美對(duì)沖基金入股全球比較大機(jī)器人公司

A famed US activist investor is taking on one ofJapan’s most obsessive companies in what promisesto be an epic clash of cultures across the Pacific.

美國(guó)知名的激進(jìn)投資者丹尼爾•勒布(Daniel Loeb)瞄準(zhǔn)了日本最專(zhuān)注的企業(yè)之一——機(jī)器人公司發(fā)那科(Fanuc)。

According to its quarterly letter to investors, ThirdPoint — the hedge fund run by Daniel Loeb — hasbought into Fanuc, the world’s largest roboticscompany, and is urging it to conduct a sharebuyback.

根據(jù)勒布管理的對(duì)沖基金Third Point寫(xiě)給投資者的季度信，這家基金已入股全球最大機(jī)器人公司發(fā)那科，并敦促后者回購(gòu)股票。

 

 

The purchase highlights renewed investor interest in Japan as massive monetary stimulusdrives stocks higher, the government prepares a new corporate governance code, and returnon equity finally catches on as a management goal.

此次購(gòu)股突顯出投資者重新燃起對(duì)日本的興趣。日本推出的大規(guī)模貨幣刺激正推升股價(jià)，同時(shí)日本政府正制定新的公司治理規(guī)則，且股本回報(bào)率終于被認(rèn)可為一項(xiàng)管理目標(biāo)。

But it also is reminiscent of numerous bitter and destructive clashes between Japanesecorporations and foreign investors, from the saga of Steel Partners and Bull-Dog Sauce adecade ago, to The Children’s Investment Fund and its run at electricity wholesaler J-Power in2008.

但這也讓人回憶起日本企業(yè)與外國(guó)投資者之間眾多痛苦且具有破壞性的沖突，從10年前Steel Partners收購(gòu)牛頭犬調(diào)味品公司(Bull-Dog Sauce)的風(fēng)波，到兒童投資基金(The Children’s Investment Fund)2008年在增持日本電源開(kāi)發(fā)公司(J-Power)股權(quán)的故事。

“Fanuc’s productivity is amongst the highest in the world, on track to achieve $2.4bn ofoperating profit and 40 per cent margins. . .with just 5,500 employees,” said Third Point. But itadded: “There is a reason that Fanuc remains cheap at 13 times earnings: the company’sillogical capital structure which does nothing for shareholder value.”

Third Point表示：“發(fā)那科的生產(chǎn)率位于全球最高之列，營(yíng)運(yùn)利潤(rùn)有望達(dá)到24億美元，利潤(rùn)率為40%……只有5500名員工...... 但發(fā)那科的市盈率仍很廉價(jià)(13倍)，原因是該公司不合理的資本結(jié)構(gòu)對(duì)提升股東價(jià)值毫無(wú)幫助。”

Third Point is known for its aggressive campaigns to shake up target companies — famouslyengineering the installation of Marissa Mayer as chief executive of Yahoo — and there is a gulfbetween its financial world on New York’s Park Avenue and the secretive, yellow-clad engineersof Fanuc.

Third Point以大規(guī)模改組目標(biāo)公司出名——一個(gè)著名例子是安排瑪麗莎•梅耶爾(Marissa Mayer)擔(dān)任雅虎(Yahoo)首席執(zhí)行官。然而，紐約公園大道的金融界與發(fā)那科行事隱秘、穿著黃色衣服的工程師之間，存在巨大差異。

Fanuc has grown to become Japan’s 10th-largest company by market capitalisation, dominatingthe global market for factory robots from its base near Mount Fuji. It is known for an ultra-focused corporate culture, ruled until recently by founder Seiuemon Inaba, that rejects alldistractions from its core robotics business.

以市值衡量，發(fā)那科已成長(zhǎng)為日本第十大企業(yè)，從位于富士山附近的基地統(tǒng)治著全球工業(yè)機(jī)器人市場(chǎng)。該公司以超級(jí)專(zhuān)注的企業(yè)文化知名，拒絕除核心機(jī)器人業(yè)務(wù)以外的所有其他業(yè)務(wù)。直到最近，該公司一直由其創(chuàng)始人稻葉清右衛(wèi)門(mén)(Seiuemon Inaba)管理。

In its letter, Third Point pays tribute to Fanuc, saying the company “reminds us of Apple in itsproduct approach”. It suggests Fanuc’s robotics sales will double in a few years, given thebroader range of industries now being automated, the low density of robot use in China, andthe Japanese company’s market dominance.

在寫(xiě)給投資者的這封信中，Third Point贊揚(yáng)發(fā)那科稱(chēng)，該公司“的產(chǎn)品戰(zhàn)略讓我們想起了蘋(píng)果(Apple)”。信中稱(chēng)，鑒于更多的行業(yè)實(shí)現(xiàn)了自動(dòng)化、中國(guó)的機(jī)器人使用量仍然偏低、且發(fā)那科占據(jù)著市場(chǎng)主導(dǎo)地位，未來(lái)幾年，發(fā)那科的機(jī)器人銷(xiāo)量將翻一番。