臺(tái)積電股市會(huì)下跌0' title='伊坎提醒投資者：擔(dān)心臺(tái)積電股市會(huì)下跌0' />

元器件交易網(wǎng)訊 11月20日消息，據(jù)外媒 Benzinga報(bào)道，投資家樂(lè)見(jiàn)臺(tái)積電本財(cái)季每股收益增長(zhǎng)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(yùn)營(yíng)著，形成了一個(gè)競(jìng)爭(zhēng)激烈的大環(huán)境。但臺(tái)積電使出絕招，為其帶來(lái)營(yíng)收的增長(zhǎng)、企業(yè)價(jià)值提升以及投資者數(shù)量的增長(zhǎng)。

傳奇投資家Carl Icahn說(shuō)：“我很擔(dān)心股市會(huì)出現(xiàn)下跌，因?yàn)榇蟛糠值墓緝H僅對(duì)外發(fā)布聲稱(chēng)取得更好的結(jié)果，但是我們希望看見(jiàn)的是更好地回報(bào)。”

對(duì)于增長(zhǎng)投資者來(lái)說(shuō)，臺(tái)積電的每股營(yíng)收增長(zhǎng)迅猛。2013財(cái)年臺(tái)積電每股營(yíng)收增長(zhǎng)近15%，2013財(cái)年英特爾每股營(yíng)收增長(zhǎng)僅1.5%。并有分析家認(rèn)為其經(jīng)濟(jì)增長(zhǎng)勢(shì)頭在接下來(lái)的五年里將保持在相同的范圍內(nèi)。此外，臺(tái)積電利潤(rùn)率增長(zhǎng)超過(guò)30%，又沒(méi)有什么大的債務(wù)纏身，臺(tái)積電的2013年?duì)I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(duì)于價(jià)值投資者而言，他們希望看到臺(tái)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(gè)指標(biāo)了。當(dāng)一個(gè)公司的每股收益率低于1時(shí)，公司盤(pán)后交易將會(huì)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(duì)于收入投資者而言，他們則樂(lè)見(jiàn)臺(tái)積電的股息達(dá)到2.26%。因?yàn)榈拓?fù)債、高毛利意味著大量現(xiàn)金流；這可以提高長(zhǎng)期持有者的總回報(bào)率 。

縱觀(guān)2013財(cái)年，臺(tái)積電僅增長(zhǎng)6.5%，表現(xiàn)欠佳。但是其低負(fù)債、高營(yíng)收的特點(diǎn)絕對(duì)是一個(gè)緩沖的好基礎(chǔ)，不管市場(chǎng)如何風(fēng)云變化，臺(tái)積電高價(jià)股息必將給其持有者帶去回報(bào)增長(zhǎng)。目前，臺(tái)積電每股17.7美元，分析師預(yù)計(jì)2014年將達(dá)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.