Friday, December 22, 2006

新興市場的窘境

泰國再一次演繹新興市場面對龐大資金集體湧入的窘境,除了無奈地使出一招外匯管制外,似乎束手無策。雖然專家們認為不會再爆發亞洲金融風暴,但風雲色變已開始籠罩亞洲股市。面對息口停滯不前,甚至憧憬調頭向下,借錢投資已變得成本有限,反而各地股市表現向好,機構投資者根本不用擔心蝕錢,只是憂慮回報不夠高,投資表現會否比指標數字(benchmark)如MSCI(摩根士丹利資本指數)等差,即所謂「跑輸大市」,故會出現突然驟增的成交額去追捧某一類股份,部分原因亦源於基金等追逐,擔心落後於人也。當然,經濟好轉確可改善經營環境,從基本因素可解釋股市變好的原因。

禤中怡往基金評級機構Morningstar網站查看,新興市場甚為吃香,如美國今年最佳環球股票基金中,一些新興市場的單一國家基金表現特別突出,截至11月底,在美國前十大全球股票基金中,有八隻主要投資中國市場,迄今增長逾37%。投資其他新興市場基金亦有強勁增長,如美國ING俄羅斯基金及Eaton大印度基金於11月底分別錄得超過50%及30%增幅。

至於東南亞國家的基金表現亦不弱,以美元計,指標指數如MSCI遠東自由新興市場指數迄今已升24.7%,但有些升幅更驚人,像德盛菲律賓基金已錄得70.8%增幅!投資印尼也不俗,富達和德盛印尼基金分別升59%和48.4%,表現相信令人感到滿意。不過,國際資金勢力固然不容小覷,這些新興市場的領導層所關注的,就是游資的移動,只要稍有起哄,投資者根本不會客氣,沽貨走人避難,最多亦不過賺少了一點而已,但這種力量卻可以對這些國家造成巨大的金融破壞,難怪泰國越加息,資金越湧入。由於內地仍控制外匯出入,殺傷力尚未浮現,但所謂牽一髮而動全身,只要看看港股等紛紛低頭便知影響,所以禤中怡想向大家撥盆冷水冷靜一下,想一想07年的投資部署,然後過一個平安的聖誕節。

李澤楷喜歡翻兜
電訊盈科(008)主席李澤楷的話題可謂寫不完。今年在電盈股東大會列席,滿足小股東渴望見面的要求後,李澤楷二話不說卻又研究出售大部分電訊資產予私人投資基金,及後更索性出售電盈股權套現走人,令小股東失望。可惜父親的介入令李澤楷再一次變卦,讓股權重歸手中。這個180度的變化令人難以理解之際,他更身體力行大手吸納電盈股權,重新鞏固大股東地位。近日禤中怡又發現李澤楷另一宗翻兜交易。他的新加坡上市旗艦盈科拓展旗下盈科保險(065)最近斥14.7億元向香港置地購入鰂魚涌英皇道1063號全幢物業,作為集團長期投資,待分散在其他地區約20萬呎樓面的寫字樓租賃合約完結後,集中遷入該物業。

本來物業交易平平無奇,但最厲害的地方就是該幢物業前身其實是李澤楷旗下的盈科集團持有的!

事情要追溯至96年8月,當時李澤楷的盈科集團購入該物業計劃作重建。該廈原址為皇冠車行大廈,由盈科集團於95年底以6.75億元向英之傑購入發展,但於短短8個月後便將地盤以8.1億元轉售予置地,每呎樓面成本約5,300元。置地則為整個項目投入共2億美元(約15.6億港元)重建該物業,並於1999年落成。李澤楷在一買一賣中已即時獲利約1.35億元。可惜一場亞洲金融風暴,地產等資產價格直線滑落,置地自然揸貴貨,所以直至05年底該物業資產仍有虧絀2.3億元,而盈保待該物業落成多年,收入穩定(去年有純利2.5億元)才購入該物業,可見李澤楷認真懂得高賣低買的技巧!

(12月22日刊於《am730》)

8 Comments:

At 8:49 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 8:49 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 8:56 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 9:00 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 2:57 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 2:59 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 3:04 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 3:07 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