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Financial Translation 3/20, 3/27, 4/3, 4/10, 4/17 10:00am-12:00pm

Financial Translation 3/20, 3/27, 4/3, 4/10, 4/17 10:00am-12:00pm Instructor: Mandy Yang. Topics. Headlines/News --English => Reuters, Taipei Times, Digitimes, Bloomberg, Wall Street Journal, Financial Times --Mandarin => Commercial Times, Economic Daily, Apple Daily

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Financial Translation 3/20, 3/27, 4/3, 4/10, 4/17 10:00am-12:00pm

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  1. Financial Translation 3/20, 3/27, 4/3, 4/10, 4/17 10:00am-12:00pm Instructor: Mandy Yang

  2. Topics • Headlines/News --English => Reuters, Taipei Times, Digitimes, Bloomberg, Wall Street Journal, Financial Times --Mandarin => Commercial Times, Economic Daily, Apple Daily • Stock Market Commentary • Industry/Stock Reports --SinoPac, Yuanta, Fubon, KGI, Credit Suisse, Morgan Stanley, Goldman Sachs, Deutsche Bank, Macquarie

  3. Goals and Objectives • Understand jargons and rationale in news articles or reports related to the stock market --SPIL swings to profit, boosts capex (Taipei Times, 2010/1/26) --Buy laggards linked to replacement demand and hot products (Goldman Sachs, “Taiwan: Technology”, 2010/1/26) --Higher interest rate will hurt revenue again this year: Huaku Development (Taipei Times, 2010/2/4) • Improve English reading/translation ability

  4. Rate Expectations (WSJ) – 3/20 • bullish investor 看多的投資人  bearish 看空 • rebound 反彈; rally 大漲 • the Federal Reserve = the Fed 美國聯準會 • raise interest rate = rate hike 升息  lower interest rate = rate cut -- 一碼: 25 basis points or 0.25 percentage point • tighten 緊縮 (資金) • Theoretically, interest rates have a reverse relationship with the stock market. 利率與股市關係 -- “Fed 沒升息 股民卻嚇壞了”(經濟日報2010/2/20) -- “央行維持利率不變 法人:台股正面激勵”(工商時報2010/03/26) • Market data reflect expectations of future economic performance. 反應預期心理 -- better/higher-than-expected; in-line; worse/lower-than-expected -- (beat/ ahead of expectation); (miss/ below expectation) 優於/符合/不如預期

  5. News Headlines – 3/20 • CAPEX: capital expenditure 資本支出 • laggard 落後股 • replacement demand 換機需求 (handset/NB/DSC; Win7/Intel CULV) • TAIEX= local bourse= weighted index 台股 • gap higher 跳空開高; turnover/ trading volume 成交量 • 20D MA (days moving average) 月線; 60D MA 季線; 120D MA 半年線 • CBC (Central Bank of the Republic of China) 央行 FSC (Financial Supervisory Commission) 金管會 FHC (Financial Holding Company) 金控公司 • speculative investor 投機客 • curb/ rein in high housing prices 打壓房價; property market 房市; mortgage loan 貸款 • loan-to-value ratio 貸放成數 • break-even 損益兩平; return profitable (swing to profit) 轉虧為盈; (consolidated) sales/ revenue vs. net profit 營收 vs.淨利; EPS (earnings per share) 每股盈餘 • trade surplus 貿易順差  trade deficit • MoM (month on month); QoQ (quarter); YoY (year); 1H/2H: first/second half • foundry晶圓廠; testing & packaging 封測廠; passive components 被動元件 • inventory 庫存; capacity 產能; supply shortage 缺料 (缺工=>?) • coal & iron ore 煤礦,鐵礦砂

  6. Afternoon Commentary – 3/27 • Institutional investor 三大法人 FINI 外資; domestic ITC 投信; domestic proprietary 自營 • session 交易日; midday 盤中; regional indices 亞股 • Tech  Traditional sectors (Old Economy) 傳產 • TWD/USD appreciation 升值  depreciation 貶值 • outperform  underperform 表現優/劣於 • UTR: (capacity) utilization rate 產能利用率; fully loaded 滿載 • limit-up  limit-down 漲停/跌停 • lawsuit 訴訟; patent infringement 專利侵權

  7. Taiwan Technology (Goldman Sachs) – 4/3 • pullback 拉回 = correction 修正 (dip, retreat, decline, downturn) • hot/peak seasonality  slow seasonality 旺/淡季 (Tech 五窮六絕; Gaming寒暑假; Auto, Construction 鬼月) • low valuations => price / earnings (p. 27) 股價便宜 ≠ 股價低 • margin pressure 毛利率壓力 (NB ODM 代工廠 vs. NB brands 品牌廠) • EMS: electronics manufacturing services 專業電子代工 • outsourcing 委外 • emerging markets 新興市場 • supply/component shortage 缺貨; inventory 庫存; capacity expansion 擴產 • apps = applications 應用 • risk 風險 => system risk; headwind 逆風/不利因素 • exposure to products/ markets/ Lehman (Greek) debt • upside/downside 上檔/下檔 • raw material 原料 • ASP: average selling price 平均單價 • factor/ price in;股價已反應 • market consensus 普遍市場預測 • entry levels/points = buying opportunities • fundamental vs. technical

  8. Property: Overweight (Credit Swisse) – 4/10 • property/real estate market 房市; pre-sale market 預售屋 • (in stock market) => 營建資產股 construction + asset plays • trough v. 觸底 • residential projects 一般住宅 commercial 商用辦公 • monetary policy 貨幣政策: executed through interest rate adjustments • fiscal policy 財政政策: executed through tax adjustments • liquidity 資金 • developer 建商; project launch 推案 • market noise 市場雜音;負面消息 • (low/high) base 基期 • constrained land supply 土地供應不足/緊缺 • prime locations 精華地段 • feedstock 原料

  9. Trader’s Daily (KGI) – 4/17 • resistance 上壓 • rotational activity 資金輪動 • the broader market 大盤 • bellwether龍頭股 • cash/stock dividend 現金/股票股利 • subsidize 補助 • raise $$ in capital 籌資 • private placement 私募 • issue GDR = global depository receipt 發行全球存託憑證 vs. ADR (American); TDR (Taiwan) • speculate/speculation 謠傳/臆測 • dividend yield 股利收益率 = dividend / share price (payout ratio 發放率 = dividend / EPS) • listed 上市 • container 貨櫃

  10. Free Web Resources • Taipei Times (Business Section): http://www.taipeitimes.com/News • Digitimes: http://www.digitimes.com/index.asp • Reuters: http://www.reuters.com/ • Bloomberg: http://www.bloomberg.com/?b=0&Intro=intro3 • Wall Street Journal: http://online.wsj.com/public/page/news-financial-markets-stock.html • Financial Times: http://www.ft.com/uk/markets

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