Thursday, March 30, 2006

蘋果電腦收購迪士尼?

因iPod而東山再起的喬布斯(Steve Jobs)最近傳有新搞作,在喬布斯將手上的私人投資Pixar Animation Studio(即製作《反斗奇兵》、《超人特攻隊》等卡通的公司),出售給迪士尼,成為迪士尼最大單一股東後,美國財經雜誌《Barron's》引述紐約分析員預測,他可能會動用蘋果電腦收購迪士尼,實行迪士尼蘋果一家親。

有關分析並非空穴來風,因為自iPod取得空前成功,加上改用Intel CPU後,對Mac銷售的負面影響,並無事前想像中大。蘋果電腦手頭現金太多,要四圍搵收購對象。在Mac友圈子,就一直在猜蘋果會收購哪一間公司,當然Mac友估的,都是一些科技公司,像Palm,以及美術軟件的巨無霸Adobe。由於蘋果發展iTunes Music Store的需要,蘋果一直都被傳有意收購唱片公司或電影公司,在一兩年前,就有傳蘋果有意收購環球唱片(Universal),最後不知何解,收購無了下文。而迪士尼除了迪士尼樂園外,還有電影公司Miramax、全國電視台美國廣播公司(ABC)、大家睇波必備的ESPN、專製作肥皂劇的Touchstone Television,幾乎包羅了喬布斯個人想要的東西,大家猜蘋果有意收購迪士尼,殊不為奇。

只不過,以喬布斯的作風,他未必會用蘋果電腦來收購迪士尼。如果他要這樣做,他一早就把Pixar併入蘋果電腦旗下。喬布斯今次或會重施他回歸蘋果電腦時的故技,同時管理迪士尼和蘋果兩間公司。喬布斯當初重返蘋果電腦時,將他的Next Computer賣給蘋果,然後蘋果請他做顧問,他還將作業系統開發團隊,通通換成Next Computer的人,連Nextstep都變成了Mac OS X。他最初只是暫代CEO(iCEO),後來就索性坐正。因此業界戲稱這宗交易是Next收了錢去買下蘋果(Next getting paid to buy Apple)。喬布斯幾可肯定將成為迪士尼董事局成員,且看他會否最後搞搞吓成為迪士尼CEO或主席,然後用他過人的魅力及魄力,改革這間老牌大集團。但若喬布斯真的重施故技,那蘋果電腦不單要解決電腦業競爭的問題,還可能要面對後喬布斯的時代,畢竟喬布斯唔識分身。

小經紀搵食艱難

港股成交日日過300億元,做股票買賣似乎有啖飯食,但自撤銷最低佣金制後,經紀買賣股票佣金只有向下調,更要面對銀行的挑戰,經營環境之嚴峻可想而知。

有缸邊朋友告知,最近有一間大馬背景的證券公司便進行遣散行動,幸依足勞工法例賠償,員工亦早有心理準備,皆因生意麻麻,偶有虧損,故在公司工作多年後趁市旺轉職,兼撈一筆遣散費亦屬不俗的結果。或許是偶然例子,但港交所(388)於今年1月統計顯示,中小型經紀生意絕不是跟隨大市暢旺。

該所將經紀分為3組,其中成交額佔有率最高的A組經紀已佔51.42%,但A組成員僅14名!至隨後50名組員亦已瓜分35.17%佔有率,即餘下僅13.41%的交投金額由其他所有經紀行組成的C組攤分。以1月平均每日成交額306.57億元計,C組僅佔41.1億元,假設佣金收0.25%(恐怕今時今日難收此比率),佣金總額只有1,000萬元供分享。其實,05年每日平均成交額勉強才接近約200億元,試問港府減交易徵費又對小經紀有何裨益呢?

天業節水急升的啟示

昨天市況可證明資金由國企流回藍籌,最少短線而言這情況會持續。下星期宣布業績的滙控(005)逆市上升,收報133.6元,成交47億元,佔大市總成交14%。以現價而言,滙控的吸引力明顯較成交第二大的建行(939)為大,明顯地最近是散戶沽貨大戶買貨,「長城陣」反而可在建行看到。建行早前升得太急,看好的亦應待股價調整後再購入。3月期指低水79點,主要因為滙控及恒生(011)除淨,保守估計滙控及恒生將派末期息28美仙及1.9港元,約代表86點左右,以此計算期指仍然是高水。

有傳建行會成為中壽(2628)的策略投資者,以網絡而言,這亦算合理做法。中壽可透過建行超過1.4萬間分行銷售其人壽產品,現時銀行保險無論在本港及內地亦更見重要。而且中壽需要的並非資金,不然上市時已可出售予其他投資者。問題是中壽是否需要有其他考慮,除了從業務上的考慮外,引入外資應可提高企業管治,又或是參考一些外國的管理方法等。早前有報道指策略投資者不只一個,希望集團可以繼續改善披露及透明度,讓投資者在選擇及比較時可更加清晰。

近期的新股表現理想,加上一些概念,配以一個漂亮名字,升勢更加火上加油,物流與水務便是熱門的標籤。天業節水(8280)昨收報1.55元,較招股價1.18元上升31%,令人不禁想到究竟是氣氛太好,令投資者可以亂擲飛鏢,還是投資銀行低估公司的實力。

這或是受惠於早前轉型國內供水和廢水處理業務的中國水務(855),該公司股價兩個月內升了兩倍。天業節水是提供節水灌溉系統的供應商,即是滴灌膜及PVC管的製造商。對於一間毛利率只有二十餘巴仙的製造商來說,技術需求不會太高,亦因此不值太高市盈率。

考慮到其規模,塑膠價格上升壓力又可否轉嫁給客戶呢? 樂觀估計05年純利與04年相若,以現價計加權平均市盈率亦高達12.4倍,全面攤薄後則更高。現時規模更大、市盈率更低,而在主板上市的工業股比比皆是。

(01-03-06 刊於《am730》)

15 Comments:

At 8:22 AM, Blogger oakleyses said...

longchamp handbags, michael kors outlet, prada outlet, burberry outlet, prada handbags, oakley sunglasses cheap, jordan shoes, tory burch outlet, nike shoes, michael kors outlet, gucci outlet, louboutin outlet, longchamp outlet, kate spade handbags, air max, nike free, coach outlet store online, ray ban sunglasses, louboutin, kate spade outlet, michael kors outlet, true religion jeans, tiffany and co, coach purses, louis vuitton, tiffany and co, oakley sunglasses, louboutin, ray ban sunglasses, louis vuitton outlet stores, burberry outlet, michael kors outlet, louis vuitton outlet, michael kors outlet, coach outlet, louis vuitton handbags, longchamp handbags, polo ralph lauren outlet, chanel handbags, michael kors outlet, christian louboutin shoes, oakley sunglasses, true religion jeans, louis vuitton outlet, coach factory outlet, air max, polo ralph lauren outlet

 
At 8:25 AM, Blogger oakleyses said...

nike air max, sac louis vuitton, true religion outlet, abercrombie and fitch, sac louis vuitton, hollister, north face, nike free pas cher, sac longchamp, ray ban pas cher, air max, ray ban sunglasses, vanessa bruno, louis vuitton uk, mulberry, lululemon, sac guess, converse pas cher, michael kors, true religion outlet, michael kors, oakley pas cher, nike roshe run, polo lacoste, ralph lauren, sac burberry, nike free, michael kors pas cher, nike roshe, air max pas cher, louis vuitton, louboutin, nike tn, hogan outlet, air force, nike trainers, air jordan, longchamp, air max, polo ralph lauren, barbour, north face, hollister, timberland, nike blazer, sac hermes, vans pas cher, new balance pas cher

 
At 8:31 AM, Blogger oakleyses said...

ugg australia, canada goose jackets, soccer shoes, ferragamo shoes, celine handbags, canada goose outlet, uggs outlet, mcm handbags, lululemon outlet, p90x, wedding dresses, canada goose, marc jacobs, asics running shoes, birkin bag, instyler, soccer jerseys, giuseppe zanotti, jimmy choo outlet, rolex watches, new balance shoes, ghd, chi flat iron, nike roshe run, north face jackets, mont blanc, mac cosmetics, babyliss pro, reebok outlet, ugg boots, ugg boots, insanity workout, hollister, vans shoes, beats by dre, ugg, bottega veneta, north face outlet, valentino shoes, ugg pas cher, nfl jerseys, herve leger, canada goose, canada goose, longchamp, canada goose uk, nike huarache, abercrombie and fitch

 
At 8:31 AM, Blogger oakleyses said...

louboutin, moncler, montre homme, hollister clothing store, lancel, moncler, moncler, karen millen, vans, louis vuitton, parajumpers, moncler, juicy couture outlet, links of london, converse, air max, swarovski, supra shoes, thomas sabo, ray ban, pandora jewelry, converse shoes, oakley, canada goose, toms shoes, gucci, juicy couture outlet, pandora charms, pandora charms, swarovski crystal, moncler, rolex watches, coach outlet store online, wedding dresses, iphone 6 cases, moncler outlet, canada goose, moncler, air max, ralph lauren, baseball bats, ugg, timberland boots, hollister, hollister, ugg

 
At 6:21 AM, Blogger midi haytham said...

شركة كشف تسربات المياه بالدرعية
شركة كشف تسربات المياه بعفيف
شركة كشف تسربات المياه بالغاط
شركة كشف تسربات المياه بثادق
شركة كشف تسربات المياه بالدوادمى
شركة كشف تسربات المياه بالمزاحمية
شركة كشف تسربات المياه بالقويعية
شركة كشف تسربات المياه بوادي الدواسر
شركة كشف تسربات المياه برماح
شركة كشف تسربات المياه بالأفلاج
شركة كشف تسربات المياه بحريملاء
شركة كشف تسربات المياه بالزلفي
شركة كشف تسربات المياه بضرما
شركة كشف تسربات المياه بشقراء
شركة كشف تسربات المياه بالسليل
شركة كشف تسربات المياه بحوطة بني تميم
شركة كشف تسربات المياه بالحريق
شركة كشف تسربات المياه بالمجمعة
شركة كشف تسربات المياه بمرات
شركة كشف تسربات المياه بالرس
شركة كشف تسربات المياه بعنيزة
شركة كشف تسربات المياه ببريدة
شركة كشف تسربات المياه بالمذنب
شركة كشف تسربات المياه بالدلم

 
At 2:16 PM, Blogger ninest123 Ninest said...

ninest123 10.07
michael kors outlet online, polo ralph lauren outlet online, michael kors outlet online, michael kors outlet store, christian louboutin shoes, oakley sunglasses, burberry handbags, louis vuitton outlet, burberry outlet, oakley sunglasses wholesale, christian louboutin outlet, longchamp outlet, nike air max, prada outlet, louis vuitton, michael kors outlet, replica watches, tiffany jewelry, oakley sunglasses, louis vuitton outlet, nike air max, nike outlet, uggs outlet, polo outlet, nike free, ugg boots, ray ban sunglasses, oakley sunglasses, louis vuitton outlet, michael kors outlet online, replica watches, ugg boots, uggs outlet, uggs on sale, louis vuitton, tiffany and co, christian louboutin, jordan shoes, christian louboutin uk, kate spade outlet, tory burch outlet, michael kors outlet, chanel handbags, longchamp outlet, prada handbags, longchamp outlet, ray ban sunglasses, ray ban sunglasses

 
At 2:17 PM, Blogger ninest123 Ninest said...

nike air max uk, longchamp pas cher, hollister pas cher, abercrombie and fitch uk, michael kors, kate spade, nike blazer pas cher, nike air force, converse pas cher, polo lacoste, nike free uk, coach purses, nike tn, nike roshe, hogan outlet, north face uk, coach outlet store online, new balance, burberry pas cher, timberland pas cher, true religion outlet, louboutin pas cher, jordan pas cher, sac longchamp pas cher, mulberry uk, hollister uk, ray ban uk, vans pas cher, nike air max, lululemon canada, ray ban pas cher, guess pas cher, sac vanessa bruno, oakley pas cher, michael kors, sac hermes, coach outlet, nike roshe run uk, polo ralph lauren, ralph lauren uk, true religion jeans, coach outlet, nike air max uk, true religion outlet, michael kors outlet, nike free run, air max, north face, true religion outlet, michael kors pas cher

 
At 2:19 PM, Blogger ninest123 Ninest said...

hollister, soccer shoes, insanity workout, vans outlet, mcm handbags, instyler, hollister clothing, babyliss, beats by dre, ghd hair, celine handbags, north face outlet, nike roshe run, longchamp uk, asics running shoes, hollister, nike huaraches, vans, new balance shoes, oakley, gucci, baseball bats, soccer jerseys, ralph lauren, wedding dresses, converse outlet, valentino shoes, nike trainers uk, herve leger, nike air max, ray ban, chi flat iron, bottega veneta, giuseppe zanotti outlet, nike air max, mont blanc pens, converse, hermes belt, timberland boots, abercrombie and fitch, reebok outlet, p90x workout, ferragamo shoes, iphone 6 cases, louboutin, lululemon, north face outlet, nfl jerseys, jimmy choo outlet, mac cosmetics, gucci handbags, cheap oakley sunglasses

 
At 2:22 PM, Blogger ninest123 Ninest said...

toms shoes, juicy couture outlet, canada goose, moncler outlet, moncler uk, louis vuitton, canada goose jackets, canada goose outlet, swarovski, michael kors handbags, ugg, louis vuitton, louis vuitton, moncler, ugg pas cher, moncler, canada goose outlet, lancel, karen millen uk, barbour, juicy couture outlet, pandora charms, canada goose, barbour uk, doudoune moncler, ugg,ugg australia,ugg italia, moncler, swarovski crystal, montre pas cher, canada goose outlet, louis vuitton, michael kors outlet, replica watches, canada goose uk, hollister, ugg uk, links of london, supra shoes, moncler outlet, doke gabbana, pandora jewelry, louis vuitton, moncler, pandora jewelry, marc jacobs, ugg,uggs,uggs canada, canada goose, thomas sabo, michael kors outlet online, pandora uk, wedding dresses, coach outlet
ninest123 10.07

 
At 12:09 PM, Blogger mmjiaxin said...

marc jacobs
nike foamposite
vans shoes
calvin klein outlet
ralph lauren outlet
michael kors outlet online
swarovski crystal
ferragamo outlet
cheap nike shoes
michael kors handbags sale
oakley,occhiali oakley,oakley italia,oakley occhiali,oakley sunglasses
moncler outlet store
the north face outlet
michael kors factory online
ralph lauren uk
nike air max
asics,asics israel,asics shoes,asics running shoes,asics israel,asics gel,asics running,asics gel nimbus,asics gel kayano
longchamp outlet
michael kors wallet sale
michael kors outlet
mm1128

 
At 9:43 AM, Blogger oakleyses said...

gucci handbags, longchamp pas cher, ray ban sunglasses, christian louboutin uk, nike outlet, burberry pas cher, prada handbags, polo outlet, nike air max, longchamp outlet, nike free, sac longchamp pas cher, louis vuitton outlet, longchamp outlet, prada outlet, kate spade outlet, cheap oakley sunglasses, longchamp outlet, nike roshe, oakley sunglasses, christian louboutin shoes, louis vuitton, oakley sunglasses wholesale, tory burch outlet, tiffany and co, tiffany jewelry, jordan pas cher, nike free run, oakley sunglasses, louis vuitton outlet, replica watches, uggs on sale, nike air max, ugg boots, oakley sunglasses, louboutin pas cher, louis vuitton outlet, christian louboutin outlet, ray ban sunglasses, jordan shoes, polo ralph lauren, chanel handbags, polo ralph lauren outlet online, air max, replica watches, christian louboutin, louis vuitton, ugg boots

 
At 9:46 AM, Blogger oakleyses said...

michael kors outlet, mulberry uk, north face, hogan outlet, ray ban pas cher, oakley pas cher, polo lacoste, nike roshe run uk, replica handbags, true religion outlet, lululemon canada, true religion outlet, hollister uk, michael kors, true religion outlet, coach outlet store online, sac hermes, timberland pas cher, abercrombie and fitch uk, michael kors outlet online, nike air force, ralph lauren uk, kate spade, coach purses, michael kors outlet online, hollister pas cher, nike tn, nike air max uk, nike blazer pas cher, michael kors outlet, new balance, ray ban uk, nike air max uk, coach outlet, burberry outlet, nike free uk, michael kors, michael kors outlet, burberry handbags, michael kors outlet online, vans pas cher, true religion jeans, michael kors outlet online, nike air max, north face uk, guess pas cher, uggs outlet

 
At 9:49 AM, Blogger oakleyses said...

iphone 6 plus cases, ghd hair, soccer shoes, timberland boots, ralph lauren, abercrombie and fitch, insanity workout, beats by dre, iphone 5s cases, north face outlet, vans outlet, bottega veneta, iphone cases, longchamp uk, iphone 6s plus cases, mac cosmetics, s6 case, ferragamo shoes, celine handbags, nike roshe run, iphone 6s cases, mont blanc pens, nike huaraches, oakley, iphone 6 cases, soccer jerseys, hollister clothing, instyler, nfl jerseys, nike air max, baseball bats, herve leger, chi flat iron, lululemon, hermes belt, hollister, giuseppe zanotti outlet, reebok outlet, nike trainers uk, north face outlet, jimmy choo outlet, valentino shoes, mcm handbags, ipad cases, asics running shoes, new balance shoes, wedding dresses, p90x workout, babyliss, louboutin

 
At 9:52 AM, Blogger oakleyses said...

canada goose jackets, ugg, ugg,ugg australia,ugg italia, coach outlet, swarovski crystal, doudoune moncler, supra shoes, moncler, barbour, pandora uk, toms shoes, wedding dresses, replica watches, moncler, hollister, marc jacobs, louis vuitton, canada goose outlet, converse, pandora charms, canada goose, canada goose outlet, links of london, converse outlet, canada goose, hollister, nike air max, barbour uk, juicy couture outlet, ray ban, ugg uk, gucci, canada goose uk, montre pas cher, pandora jewelry, louis vuitton, lancel, moncler outlet, pandora jewelry, ugg,uggs,uggs canada, juicy couture outlet, swarovski, canada goose outlet, moncler, vans, moncler uk, moncler, louis vuitton, thomas sabo, canada goose, louis vuitton, ugg pas cher, louis vuitton

 
At 1:34 AM, Blogger Liu Liu said...

There’s an all-Big Ten semifinal in the College Football Playoff. As christian louboutin shoes of now, anyway.

A Nike Roshe Run week after the teams ranked Nos. 2, 3 and 4 lost, Ohio State vaulted to No. 2 in Tuesday night’s College Football Playoff rankings. cheap nfl jerseys Michigan, which was No. 3 last week, NFL Jerseys held serve in the same spot while Clemson Nike Free Run fell from No. 2 to No. 4.

The likelihood of Michigan and Ohio State facing each other in the Playoff is, of course, very louboutin outlet small. The hated christian louboutin uk rivals face off on Nov. wholesale nfl jerseys 26. Assuming neither team loses on nfl jerseys store Saturday, Nike Air Max 90 the winner will remain in the top four while the loser will Nike Air Max 2015 Shoes likely fall out.

 

Post a Comment

<< Home