The 2022 financial reports of listed counter companies have been fully revealed. According to Xie Jinhe, chairman of Caixin Media, investors can take this opportunity to review 3 important financial indicators such as accounts receivable, and name Quanta, Wistron, ASUS, Gigabyte, MSI, Acer, For 9 electronic companies such as Qisda, AUO, Innolux, etc., the inventory at the end of last year was lower than that in 2021, and the inventory adjustment has seen the dawn; as for the dividend policy, he is sure that ASE will issue a dividend of 8.8 yuan, with a yield of more than 7%. The market Will pay the bill.
Xie Jinhe wrote in the latest issue of “First Probe” that TSMC is known as the sacred mountain of protecting the country, and it is also the central nervous system of Taiwan stocks. This time, OpenAI opened a new era. TSMC Chairman Liu Deyin stood up and publicly opposed the double taxation of the US chip bill, The details of business secrets must be delivered. He also said that high-speed chips will replace mobile phone chips as the new mainstream. TSMC is the most important supply chain for AI development, and Taiwan stocks will not be lonely.
From the perspective of the top 10 market capitalization companies in the United States, the most dominant company this year is Nvidia. At the beginning of the year, the market value lost to TSMC, but this wave rose to 681.448 billion US dollars, 200 billion US dollars more than TSMC. This year, Nvidia’s largest increase was 155.15%. , this is a global star, and its market value once surpassed Berkshire’s A-shares, becoming the fifth largest company in the world.
Observe that Nvidia’s net profit in the fourth quarter of last year was US$1.41 billion, while TSMC earned NT$295.9 billion in the fourth quarter, nearly US$10 billion. The gap in market value is so large, which is the valuation of the price-to-earnings ratio. In this case, Xie Jinhe believes that it can be seen that TSMC The share price downside is limited.
He also reminded that although the high inflation driven by raw materials has passed, the next world must face the problem of rising service costs and wages under the impact of the epidemic for three years. It is impossible for the US CPI to drop to 2%, at most 3 ~4% is pretty good.
In view of the fact that it is difficult to return to the era of low inflation, and the replacement of offshore outsourcing by friendly onshore outsourcing will increase production costs, the struggle between the United States and China is a long-term problem, and the next world will undergo a rather long period of adjustment. Check 3 indicators.
The first is to check inventory first. For example, Hon Hai’s inventory at the end of 2021 was 672.1 billion, and it rose to 939 billion at the end of last year. The quarterly figure of 37.5 billion is still high, which shows that the inventory adjustment is not good.
On the other hand, Quanta has dropped from 253 billion in the third quarter of last year to 225.8 billion, and Wistron has dropped from 189.3 billion to 156.8 billion. This figure is already lower than the 161.3 billion at the end of 2021; The annual 167.3 billion is much lower. In order to clear the inventory, ASUS also suffered a loss of 3.823 billion in the fourth quarter, which is not abnormal; Gigabyte has dropped from 265.8 billion in 2021 to 217.7 billion; Improvement; Acer and Qisda have also dropped to a lower water level than in 2021.
What is more obvious is the panel that was the first to decline in the boom. AUO’s inventory dropped from 34.489 billion to 30.263 billion, and Innolux dropped from 38.278 billion to 35.917 billion, all of which are dawns.
After reading the financial report and adjusting the inventory, the second is to check the changes in accounts receivable, and the third is the dividend policy that investors care about most. After the final settlement of a company’s operating surplus is distributed to employees, directors, supervisors and operators, it becomes shareholders. .
Finally, the net profit after tax payment is settled, distributed to employees, directors and supervisors, and finally decided to be distributed to shareholders. From the money earned to the actual distribution rate to shareholders, take ASE Investment Holdings, which announced dividends in the past two days, as an example. Last year, it made a huge profit of 62.09 billion yuan and EPS14.21 yuan, which is similar to that in 2021. But this time, the dividend has been raised from 7 yuan to 8.8 yuan, which will make the market very impressed. The recent slow rise in stock prices is a reflection of the yield rate. If the interest rate is above 7%, the market will pay for it.
※Disclaimer: The content of individual stocks mentioned in the article is not any investment advice or reference. Please carefully judge and evaluate risks and be responsible for your own profits and losses.