Bottom-line: 하이닉스처럼 과격한 표현을 사용하지 않아 덜 우울한 이야기로 들림.
Samsung’s comments about the chip downturn aren’t quite as bleak as Hynix’s (which said it was “unprecedented”). Samsung described it this way:
“Earnings in the Memory Business declined as inventory adjustments of customers exceeded market expectations and demand for consumer products remained weak.”
Samsung’s comments about the chip downturn aren’t quite as bleak as Hynix’s (which said it was “unprecedented”). Samsung described it this way:
“Earnings in the Memory Business declined as inventory adjustments of customers exceeded market expectations and demand for consumer products remained weak.”
Bottom-line: 거시 환경이 불확실하고 반도체 수요 회복이 가시적이지 않음은 동종 업체와 유사함.
So far, Samsung’s outlook seems in line with peers including Hynix from this week: the prognosis for the global macroeconomic environment is none-too-rosy, and uncertainty clouds any imminent recovery in semiconductor demand.
So far, Samsung’s outlook seems in line with peers including Hynix from this week: the prognosis for the global macroeconomic environment is none-too-rosy, and uncertainty clouds any imminent recovery in semiconductor demand.
Bottom-line: 파운드리 사업부는 매우 훌륭한 수익 기여를 했고, 향후에도 견조한 수요로 성장할 것임.
Samsung is trumpeting its progress in the foundry business, which is the division that makes chips for other customers and competes with Taiwan Semiconductor (TSMC). In its release, Samsung said that foundry delivered record earnings.
“In the Foundry Business, earnings momentum is expected to continue on solid demand from global customers and additional yield improvements.”
Samsung is trumpeting its progress in the foundry business, which is the division that makes chips for other customers and competes with Taiwan Semiconductor (TSMC). In its release, Samsung said that foundry delivered record earnings.
“In the Foundry Business, earnings momentum is expected to continue on solid demand from global customers and additional yield improvements.”
Bottom-line: 스마트폰 사업에서 신규 제품의 견조한 판매로 매출이 호조를 보임.
On the mobile front, Samsung’s touting better revenue and operating profit from the previous quarter, crediting its Galaxy Z Fold4 and Z Flip4 foldables, which “showed strong growth” despite challenging market conditions.
On the mobile front, Samsung’s touting better revenue and operating profit from the previous quarter, crediting its Galaxy Z Fold4 and Z Flip4 foldables, which “showed strong growth” despite challenging market conditions.
Bottom-line: 메모리 사업부 조정에 대한 언급은 아직 없음. 정부의 눈치를 볼 수 밖에 없는 입장이 아닌가.
No word yet of any output cuts on the memory business front. Samsung is particularly sensitive to being seen as a price setter in the market, so it’ll hold off cuts as long as it can, lest regulators come knocking on its door.
No word yet of any output cuts on the memory business front. Samsung is particularly sensitive to being seen as a price setter in the market, so it’ll hold off cuts as long as it can, lest regulators come knocking on its door.
Bottom-line: 종합적으로 보면, 이미 성숙해버린 시장보다 고성장이 가능하며 이익률이 높은 곳에 더 집중하는 전략을 취하겠다는 것임.
Pulling together a summary of Samsung’s outlook for various divisions, the standout thing is focus on the high end. The company already said it’s not expanding production capacity for mature chips, it’s now restating that by saying it’s looking to grow provision of advanced chipmaking for foundry customers and sales of high-density memory. With phones, likewise, it aims to boost revenue by focusing on higher-margin foldables.
Pulling together a summary of Samsung’s outlook for various divisions, the standout thing is focus on the high end. The company already said it’s not expanding production capacity for mature chips, it’s now restating that by saying it’s looking to grow provision of advanced chipmaking for foundry customers and sales of high-density memory. With phones, likewise, it aims to boost revenue by focusing on higher-margin foldables.
Bottom-line: 아래 삼성의 스마트폰 차트가 성숙해버린 시장의 정의를 보여줌.
Sam’s chart of smartphone growth is the very definition of a plateaued, mature industry.
Sam’s chart of smartphone growth is the very definition of a plateaued, mature industry.
Bottom-line: 전년 대비 반도체 부문 투자를 축소하지 않는다는게 놀랍지만, 반대로 커다란 배가 어찌 한 번에 방향을 틀 수 있는가.
I was initially surprised that Samsung’s still projecting a chip capex increase in 2022, compared with 2021, but then it isn’t easy to turn around such a big ship, with so much critical mass in the industry.
I was initially surprised that Samsung’s still projecting a chip capex increase in 2022, compared with 2021, but then it isn’t easy to turn around such a big ship, with so much critical mass in the industry.
Bottom-line: 제이피모건자산운용과 오성자산운용의 매니저는 여전히 달러 강세에 확신을 가지고 있다고 함. 캐나다 중앙은행이 예상보다 낮은 금리인상을 함에 따라 여타 중앙은행 또한 강한 긴축적 태도를 선회할 것으로 기대가 형성되며 달러지수가 1개월 최저치를 기록 한 뒤에도 그렇게 생각함. 이들은 중앙은행의 최종금리에 아직 도달하지 않았고, 전세계 경기가 침체 위험에 직면한 상황에서 미국이 다른 국가 대비 나은 거시경제 환경에 놓일 것이므로 달러에 대한 수요는 여전할 것으로 봄. 최근까지 달러지수는 4개월 가까이 랠리를 하며 다른 국가의 통화를 다년 간 최저치로 끌어내렸음.
It’s too soon to write off the dollar’s dominance as the US rate-hike cycle may not be near its peak. That’s the firm conviction of money managers at JPMorgan Asset Management and Fivestar Asset Management even after a gauge of the greenback touched a one-month low on Thursday. Signs that aggressive Federal Reserve tightening is starting to take a toll are fueling bets for a slower pace of rate increases. But dollar bulls remain undaunted: a hawkish Fed, fears of a global recession and heightened geopolitical tensions in Europe should only bolster demand for the US currency, investors say. “At the moment it is difficult to see kind of what causes the dollar to weaken from here,” said Iain Stealey, international chief investment officer for fixed income at JPMorgan. “The Fed hasn’t hit the terminal rate yet, the US economy looks like it’s probably a bit more resilient than some other economies out there.”. Investors are pondering the dollar’s direction after a smaller-than-expected rate increase by the Bank of Canada spurred speculation of a dovish pivot by other central banks. A four-month rally in the greenback has rippled across the globe as a host of currencies tumbled to multi-year lows while import costs in developing nations soared.
It’s too soon to write off the dollar’s dominance as the US rate-hike cycle may not be near its peak. That’s the firm conviction of money managers at JPMorgan Asset Management and Fivestar Asset Management even after a gauge of the greenback touched a one-month low on Thursday. Signs that aggressive Federal Reserve tightening is starting to take a toll are fueling bets for a slower pace of rate increases. But dollar bulls remain undaunted: a hawkish Fed, fears of a global recession and heightened geopolitical tensions in Europe should only bolster demand for the US currency, investors say. “At the moment it is difficult to see kind of what causes the dollar to weaken from here,” said Iain Stealey, international chief investment officer for fixed income at JPMorgan. “The Fed hasn’t hit the terminal rate yet, the US economy looks like it’s probably a bit more resilient than some other economies out there.”. Investors are pondering the dollar’s direction after a smaller-than-expected rate increase by the Bank of Canada spurred speculation of a dovish pivot by other central banks. A four-month rally in the greenback has rippled across the globe as a host of currencies tumbled to multi-year lows while import costs in developing nations soared.
Bottom-line: 중국공산당 전국대표대회에서 후진타오가 중간에 퇴장하는 모습은 무언가 석연치 않았고, 건강상태 때문이라는 해명에도 불구 추측이 난무하고 있음. 10년에 한 번 열리는 이 정치적 행사에서는 일반적으로 원로를 대우하기 때문에 그가 혼란을 느끼며 퇴장하는 모습은 이례적임. 시진핑이 그동안 권력의 집권에 힘을 썼다는 것을 감안할 때, 그의 건강 상 문제든 혹은 권력에 반대했든 계획에 없던 제거였을 것임.
The finale of the Communist Party’s most important political event is normally carefully noscripted to extol China’s top leaders. But at President Xi Jinping’s coronation last weekend, former leader Hu Jintao’s mysterious exit stole the headlines. The 79-year-old appeared confused as he was led off stage halfway through the closing session of the twice-a-decade leadership reshuffle, sparking intense speculation over what exactly happened to him. Several hours later, the official Xinhua News Agency tweeted Hu felt unwell and needed to rest. “Now, he is much better,” the outlet added. “Xi’s longstanding obsessions with political process and party unity suggest Hu’s removal was unlikely to have been planned, whether Hu experienced a health issue or started protesting against Xi’s dominance of the leadership reshuffle,” said Neil Thomas, a China analyst at Eurasia Group, a political risk advisory and consulting firm.
The finale of the Communist Party’s most important political event is normally carefully noscripted to extol China’s top leaders. But at President Xi Jinping’s coronation last weekend, former leader Hu Jintao’s mysterious exit stole the headlines. The 79-year-old appeared confused as he was led off stage halfway through the closing session of the twice-a-decade leadership reshuffle, sparking intense speculation over what exactly happened to him. Several hours later, the official Xinhua News Agency tweeted Hu felt unwell and needed to rest. “Now, he is much better,” the outlet added. “Xi’s longstanding obsessions with political process and party unity suggest Hu’s removal was unlikely to have been planned, whether Hu experienced a health issue or started protesting against Xi’s dominance of the leadership reshuffle,” said Neil Thomas, a China analyst at Eurasia Group, a political risk advisory and consulting firm.
Bottom-line: 유럽 중앙은행은 예상 된 바와 같이 75bp의 금리인상을 했으며, 추가적인 인상 여지를 둠. 장기대출프로그램의 경우 이자율을 11월 23일부터 조정하고, 조기상환 날짜를 줄 것이라 함.
The ECB lifted interest rates by 75 basis points, as anticipated, and “expects to raise interest rates further.” The policy statement also says that officials will adjust the interest rates applicable to TLTROs from November 23, and will offer banks additional voluntary early repayment dates.
The ECB lifted interest rates by 75 basis points, as anticipated, and “expects to raise interest rates further.” The policy statement also says that officials will adjust the interest rates applicable to TLTROs from November 23, and will offer banks additional voluntary early repayment dates.