Friday, November 23, 2007

電訊大王反擊魔鬼

真是此一時,彼一時,才不過幾個月時間,人人話看好中字輩股份,金融類、資源類股份更是投資者至愛,但今日見到中國人壽(2628)被拋售跌近5%,中國平安保險(2318)也挫4%,單是這兩隻股份已拉低恒指近百點,再看看內地股市又重創,難怪中資股好像突然失寵般。


經濟有周期,行業也有更替,如本地電訊業就已沉寂多時,畢竟市場開放多年,甚麼減價戰、零機價、送電器等等,已不再是新鮮事,投資者也覺得增長前景不及內地。


近期見到城市電訊(1137)那輯新漫畫廣告,可見公司又踏入另一層次,因為從跨欄高手劉翔的品牌形象廣告,到今日教育受眾,儼如一間有風範的企業。廣告內容表面像解釋電訊網絡的原理,實則展示自己的網絡頻寬夠大,自詡比對手為佳,甚至有「撩交打」的味道。


作為電訊大王,PCCW電訊盈科(008)當然不能讓這隻魔鬼表演而坐視不理,所以揀城電公布業績的日子大反擊,認真贈興。電盈話自己也有能力提供極高速的寬頻服務,包括有100Mb和1,000Mb,月費盛惠588和2,188元,兼且包安裝和所需傳輸設備,想證明自己並非靠舊有用銅造的電話線來做傳輸,可見這場固網電訊大戰火藥味重,或許引發新一輪廣告戰。


當然,怎樣努力推廣,投資者也是看「bottom line」,即盈利表現也,所以城市電訊昨日中午派成績表,話全年轉虧為盈,賺了2,890萬元,每股盈利4.7仙,董事會更十分慷慨,每股派發末期息4仙,連同中期息4仙,共派8仙,即不但將全部盈利派晒給股東,甚至「派凸」,總數合共達近5,000萬元。


本來有息派,兼恢復盈利屬好事,但公司有筆9.52億元的巨債,年息8.75厘,一年就要8,000多萬元利息支出,亦是蠶食盈利的最主要原因,所以不明白董事會的心底意思。按此推算,禤中怡估計有兩個可能性,首先公司相信未來前景佳,現金流強勁,足以應付投資需求和還債,所以冇有怕,而另一個可能性,就是大股東想拿多點現金落袋,所以派息人人有份。


未知市場如何演繹,但下午開市首半小時,城電股價即以直線向下,從2.95元,一下子插落至2元,差不多失去三分一市值,全日最低曾報1.8元,好像剛從瀑布急墮下來,認真嚇人一跳!由於早上成交才37.2萬股,但下午成交急增,由幾萬至逾10萬股般拋售,十分現實,全日便有700多萬股成交,該股股價之後亦只能在低位徘徊,根本無力反彈,收市報1.99元,接近跌了30%!


面對這種場面,已修成正果的集團主席Ricky Wong王維基,見到隻愛股慘遭摧殘,未知心裡有何妙策呢?


(11月23日刊於《am730》)

9 Comments:

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I have my personnel experience on HKBN and PCCW:

http://laughableinvestment.blogspot.com/2007/12/blog-post_06.html

 
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