伊坎提醒投资者：担心台积电股市会下跌

台积电股市会下跌0' title='伊坎提醒投资者：担心台积电股市会下跌0' />

元器件交易网讯 11月20日消息，据外媒 Benzinga报道，投资家乐见台积电本财季每股收益增长超20%，更引人注目的是，他作为高科技巨头却拥有很少的债务。同样的，英特尔和德州仪器以同样的模式运营着，形成了一个竞争激烈的大环境。但台积电使出绝招，为其带来营收的增长、企业价值提升以及投资者数量的增长。

传奇投资家Carl Icahn说：“我很担心股市会出现下跌，因为大部分的公司仅仅对外发布声称取得更好的结果，但是我们希望看见的是更好地回报。”

对于增长投资者来说，台积电的每股营收增长迅猛。2013财年台积电每股营收增长近15%，2013财年英特尔每股营收增长仅1.5%。并有分析家认为其经济增长势头在接下来的五年里将保持在相同的范围内。此外，台积电利润率增长超过30%，又没有什么大的债务缠身，台积电的2013年营收可谓是相当幸福的，并且完全可以在燃料方面增加投资。

对于价值投资者而言，他们希望看到台积电的每股收益率低于1，有传奇投资者Peter Lynch指出，每股收益率低于1是最重要的一个指标了。当一个公司的每股收益率低于1时，公司盘后交易将会出现折扣。事与愿违，就连德州仪器每股收益率也几近2.8。

对于收入投资者而言，他们则乐见台积电的股息达到2.26%。因为低负债、高毛利意味着大量现金流；这可以提高长期持有者的总回报率 。

纵观2013财年，台积电仅增长6.5%，表现欠佳。但是其低负债、高营收的特点绝对是一个缓冲的好基础，不管市场如何风云变化，台积电高价股息必将给其持有者带去回报增长。目前，台积电每股17.7美元，分析师预计2014年将达到20.36美元。(元器件交易网龙燕 译)

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.