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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.
日本一家芯片公司完成了今年迄今为止规模最大的首次公开募股。微处理器设计公司Socionext的股价周三在东京上市首日上涨逾11%，尽管市场出现下跌。该股大涨更多地反映了本地市场缺乏新股上市，而不是反映了Socionext的长期前景。
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.
随着近年来汽车芯片市场的繁荣，该公司开发定制芯片系统，其设计需求不断增长。即便是在股价定在市场指导价区间的顶部之后，股价仍出现了上涨。
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.
对于Socionext而言，这是一个在日本上市的好时机。今年以来，日本通过公开发行募集的资金减少了80%。这意味着投资者被压抑的需求，他们有大量的现金可以配置。日元汇率周三跌至24年新低，提升了出口竞争力。这应该会对Socionext的海外业务有所帮助。
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.
这些股票的定价仍然合理。周三的上涨将使该公司估值超过3200亿日元(合22亿美元)。其企业价值约为总收入的3倍，不到行业平均水平的三分之一。它在国内几乎没有竞争对手。
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.
芯片设计公司的整体前景就不那么乐观了。美国最近宣布的对中国技术准入的限制意味着需求的减少。市场已经饱和。它由芯片设计公司意法半导体、NXP半导体和Arm主导。
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.
有迹象表明，低端芯片的库存过剩。由于库存水平不断上升，今年第三季度芯片的平均合约价格下跌了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.
这意味着公司将削减芯片设计和生产方面的支出。行业股看起来将继续下行趋势。这始于今年3月。规模更大、更成熟的同行的估值将变得更有吸引力。投资者应该得出的结论是，Socionext的同类股价格昂贵，而不是便宜。