尊敬的用戶您好，這是來自FT中文網的溫馨提示：如您對更多FT中文網的內容感興趣，請在蘋果應用商店或谷歌應用市場搜尋「FT中文網」，下載FT中文網的官方應用。
A chip company has completed the biggest initial public offering in Japan so far this year. Shares in microprocessor designer Socionext rose more than 11 per cent on its Tokyo debut on Wednesday despite market declines. The pop is more a reflection of the lack of new listings in the local market than the long-term prospects of Socionext.
日本一家晶片公司完成了今年迄今爲止規模最大的首次公開募股。微處理器設計公司Socionext的股價週三在東京上市首日上漲逾11%，儘管市場出現下跌。該股大漲更多地反映了本地市場缺乏新股上市，而不是反映了Socionext的長期前景。
The company, which develops customised systems-on-chips, has enjoyed growing demand for its designs amid a boom in the automotive chip market in recent years. The gains come even after the shares priced at the top of the marketed range.
隨著近年來汽車晶片市場的繁榮，該公司開發定製晶片系統，其設計需求不斷成長。即便是在股價定在市場指導價區間的頂部之後，股價仍出現了上漲。
This is a surprisingly good time for Socionext to float in Japan, where there has been an 80 per cent decline in funds raised through public offerings this year. This means pent-up demand from investors, who have piles of cash to deploy. The yen fell to fresh 24-year lows on Wednesday, improving the competitiveness of exports. That should help Socionext overseas.
對於Socionext而言，這是一個在日本上市的好時機。今年以來，日本透過公開發行募集的資金減少了80%。這意味著投資者被壓抑的需求，他們有大量的現金可以配置。日元匯率週三跌至24年新低，提升了出口競爭力。這應該會對Socionext的海外業務有所幫助。
The shares remain fairly priced. Gains on Wednesday would give the company a valuation of over ￥320bn ($2.2bn). Its enterprise value of around 3 times total revenues is less than a third of the industry average. It has few rivals at home.
這些股票的定價仍然合理。週三的上漲將使該公司估值超過3200億日元(合22億美元)。其企業價值約爲總收入的3倍，不到行業平均水準的三分之一。它在國內幾乎沒有競爭對手。
The outlook for chip designers as a group is less rosy. Recently announced US curbs on China’s access to technology means a cut in demand. The market is saturated. It is dominated by chip designers STMicroelectronics, NXP Semiconductors and Arm.
晶片設計公司的整體前景就不那麼樂觀了。美國最近宣佈的對中國技術准入的限制意味著需求的減少。市場已經飽和。它由晶片設計公司意法半導體、NXP半導體和Arm主導。
There are signs of an inventory glut for lower-end chips. Average contract prices for chips fell as much as 28 per cent in the third quarter on rising levels of inventory.
有跡象表明，低端晶片的庫存過剩。由於庫存水準不斷上升，今年第三季度晶片的平均合約價格下跌了28%。
That means companies will cut spending on chip designs and production. Sector stocks look set to continue their downward trend. This started in March this year. The valuation of bigger, more established peers will become more attractive. The conclusion investors should come to is that Socionext’s peer group is expensive, not that Socionext is cheap.
這意味著公司將削減晶片設計和生產方面的支出。行業股看起來將繼續下行趨勢。這始於今年3月。規模更大、更成熟的同行的估值將變得更有吸引力。投資者應該得出的結論是，Socionext的同類股價格昂貴，而不是便宜。