韩国：KB证券10月26日报告称三星与SK海力士市盈率降至约3倍，低估程度堪比金融危机时期
韩国头部券商KB证券10月26日发布报告指出，三星电子与SK海力士当前股价被低估的程度，已经达到可与全球金融危机时期相比的水平，两家企业盈利大幅飙升，但股价未能跟上盈利涨幅。报告指出，尽管三星电子和SK海力士今年以来股价分别上涨65%和88%，但截至10月23日收盘，两家公司股价较6月下旬高点分别低36%和52%，市盈率已降至约3倍。KB证券研究部门负责人金东元在报告中表示，盈利与股价之间出现极大背离，市场现在应当关注未来盈利增长以及估值修复的可能性，而非已经反映在股价中的悲观情绪。KB证券预计，三星电子和SK海力士今明两年的合计营业利润将达1571万亿韩元，是2000年至2025年这26年间两家公司累计营业利润748万亿韩元的2.1倍；其中三星电子明年营业利润预计为555万亿韩元，SK海力士为389万亿韩元，同比分别增长51%和50%。报告还指出，两家公司明年生产的存储芯片中约70%至80%已通过与全球大型科技企业的五年期长期协议提前锁定买家。目前外资持有三星电子的比例为46.1%，持有SK海力士的比例为48.8%，均为2008年金融危机以来的最低水平。KB证券认为，市场对人工智能行业的担忧已越过顶峰、进入缓和阶段。两家公司将于本周公布第三季度财报，预计合并营业利润将达184.4万亿韩元。
South Korea: KB Securities Report on October 26 Says Samsung and SK hynix Price-to-Earnings Ratios Have Fallen to About 3 Times, an Undervaluation Comparable to the Financial Crisis Era
KB Securities, a leading South Korean brokerage, said in a report released on October 26 that the current share prices of Samsung Electronics and SK hynix are undervalued to a degree comparable with the period of the global financial crisis: the two companies' profits have surged sharply, but their share prices have failed to keep pace with the profit growth. The report noted that although the share prices of Samsung Electronics and SK hynix have risen 65% and 88% respectively so far this year, as of the close on October 23, the two companies' share prices were 36% and 52% below their late-June highs respectively, and their price-to-earnings ratios had fallen to about 3 times. Kim Dong-won, head of research at KB Securities, said in the report that an extreme divergence has appeared between profits and share prices, and that the market should now focus on future profit growth and the possibility of a valuation recovery rather than the pessimism already reflected in share prices. KB Securities expects the combined operating profit of Samsung Electronics and SK hynix this year and next to reach 1,571 trillion won, 2.1 times the two companies' cumulative operating profit of 748 trillion won over the 26 years from 2000 to 2025; of this, Samsung Electronics' operating profit next year is forecast at 555 trillion won and SK hynix's at 389 trillion won, up 51% and 50% year on year respectively. The report also noted that about 70% to 80% of the memory chips the two companies will produce next year have already been locked in by buyers through five-year long-term agreements with global large technology companies. Foreign investors currently hold 46.1% of Samsung Electronics and 48.8% of SK hynix, both the lowest levels since the 2008 financial crisis. KB Securities believes market concerns about the artificial intelligence industry have passed their peak and entered an easing phase. The two companies will release their third-quarter earnings this week, with combined operating profit expected to reach 184.4 trillion won.
来源：GSM·美国（原文链接）
图片来源：首尔市景（资料图），取自 Wikimedia Commons。Photo: Seoul cityscape (file photo), via Wikimedia Commons.
