Thursday, August 23, 2007

和黃零售業務大節流

如果用悲喜交集去形容近日大市走勢,相信沒有多少人反對,但夠膽追入的又有幾個?


恒指重回舊地,收市見22,346點,已是本月9日以來高位,而現貨月期指更見22,407點,畢竟內地「水源」充足,氣勢一時無兩,但小心大戶趁勢於尾市造高,加上次按問題準備再出擊,讓淡友從中搵食,短炒要睇位啦!


其實,藍籌股中期業績多對辦,理應有助支持恒指企穩,而今日登場的矚目藍籌股,非李嘉誠領導的長江實業(001)及和記黃埔(013)的中期業績莫屬。


當然,影響長實業績變化的最主要因素,定必是來自和黃的盈利貢獻。由於和黃旗下和記電訊國際(2332)出售印度流動電話業務給Vodafone後大賺700億元,加上和黃之前用些少錢增持和電國際持股量至逾50%,代表可將該股成盤靚帳併入其綜合帳目內,你話和黃業績怎會差?


除特殊利潤外,市場最關注3G業務,由於擁有業務的國家,其經濟不算差,而流動電話作為消費品,經濟好就多花費,相信虧損可進一步收窄(和記澳洲虧損便減少至1.97億澳元),可能有些地區業務更有驚喜,如未計利息、稅項、折舊和攤銷前可以收支平衡。其他核心業務如貨櫃碼頭、基建和地產業務生意維持增長料不難,至於去年未計利息和稅項前盈利下降6%的零售業務更有望造好,成另一增長引擎(Growth Engine)也說不定。


禤中怡在中環飯局聽聞,和黃零售旗艦屈臣氏集團董事總經理韋以安退休,已由和黃執行董事黎啟明接任後,所謂新人事新作風,單是節流功夫就應該做足,可以為老闆在競爭激烈的零售市場中提高毛利率。聽聞韋以安離開前,大灑逾億元「整靚」公司總部,而這種大花筒的做法究竟是否引起內部不滿的原因之一就未知,但黎啟明一上場,已率先不斷將業務整合,特別是後勤部門,如把各品牌的物流中心逐步集合一起,甚至像其電訊業務般,用外判方法減低成本,單是省回人手成本已可見其行事手法。


此外,一些需花費的內部活動據聞亦要大縮水,如一年一度的運動同樂日,以往幾千人齊集在馬鞍山運動場舉行,高層還有自己的專屬休息位置!傳統上,該運動同樂日結束後,和黃運動會就會登場,屆時李嘉誠會親自捧場。不過,今年起屈臣氏的運動同樂日規模將大為縮減,好像安排借用學校的運動場地舉行便算,參加人數亦大為減少,會不會最後無疾而終呢?


長實有和黃貢獻外,也有賣樓收益支持,相信本業亦差不到哪裏,較注目的是,自05年度開始,中期股息開始增加10.5%,06年度亦增9.5%,相信以李嘉誠的慷慨性格,理應有能力再增派股息,讓股東開心一下。


(8月23日刊於《am730》)

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