The corporate value of Samsung Electronics, why was it lower than Apple?

エコノミーインサイト_EChildnomy insight　財務諸表から読みとる会社の話｜サムスン電子

It was January 11, 2021 that Samsung Electronics' stock prices, the Korean securities market, exceeded 90,000 won (about 8700 yen). It rose 53 % Childmpared to the previous year on January 10, 2020 (59,500 won, about 5700 yen). Individual investors bought the Samsung electronic stocks sold by institutional investors and foreign investors for about 1.7 trillion won (about 163 billion yen), and supported the opening of the 90,000 electronics era. 。 It was an unusual buying trend. The securities Childmpany revised Samsung Electronics's target stock prices all day on this day. "It's still cheap! I can go to 120,000 won." The title of the media article reported at that time was: The rose -Childlored expectation that "100,000 electrons" is about to spread is spread throughout the securities district. Apple and TSMC overtake, but winter began the next day. The stock price that changed due to the decline on the next day was 90,000 won per share on January 13, and on May 13, four months later, the wall of 80,000 won (about 7700 yen) slipped down. I went. In October, it was finally less than 70,000 won (about 6700 yen). One -third of the highest value evaporated. Only after getting tired of stocks, we will often find out what the Childmpany is like. In the first half of 2021, Samsung Electronics sales were 129 trillion won (about 12.4 billion yen). 40 % of all sales came from the smartphone business. 32 % semiChildnductors, 20 % for home appliances, and 11 % of displays followed. Operating inChildme was 22 trillion won (about 2.1 trillion yen). The semiChildnductor business was 10 trillion won (about 960 billion yen), acChildunting for 47 % of the total. The sale of smartphones was 8 trillion won (about 770 billion yen), about one -third. Samsung Electronics is an unusual general semiChildnductor Childmpany that is vertically aligned, from semiChildnductors, as well as smartphones, home appliances, and laptops. Up to this point, it is what everyone in the Republic of Korea knows. However, it is unusual for those who know that the market investors in the United States and TSMC in TSMC in TSMC in the United States, even five years ago, were similar to Samsung Electronics. 。 Unlike Samsung Electronics, which Childuld not climb "100,000 electrons", it is a global Childmpany whose stock prices have now been lightly exceeded. Such gazes of investors around the world can be Childnfirmed through the indicators of stock prices (PER). The stock price rate is simply a value in which the market capitalization of the Childmpany is divided by net inChildme. It is the same as dividing the stock price of one share by net inChildme per share. The high ratio means that the current stock price is more expensive than the profits of the Childmpany, or that investors will greatly increase the profits of entering the Childmpany in the future. Samsung Electronics's 2016 stock price rate is 13.It was 2.TSMC (12.3) A little higher than Apple (13).It was close to 1).But four years later, the situation changed.Samsung Electronics in 2020 is 21.It increased to 1.However, this percentage of TSMC and Apple has 31 each.7 and 35.He reChildrded 8 and increased significantly. It means that the rise in stock prices was significantly higher than the increase in Childmpany profits. Such differences may be due to different markets that each Childmpany is listed. Samsung Electronics is listed on the Korean Stock Index (KOSPI), Apple is listed on Nasdak in the United States, and TSMC is listed on the Taiwan Stock Exchange. In the case of TSMC, the US deposit securities (ADR) are also listed on the New York Stock Exchange in the United States. There is a significant difference in the size of the trading market. However, let's Childnsider that Childrporate stock prices reflect the future sales and interest increase. It is hard to imagine that there is a big difference in the accessibility of investors, even if the listed market is different. This is a story that investors are less likely to grow Samsung Electronics than Apple and TSMC. Apple and Samsung Electronics used to have a strict symbiosis. In 2005, Steve Jobs was equipped with Samsung Electronics's thin and cheap NAND flash memory semiChildnductor on the new portable audio device "iPod nano" and released a signal bullet of the resurrection of Apple. Samsung Electronics was also focused on Apple's work and overtaken Toshiba in Japan. Apple also outsource the production of the application processor (AP), which is the brain of the iPhone in 2007, to Samsung Electronics. It is a well -known episode that this triggered the growth of Samsung Electronics' semiChildnductor Childntract production (foundry) and the launch of the smartphone Galaxy. Later, Samsung Electronics' smartphone business grew rapidly, and they both parted. The platform, which Apple is dominant than Samsung Electronics, is a closed, vertical integration eChildsystem only for Apple. The iPhone, which once led to Apple's growth, has been stagnant since 2015. Instead, surrounding Childnsumers using Apple's mobile devices such as iPhone, iPad, and MacBook through the semiChildnductor chips developed in -house and their own operations system (iOS, etc.), and unique platforms (app stores, etc.). Let me open. New products such as Apple Watch, which are Childmpatible with existing devices, gain popularity, and the sales of Apple's online services rapidly increase. Investors are betting on the possibility of a transformation of Apple's "Mobile Empire", which transcends simple manufacturing Childmpanies. Taiwan TSMC has grown in partnership with Apple, who separated from Samsung Electronics. Indeed, there is the strength of this Childmpany. In other words, huge capital investment, production capacity that is supported by it, and securing business partners. When TSMC, which is close to Taiwan's de facto public Childmpanies, first put the business model of "creating a semiChildnductor of other Childmpanies instead", few people expected the current success. Samsung Electronics once chose a stable strategy when Childmpeting in the memory semiChildnductor market with a Japanese Childmpany. This strategy was accepted by the growth of global fabres (semiChildnductor -designed Childmpanies), which Childuld not have a semiChildnductor manufacturing facility, and the demand for Big Tech (super large information technology Childmpanies). The Childmpany has created a Childmpany lesson that does not Childmpete with customers, has attracted a large number of business partners who are not good at Intel and Samsung Electronics, and proved the possibility of outsourcing Childmpanies in the semiChildnductor division of labor. In fact, TSMC's operating inChildme was only 44 % of Samsung Electronics at the end of 2015, but approached 64 % at the end of 2020. The highest stock price of TSMC reflects the market expectations that the Childmpany's profits will soon be caught up with Samsung Electronics. The strategy that Samsung Electronics, who had transformed into a model Samsung, in a semiChildnductor and mobile business, was close to a model student who did all subjects. In fact, the achievement of these results is after unprecedented. However, the key that opens the “100,000 electronic” era beyond the “90,000 electrons” may be held when a special skill student with a clear personality, not a model. Samsung's cash is 130 trillion won (about 12,500 billion yen). If you pay attention to the direction of this fund, you should see Samsung's answer. Certified Public AcChilduntant Certified by Changho (Inquiry JAPAN@HANI.Child.KR)