[회계] 삼성전자 D-RAM시장(영문)

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레포트 > 경제경영계열
2009.08.03
18페이지 / hwp
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[회계] 삼성전자 D-RAM시장(영문)에 대한 자료입니다.

Ⅰ. Intro; D-Ram market situation

Ⅱ. Financial Ratio analysis
1. Liquidity
1.1. cash ratio
1.2. Current Ratio

2. Operating Activity
2.1. Inventory turnover ratio
2.2. Average days' supply in Inventory
2.3. Recievable Turnover Ratio
2.4. Average Age of receivables
2.5. Account Payable Turnover Ratio
2.6. Average Age of Payables
※ Announcement to investors as an analyst about operating cycle

3. Profitability
3.1. Net profit margin
3.2. Return on Equity and Return on Asset (ROE and ROA)
3.3. Earnings per Share
3.4 Price/Earnings ratio

4. Leverage
4.1. Financial Leverage percentage
4.2. Times Interest Earned Ratio

5. Dividends
5.1. Dividend yield ratio

Ⅲ.Conclusion ; Buy Samsung

본문내용

Ⅰ. Intro; D-Ram market situation

There are big 4 companies competing each other; Samsung is running first on this race, remainings are Hynix, Micron, and Elpida. Samsung Electronics retains its proportion of 30% of the entire market, Hynix with latter half of the 10%, And the 2 remaining company Elpida and Micron are struggling with 10% proportion each.
In the industry of semiconductor, there is a dominant tendency; the economy of scale. Due to companies' aggressive investing tendency, there often exists oversupplies, and this phenomenon leads to two extreme outcomes, prosperity or extreme depression.
In the following mid 2000s, companies started playing Chicken Run game in order to increase the market proportion, and it lead to the drastic curtailment of the DRAM price. In 2008, however, Chicken Run seems to end because of worldwide economic depression, and following M&As, decrease of investment, and fall in output; the winner will scrape great amount of profits, and the losers will be hit very hard.
Under these situations, our group want to evaluate the attractiveness of investment by comparing each company's financial ratios from their financial statements.

Ⅱ. Financial Ratio analysis

1. Liquidity
Liquidity refers to a company's ability to meet its current maturing debts. And it focuses on the relationship between current assets and current liabilities. With it, Creditors and analysts evaluate a company's short-term financial strength.

1.1. cash ratio
it is a means to measure the adequacy of available cash. Without cash, even a profitable business will fail.

It is computed as below :

※General
High Cash ratio means that the company has enough liquidity, but does not have good effects sometimes as cash is a non-risky asset. It is also uneconomical - opportunity cost. So cash ratio is managed adequately.

※Caution
It is very sensitive to small events. If account receivable is lager, then cash ratio is volatile. So it often cannot show anything.

1.2. Current Ratio
The current ratio measures the cushion of working capital that companies manintain to allow for the inevitalble unevenness in the flow of funds through the working capital accounts. It measures the relationship between total current assets and total current liabilities.

It is computed as below:

※General
Current Asset is made up of inventory, cash, and account receivable. So, it can be affected by the amount of inventory, account receivable etc. High ratio means that the company has good liquidity, and at the same time is also means that the company could have excessive inventories. So high ratio must not be good states. I

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