Wednesday, April 12, 2006

The LEGCO Quiz

在蘭桂坊食晏,看見今期《HK MAGAZINE》(小圖)封面故事為「The Legco Quiz」,或可解作立法會議員測驗吧,該雜誌向全體60位立法會議員,發問了12條與香港市民生活息息相關的問題(12人回答,其中一人中途退出),褟中怡看過問題後忍俊不禁,與讀者分享之。

1.香港、新界及大嶼山的士「起標」價錢?
2.麥當勞的巨無霸價錢?
3.香港現有多少隻大熊貓?
4.在地鐵的路線圖裡,將軍澳線是甚麼顏色?
5.甚麼(交通工具)是在屈地街開始的呢?
6.香港有多少市民在沙士中喪生?
7.甚麼是「昂坪360」?
8.誰人發出「呀!哦!」這兩個聲音?
9.甚麼是Frappaccino?
10.可否列出一家位於蘇豪區的餐廳名稱?
11.API用以量度RSPs。它們其實是甚麼?
12.甚麼是Autopia?

11位接受測驗議員的成績如下︰長毛(梁國雄) 7分、單仲楷 6分、陳智思 6分、劉秀成 6分、余若薇 5分、楊孝華 5分、李國麟 5分、蔡素玉 4分、劉慧卿 3分、張宇人 3分、李柱銘 2分。

草根長毛贏出,而住在半山的Martin(李柱銘洋名)就輸成條街,褟中怡認為,這些問題的素材大多是香港人日常生活中的點滴,但當中實蘊含著一些「鬼味」,如第8條的「呀!哦!」,答案是無綫天氣報告中的「天氣先生」Freddy,但如果觀眾只是看中文台的話,大抵也只會叫他做天氣先生吧。而第10條就更明顯了,蘇豪區的餐廳名稱,相信在港生活的老外應該比較老香港還要清楚。較令人意外的是,不少受訪議員竟然不識熊貓「安安、佳佳」,在「香港現有多少隻大熊貓」一問中,答出「不知道」或「一隻」。

有問題自然有答案,開估︰
1.市區($15)、新界($12.5)、大嶼山($12)
2.淨買巨無霸$12,套餐則為$22.3
3.兩隻
4.紫色
5.電車
6.299人
7.纜車,由東涌到寶蓮寺
8.無綫天氣報告中的天氣先生,名叫Freddy
9.Starbucks的「星冰樂」,類似「沙冰」的飲品
10.(說出任何一間均可)
11.API即Air Pollution Index(空氣污染指數)、RSP即Respirable Suspended Particulates (可吸入懸浮粒子)
12.本港迪士尼今夏將增設的新機動遊戲「馳車天地」

美報業「八弟」鯨吞「二哥」

香港報業近年被少數報章壟斷,所謂的「細報」要發圍可謂難之又難,但美國早前的一宗報業集團收購事件,就令禢中怡體會到世事無絕對,「以小吃大」唔係無可能嘅。

身為全美國報業集團「二哥」的偉達公司(Knight Ridder),上月中被「八弟」麥克萊契公司(McClatchy),以65億美元現金及股票(當中包含20億美元債務)(即約507億港元、包含156億港元債務)收購,令麥克萊契一躍而成全美第二大報業集團。

總部設於加州的麥克萊契,成立於1857年,本身持有12份日報,主力報章包括《星論壇報》(Star Herald,日發行量約37.7萬份)、《薩克拉門托蜂報》(Sacramento Bee,日發行量約29.4萬份),及《新聞及觀察家報》(The News and Observer,日發行量約16.9萬份)等。

反觀被收購的偉達,旗下日報多達32份,其中12份每日發行量逾10萬。包括薄有名氣的《費城問詢者報》(The Philadelphia Inquirer,日發行量約36.6萬份)、《邁亞密先驅報》(The Miami Herald,日發行量約31.3萬份)、 《堪薩斯城星報》(The Kansas City Star,日發行量約27.4萬份),及《聖荷西水星報》(San Jose Mercury News,日發行量約26.2萬份)等。偉達在美國報界規模名列第二,僅次於甘奈特(Gannett)集團。甘奈特在美國持有91份日報,每日發行量達730萬份。

這宗「以小吃大」的收購案意義重大,人所共知,報業的經營環境已非常艱難,像麥克萊契這種「小公司」,不但屹立不倒,更以其穩健的財政以及不減反增的發行量,鯨吞行內的「二哥」,實在唔容易。值得留意的是,麥克萊契收購偉達後,隨即宣布會出售偉達旗下12份日報,目前已有多間公司出價,其中甘奈特集團曾稱對麥克萊契有興趣。

地鐵變成地產股?

雖然合併在兵變時已事先聲明,不過地鐵(066)終在昨晨停牌,宣布與九鐵合併。馬局長強調九鐵不是出售資產,只是授予地鐵50年服務經營權,作價42.5億元,及每年支付7.5億元固定費用。另一方面,地鐵會支付77.9億元收購其物業發展權,包括8個發展項目,但不包括補地價。其實九鐵即使只是鐵路利潤亦遠低於地鐵,為何需要合併呢?

作為投資者,盈利始終是最重要的考慮因素。明顯地,票價是否不變並不是關鍵,最主要是合併後兩鐵沿線的物業發展權。現時地鐵的主要收入便是與發展商攤分物業發展的利潤,例如去年凱旋門便是一例。

過去3個財政年度,來自物業的經營溢利還高過本身的經營收入。如果可以取得這些物業的控制權,便可更有效安排推出的時間,減少供應突然大幅增加的風險,相信這才是作為地鐵股東需要考慮的因素。現時地鐵將軍澳的夢幻之城,第一及第二期已由長實(001)投得,單是這項目已可興建逾6,100個單位,整個項目可建成的單位逾2萬個。加上地鐵將購入的物業包括東鐵、馬鐵、輕鐵及九龍南線沿線的物業發展權,這些日後便是地鐵的重要收入來源。

作為大地主,可預期地鐵將有更佳的議價能力。在夢幻之城二期的合約內,地鐵以分樓面取代以往的分紅,攤佔發展商的利潤相對以往較高。風險交給發展商承擔,這是接近沒有風險的盈利來源,政府則變相補貼地鐵的鐵路營運。

為令合併更被市場接受,廖局長亦承諾兩年內不加價,票價並減最少5%。其實兩鐵合併後,已可精簡650至700個職位,部分更可能是薪金較高的職位。作為上市公司,員工待遇亦應由市場決定,相信單是這點已可支持減價。合併後,更令人覺得地鐵是一隻地產股。

(12-04-06 刊於《am730》)

17 Comments:

At 9:50 AM, Blogger Stefan Lam said...

其實,主流media (tv, newspaper, magazine, website) 已經被2nd generation (3G,BLOG)所吞食。收購合併活動會continue。

可笑的是,天天都有M&A的新聞。LSE被收購、MTR/KCR 事件、TIME WARNER、中大科大合併、中國 收購/合併 台灣。天天都是M&A。這是否現代社會的Culture?

為了降低資源重疊,本地大學研究要合併來做。

藝人也用合併(拍拖)形式提高爆光率。

時下的香港電視劇、電影,也是"收購" 其他成功的節目的elements(如 無間道)。

人人也去M&A,有誰去創新?

 
At 9:52 AM, Blogger Stefan Lam said...

NOTE: 
我的BLOGGER的BLOG還未完成,但我想和你交流交流。我現用的BLOG是XANGA︰
www.xanga.com/elite_st_stefan

 
At 5:28 PM, Blogger 禤中怡 said...

stefan,
謝謝你的支持! 拜訪過你的blog,得知你稍後會整理出以往的文章,對嗎? 請加油!
禢中怡

 
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