者：擔(dān)心臺積電股市會下跌

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元器件交易網(wǎng)訊 11月20日消息，據(jù)外媒 Benzinga報道，投資家樂見臺積電本財季每股收益增長超20%，更引人注目的是，他作為高科技巨頭卻擁有很少的債務(wù)。同樣的，英特爾和德州儀器以同樣的模式運營著，形成了一個競爭激烈的大環(huán)境。但臺積電使出絕招，為其帶來營收的增長、企業(yè)價值提升以及投資者數(shù)量的增長。

傳奇投資家Carl Icahn說：“我很擔(dān)心股市會出現(xiàn)下跌，因為大部分的公司僅僅對外發(fā)布聲稱取得更好的結(jié)果，但是我們希望看見的是更好地回報。”

對于增長投資者來說，臺積電的每股營收增長迅猛。2013財年臺積電每股營收增長近15%，2013財年英特爾每股營收增長僅1.5%。并有分析家認為其經(jīng)濟增長勢頭在接下來的五年里將保持在相同的范圍內(nèi)。此外，臺積電利潤率增長超過30%，又沒有什么大的債務(wù)纏身，臺積電的2013年營收可謂是相當(dāng)幸福的，并且完全可以在燃料方面增加投資。

對于價值投資者而言，他們希望看到臺積電的每股收益率低于1，有傳奇投資者Peter Lynch指出，每股收益率低于1是最重要的一個指標(biāo)了。當(dāng)一個公司的每股收益率低于1時，公司盤后交易將會出現(xiàn)折扣。事與愿違，就連德州儀器每股收益率也幾近2.8。

對于收入投資者而言，他們則樂見臺積電的股息達到2.26%。因為低負債、高毛利意味著大量現(xiàn)金流；這可以提高長期持有者的總回報率 。

縱觀2013財年，臺積電僅增長6.5%，表現(xiàn)欠佳。但是其低負債、高營收的特點絕對是一個緩沖的好基礎(chǔ)，不管市場如何風(fēng)云變化，臺積電高價股息必將給其持有者帶去回報增長。目前，臺積電每股17.7美元，分析師預(yù)計2014年將達到20.36美元。(元器件交易網(wǎng)龍燕 譯)

外媒原文：

Taiwan Semiconductor: Growth Investors Should Take Note

In a recent interview, legendary investor Carl Icahn said he was worried about a drop in the stock market -- as many companies were posting better results due to lower borrowing costs, rather than stronger earnings.

Consider, then, Taiwan Semiconductor (NYSE: TSM [FREE Stock Trend Analysis]) -- which has sales and earnings-per-share growth of more than 20 percent on a quarterly basis. Even more compelling, the high tech giant has very little debt.

Taiwan Semiconductor operates in the same sector as Intel (NASDAQ: INTC) and Texas Instruments (NASDAQ: TXN), so there is plenty of competition. But there is much about Taiwan Semiconductor that is superior to Texas Instruments and Intel Corporation, although both are fine companies. These features should appeal to growth, value, and income investors.

For growth investors, sales and earnings-per-share are soaring for Taiwan Semiconductor.

This year, earnings-per-share growth has been around 15 percent -- and analysts project that growth to stay in the same range over the next five years. With a profit margin of over 30 percent and little debt, these earnings are unencumbered and can be used to fuel growth. By contrast, earnings-per-share growth was around 1.5 percent for Intel this year.

Value investors should like that the price-to-earnings growth ratio for Taiwan Semiconductor is under one. Peter Lynch, another legendary investors, considers this to be one of the most important metrics. When it is under one, the company is trading at a discount. That is not the case for Texas Instruments, as its price-to-earnings growth ratio is near 2.80.

The average dividend for a member of the Standard & Poor's 500 Index is about 1.9 percent.

Income investors should appreciate the 2.26 percent dividend of Taiwan Semiconductor. With the high profit margin and low debt, there is the cash flow to raise it. That will increase the total return for long term investors.

Taiwan Semiconductors has underperformed the market, up only 6.50 percent for the year.

Should there be a pullback, however, the high earnings and low debt of the company should be a buffer. With its strong dividend, shareholders will have the total return increased, no matter what happens with the market.

Now trading around $17.70 a share, the mean analyst target price for Taiwan Semiconductor over the next year of market action is $20.36.