股票咖啡館 STOCKBUCKS Coffee Corp.

 
EETimes美國版特別整理一份「全球前十大最有錢半導體廠商排行榜」，
英特爾(Intel；INTC-US)不意外地名列第1，台積電(2330-TW)排名全球第 3

EETimes認為，由於股價表現優異，因此台積電與英特爾、
高通(Qualcomm Inc；QCOM-US)等半導體廠，有更多
能力創造現金流，並因此回饋股東，或進行策略收購；
台積電現金達75億美元，長期負債少於1.4億美元，公司
可輕鬆保有技術領先地位，並能持續投資研發，以價值數
十億美元的先進晶圓廠，持續獲得客戶訂單。

以半導體廠來說，優異的營收表現固然重要，但穩固的資本
現金水位，更能確保公司在市場上有足夠支出投資研發設計、
擴充新的晶圓廠，以及其他資本支出的需求；EETimes
認為，英特爾、高通、台積電、德儀
(Te xas Instruments Inc.；TXN-US)這些高現金水位的
半導體廠，都能在技術上保有優異的領先地位。

全球半導體業營收龍頭英特爾，現金與短期投資總額為
116億美元，長期負債僅有12億美元，現金淨額達1 05億
美元，以這樣的現金水外來看，英特爾足以持續積極投資
研發計畫、新一代晶圓廠，以及其他資本需求，更可在不需
靠借貸的的狀況下，重新在無線市場取得立足點。

高通也不遑多讓，今年 6 月以前的現金狀況達99億美元，
負債是 0 ，雖然營收表現較去年同期差，不過高現金水位
的優勢，使高通仍可透過投資持續研發新領域，維持競爭
力，並加強行銷，採用最先進技術提升產能、降低成本。

相較之下，外界普遍認為營收表現優異的半導體廠，可能都
擁有充足現金，但事實上不然，EETimes以意法半導體
(STMicroelectronics ；STM-US)為例，今年稍早是營收
排名全球第 5 的IC廠商，卻沒有名列最有錢的半導體廠，
該公司至今年9月以前仍有4100萬美元的負現金餘額。

英特爾的競爭對手AMD(超微；AMD-US)，雖近年致力
平衡公司財務，但狀況卻搖搖欲墜，至今年 6 月為止，
現金與短期投資金額達25億美元，長期負債高達52億美元。

另外，有些半導體廠營收在全球前二十大，但沒有在最有
錢的排行榜中，是因為交叉控股的公司結構導致晶片業務
部門的現金狀況難以計算，包括東芝(Toshiba ；6502-JP)、
三星(Samsung；005930-KR)等亞洲業者。

EETimes美國版所做的排行榜是以IC供應商至今年第 2 季
的現金數據與短期投資為基礎，並納入長期債務狀況加入計算，
全球前五間有錢的半導體廠分別為英特爾、高通、台積電、
德州儀器與博通(博通；BRCM-US)。

-------------------------------------- 來自於 EETimes 英文原文 --------------------------------------

PHILADELPHIA — The world's biggest semiconductor companies by revenue rank not only among the best in their respective industry segments but are also more likely to have huge piles of cash that can be used to fund acquisitions, R&D and product development, according to a review of financial filings by EE Times.

The top cash-rich IC vendors also consistently garner higher valuations in equity markets than rivals with limited liquidity, putting them in an even stronger financial position relative to their peers in the industry.

Our rankings are based on IC makers' cash and other short-term investments at the end of the second quarter. Long-term debt was stripped out of the calculations in determining current cash position.

Not surprisingly, Intel Corp. leads the pack, followed by Qualcomm, Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), Texas Instruments Inc. and Broadcom, in that order. The stock valuation of Intel, Qualcomm and TSMC revealed that investors place a high premium on chip manufacturers' ability to generate huge cash flow, which can be returned to shareholders through share repurchases or be used to fund strategic acquisitions. 

Not all the top revenue generators in the semiconductor market can lay claim to huge cash piles, however. STMicroelectronics NV, which market researcher IC Insights earlier this year ranked as the world's fifth-largest IC vendor by sales, did not crack our list of cash-rich chip makers. After adjusting for long-term debts, ST ended the June quarter with negative cash balance of $41 million.

ST is not alone. Many other major chip makers owe more than they have in the kitty. The group includes memory maker Micron Technology Inc., which wrapped up its fiscal quarter ended June 4, 2009, with $1.3 billion in cash and short-term investments and $2.8 billion in long-term debts, leaving it with net debt of $1.5 billion.

Intel rival Advanced Micro Devices Inc. is in an even more precarious position despite recent efforts to shore up the company's balance sheet. The graphics IC and microprocessor vendor reported available cash and short-term investments rose to $2.5 billion in the June quarter while long-term debts fell a tad to $5.2 billion. AMD's net cash position was minus $2.7 billion.

Freescale Semiconductor Inc.'s struggle with a boat-load of long-term debts, coupled with declining sales and the resulting hit on cash flow, knocked it out of our rankings. The Austin, Texas,-based company had negative cash position of $6.2 billion in the second quarter. It reported cash and short-term investments of $1.3 billion and $7.5 billion in long-term debt.

NXP Semiconductor isn't too far behind Freescale. The Dutch IC vendor has been trying to renegotiate or retire long-term debts with some success, but it still ranks high among the most debt-laden companies in the chip industry with total long-term debts of $5.4 billion and only $1.3 billion in cash and short-term investments.