




版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
1、附件九:Oracle应用系统发展势头强劲主要竞争对手业绩不佳,99年13季度软件销售额增长率(同比上年)如下:99年第一季度99年第二季度99年第三季度Oracle5%28%11%PeopleSoft-44%-61%-67%SAP-8%-15%-26%竞争对手业绩不佳的主要原因是: 向e-business方向转变太慢 销售队伍严重流失 在客户关系管理领域(CRM)落后 处在产品转型阶段风险大 分析家们对它们近期前景亦不看好(详细内容请参阅下面文章)-Both SAP and PSFT made disappointing pre-announcements last weekindicatin
2、g their results for Q3 would be weaker thananalysts expected. Final results for both companies were release withinthe past two days.In SAP reported final Q3 numbers in line with pre-announced results of(7%) total revenue growth and (26%) pure license growth. Analyst agreedthe revisions were signific
3、ant and the potential for further downside isgreater than the likelihood of any upside in the near-term. TheUS-based business continues to struggle, with moderate improvement inthe Asia/Pacific region. The primary surprise for the quarter came fromhigher-than-expected operating expenses as SAP conti
4、nues to investheavily in R&D and marketing to support its newly launched internetstrategy. Average revenue per new sale fell significantly as a resultof increased mid-market sales, incremental sales to the installed base,lower priced add-ons, and more prospects buying in smaller chunks. Theoverwhelm
5、ing consensus among the analysts for SAP is an environmentcharacterized by a number of challenges, including a tough macroeconomicsituation, continued salesforce attrition (especially in the U.S.), anda complicated and late transition in an effort to become aninternet-enabled back- and front-office
6、application provider.Furthermore, analysts expressed concern with the fundamental trend ofSAPs decreasing high-margin license revenue coupled with theirincreasing low-margin consulting revenue. The consensus followingmanagements comments was predominantly characterized as cautiouslyuncertain, with n
7、o clearly available catalyst to generate near-terminterest in the stock.PSFTs reported Q3 results were in line with the recent downwardlyrevised guidance given in the Companys October 11thpre-release. License revenue for the quarter was down 67% year overyear, with management attributing the shortfa
8、ll to thecontinued soft demand for PSFTs core back-office applications,especially in the U.S. marketplace. Two noted concernsamong a number of analysts include issues surrounding PSFTs lack ofcompetitiveness in a shift to a e-business drivenmarketplace as well as PSFTs inability to retain talented i
9、ndividuals.The hard-to-answer question remains the timing for apotential recovery as PSFT shifts its product base towards e-businesssolutions and eventually integrates front-office supplierVantive. Analysts current expectations are for some recovery beginningin early 2000, but acknowledge that trans
10、ition risksremain, and caution investors that it is safer to remain on thesidelines in the near-term. Overall, the analysts sentiment towardsPSFT was similar to that of SAP - youre behind the times and havequite a way to catch up! As a result, neither represents athreat to ORCL in the foreseeable fu
11、ture.Summary of Results:ERP license revenue comparison: YoY pure license growth: CY Q1 CYQ2 CYQ3ORCL 5% 28% 11%PSFT (44%) (61%) (67%)SAP (8%) (15%) (26%)SAP Operating Margin: 7.3% vs 19.3% in Q398Peoplesoft Operating Margin: 1.5% vs 18.6% in Q398Analyst Quotes:- Neil Herman, Salomon Smith BarneyWhil
12、e, in our view, the macroeconomic environment for the ERP playersmay have stopped getting worse, SAP has some work to do regarding its mySAP and Internet initiatives. Therefore, we are inclined to believe that this may not be the last disappointing earnings announcement before the company emerges fr
13、om the forest.- Devika Malik, J.P. MorganWe think that SAPs weak third-quarter results are due to two factors:(1.) based on our ongoing discussions with CIOs(head of IT), we believe that companies are completing their Y2Kremediation work and new projects will not start untilfourth-quarter 1999 at th
14、e earliest; and (2.) we feel that there is alsoa product transition issue. SAP launched mySAP.com inmid-September and orders for SAPs R3 products will probably suffer ascustomers review the newer internet enabledsolution.- Steve Palfrey, BernsteinWe continue to see evidence in the market the PSFT is
15、 having to fightconcerns in the market about its long term strength. Webelieve that to regain its momentum in the marketplace, PSFT needs tofocus it energy on a few vertical markets where it candifferentiate itself from ORCL and SAP. We continue to rate PeopleSoftmarket perform. Until PeopleSoft sho
16、ws signs that itcan regain the market share it has lost this year and beat estimates in2000, it is unlikely to outperform. However, given thelow expectations for license growth in the near term, significantdownside to the stock also appears unlikely.- Rich Scocozza, Bear SternsWe believe the ongoing weakness in product license revenue is due tocore ERP market saturation and shifting softwarepriorities, particularly toward e-commerce. Companies are moreconcerned about building a c
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 环保设施改造工程合同范本
- 公寓续租合同协议
- 校企合作导师聘任合同示例
- 企业员工境内旅游活动合同
- 市场营销顾问短期委托合同
- 11-2《我们这里的民间艺术》(教学设计)统编版道德与法治四年级下册
- 就业合同范本
- 6 闻一闻尝一尝 教学设计-2023-2024学年科学一年级上册青岛版
- 度临时聘请合同协议
- 度烟叶种植收购合同范本
- 高中主题班会 借哪吒精神燃开学斗志!课件-高一下学期开学第一课班会
- 2024年12月2025浙江湖州市长兴县综合行政执法局公开招聘辅助执法人员8人笔试历年典型考题(历年真题考点)解题思路附带答案详解
- 潍坊2025年山东潍坊市产业技术研究院招聘7人笔试历年参考题库附带答案详解
- 《南非综合简要介绍》课件
- 2023六年级数学下册 第2单元 百分数(二)综合与实践 生活与百分数说课稿 新人教版
- 2024年山东力明科技职业学院高职单招语文历年参考题库含答案解析
- 《灾害的概述》课件
- 国产氟塑料流体控制件生产企业
- 货物学 课件2.1货物的分类
- 中国糖尿病防治指南(2024版)解读2
- 2025年奇瑞汽车招聘笔试参考题库含答案解析
评论
0/150
提交评论