Monday, August 07, 2006

半導體行業戰國時代未完結

雖然金融界盡說今年半導體行業會開始復甦,但行業競爭的戰國時代尚未完結。晶門(2878)業績一公布,中期純利倒退五成,令不少博業績的散戶瞬間失去兩成本金。據聞,下半年產品價格極不明朗,因為競爭對手之一的台灣矽創電子,將C-STN(彩色液晶體顯示技術)集成電路減至每顆0.5美元,較晶門約1美元的價格便宜。難怪晶門老細要在記者會上戴新產品「幪眼鏡框」(即無眼睇也!)

然而,同一時間國際半導體大哥之一的飛利浦,終拍板以82億美元(約636億港元)出售旗下芯片部門80.1%股份予美國私人基金。該部門05年營運利潤3.07億歐元(約3.89億美元),銷售額為46億歐元(約合58億美元)。驟眼來看,以芯片部門市價約102.4億美元(100%股權),即以26.3倍P/E出售該業務,作價似乎好理想。飛利浦解釋是,電子元件和半導體這個周期性行業所產生的收入太過波動,不利公司持續穩定盈利。

半導體產品日新月異,周期性愈來愈短,若追不上時代潮流,很快被人淘汰,以晶門為例,他們過往將摩托羅拉高層挖角過來,便可穩拿這個大客訂單,摩托羅拉早前更換管理層,管理作風作180度轉變,晶門「追唔切」,最終該公司訂單已被其他對手「叮走」。而環球大阿哥出售業務,對追捧高科技的投資者來說,亦是一個較準確的訊號。

事實上,若買入晶門的朋友,有網友的金句非常適用於上述投資中:「一隻股票從高點回落15%,應該獲利/止蝕。因為一般健康調整多止於10%至12%。如多於15%可能是轉方向。」 (http://0288.blogspot.com/)當然,禤中怡這樣說,會被讀者反問:「國際知名機構做的調查報告是假的嗎?」翻開ASM太平洋(522)業績報告,綜合各分析報告均認為06至07年均錄得10%至12%複式增長。由此可知,半導體需求是有的,但行業競爭愈來愈激烈,並需要整合,故部分高科技股「食」唔到個上升浪。

ASM已知上述情況會發生,故上半年完成兩大措施:一:客戶多元化,令五大客戶佔其銷售額不足25%;二:不斷進行R&D,當中影象感應組件乃全新產品。第一點可避免晶門事件發生在其身上,第二點有助減少市場競爭,甚至創造新市場。即將退休的ASM元帥林師龐先生在業界絕對是一個老手!

路訊通用不用與電視台整合?

在香港,除了坐地鐵和的士,絕大部分交通工具都會迫你看電視。在九廣東西鐵,大家看有線電視新聞。在巴士和部分小巴都是看路訊通(888)所製作的節目。其實在公共交通上播放電視節目,並借賣廣告airtime來賺錢,並非甚麼新奇玩意。

路訊通所用的技術亦頗為土炮,不過是安裝在交通工具上的VCD或DVD機,每天巴士由車廠出發前,巴士公司職員更換車上光碟,那就算更換每天內容。路訊通現有做法的好處是,巴士公司不用競投昂貴的廣播牌照,就可以在巴士上播廣告賺錢。但壞處亦甚多,一方面每天為全港幾千部巴士、小巴換光碟,是一件很不環保的事,每天要拋棄的光碟量多如牛毛。另外,由於缺乏實時訊號去支援,例如現時於東鐵播放的節目,可以由廣告商贊助天氣報告,滾動新聞等具增值功能服務,更可以播放更長時間的廣告等多種廣告模式,但暫時不能在巴士上應用。

除此以外,路訊通採購節目之餘,又要自己養一隊人,去製作每段長度約為5至10分鐘的節目,這種做法值唔值得,實在令人質疑。雖然路訊通現階段未能做到播放實時訊息,但集團指去年已進行第二期全球定位系統測試及檢討,倘結果符合要求,相信有朝一日亦可提供實時資訊。在新加坡,巴士上一樣有電視看,不過新加坡巴士上的電視服務,是由新加坡傳媒機構(Mediacorp Singapore)經營,內容固然源源不絕,而且更重要的是,新加坡傳媒機構本身擁有數碼廣播頻道,透過DVB-T廣播,既能善用頻道,又可以保證在巴士高速行走下,畫面質素依然保持穩定。路訊通如果要爭取更好回報,查實應該想清楚怎樣發展,究竟同電視台聯盟,以便取得內容以及數碼廣播頻道,抑或索性自行建立第三間無線電視台。呢一點,路訊通應該想清楚,以便對一眾股東有所交代。


(8月7日刊於《am730》)

8 Comments:

At 8:42 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 8:46 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 8:54 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 8:59 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 2:34 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 2:41 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 2:44 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 2:46 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

 

Post a Comment

<< Home