Philips Taps Electric Rice Bowl With Shanghai Deal 飞利浦收购奔腾 进军中国电饭煲市场
Dutch electronics giant Philips (Amsterdam: PHG), traditionally not very acquisitive in China, is making an interesting move into mainland kitchens with its purchase of a Shanghai-based maker of rice cookers and other electric kettles. (English article; Chinese article) Details are still scarce in this deal, which Philips is confirming but not much more. But Chinese media are reporting the Dutch giant will pay around $355 
million for the company, Shanghai Povos, which is on track to notch about $150 million in sales this year. At first glance, it does appear that Phiilips might be paying a bit too much for this relatively small company, at least based on the price versus its sales. But a closer look reveals Philips is clearly interested in Povos’ potential more than its current business. The company’s revenue grew nearly 40 percent in the first five months of the year, and I have no doubt it should be able to maintain or even accelerate that rate in the years ahead for several reasons. First of all, I like the fact that this company is based in Shanghai, which is easily China’s consumer capital and a leader in new product development. Rice cookers are also a nice lower-end appliance that most consumers in this country can already afford, thus giving them huge potential not only in big cities like Shanghai and Beijing but also in pretty much any city all the way down to the smallest villages. Considering that Povos’ sales are most likely now confined to the immediate Shanghai area, Philips could really help the company expand through its own vast national distribution networks in China built up over the years to sell its vast array of other appliances, electronics and other products. With all those factors in its favor, this deal indeed looks like a good bet for Philips, not only in China but perhaps someday as an exporter for rice cookers throughout Asia.
Bottom line: Philips acquisition of a Shanghai rice cooker maker looks pricey on the surface, but will provide it with a strong foundation to grab hearty portion of this lucrative market.
荷兰家电巨头飞利浦<PHG.AS>以往在中国市场并不显得贪得无厌，但日前宣布收购总部位於上海的电饭煲等厨房电器制造商奔腾电器，进军中国大陆电厨具市场，这一举措很有意思。飞利浦确认了该项交易，但并未透露更多细节。中国媒体报导称，收购金额约为3.55亿美元，而奔腾电器今年营收估计是 1.5亿美元。乍一看，对这家相对规模较小的公司，飞利浦似乎出价过高，至少从收购价和营收额之比的角度看是这样。但仔细观察会发现，飞利浦对奔腾电器的潜力显然比对其当前业务规模更感兴趣。奔腾电器今年头五个月营收增长近40%，而且我毫不怀疑，在各种因素的推动下，该公司未来几年能保持甚至加快这一增速。首先，我喜欢该公司位於上海这一点，因上海是中国的消费中心，也是新产品研发中心。电饭煲是不错的较低端家用电器，中国多数消费者能买得起，不仅在上海和北京等大城市存在商机，而且从城市到村庄都有市场。鉴於奔腾电器销售目前应该主要局限於上海及附近地区，飞利浦可以利用其多年来打造的全国销售渠道，帮助奔腾电器拓展国内市场。考虑到这些有利因素，飞利浦收购奔腾电器不仅是对中国市场的一次不错投资，可能有朝一日还有助其向亚洲其他地区出口电饭煲。
一句话：飞利浦收购上海奔腾电器看似出价有点高，但将为其争夺这块利润丰厚的市场奠定坚实基础。
Related postings 相关文章:
◙ Micron Nods to China’s Gadget Clout 美光科技押宝中国电子器件市场
◙ 360Buy — Are They Really Worth That Much? 京东商城——真值那么多钱？
◙ China TV Makers Lack Right Stuff to Profit fom Sony Woes 索尼遭殃谁受益？
