滙控泵水救SIV
美國感恩節假期銷售佳,亞洲股市立刻受外圍推動,恒指更彈升1,085點至接近全日高位收市,報27,626點,即使內地股市跌極都有,但國企股指數毫不理會,掉頭跟外圍上揚5.4%,見16,542點,又出現背馳情況。不過,升得最厲害的卻是一眾中資股,升幅最大的首3隻藍籌股,如中國石化(386)單日抽9.5%至11.3元、招商局國際(144)升9.22%和中國聯通(762)增8.5%,反觀以出口業務為主,相信最受惠感恩節銷售的利豐(494)只增5.8%至30.65元,可見炒賣藉口隨處見。
看看美國人今年的消費表現,總結是花費其實減少了,據全國零售協會(National Retail Federation)統計顯示,感恩節有1.47億購物人流,較去年升4.8%,平均每人消費卻跌3.5%至347.44美元(約2,710港元),但該會醒目地話,與05年的數字比較,則有14.8%升幅。其實,大零售商已預期人均消費減少,故紛提早開門做生意兼減價,希望刺激人流,才覺銷售反應較預期理想,形成「好景」假象。當然,這種薄利多銷策略是否奏效仍需多觀察,但多少反映零售商對市道看淡的睇法。該組織更話今年購物焦點原來是數碼相片播放器和手提電腦等,而去年熱賣的高清電視機恐怕不再成搶手貨,反映消費者轉購價格較低的產品。
市場演繹數據各有不同,但見滙豐控股(005)續出手救其結構投資公司(structured investment vehicles(SIV)),就知道美國次按問題嚴重程度,實在令人擔心蔓延至消費層面。SIV運作模式就是從短期商業票據市場借入資金,然後投資期限較長的證券產品,如按揭債券至銀行貸款也。不過,當SIV無法再把這些商業票據或中期票據全部轉期,就會出現資金周轉困難,唯一方法就是出售資產。
簡單而言,如你借1個月私人貸款買滙控股票,但貸款到期時,股價卻跌穿買入價,又不捨得沽出,惟有再找門路借錢,如無機構肯借錢給你,最終只有蝕讓套現還債。
資產有好有壞,如果連質素較佳資產也出售,可能只有蝕讓離場。滙控今次出手,似乎不想被迫拋售資產,希望有機會改善過來。滙控用自己的商業票據或定期融資去支持SIV獲得資金,恐怕是無辦法之中的辦法,管理層話雖對盈利響不大,但需注意SIV日後會併入滙控資產負債表內,意味要上身,如要減值,滙控資產質素會否受影響呢?
不要以為香港無影響,且看中信國金(183)旗下中信嘉華銀行早前被穆迪調低信貸評級,該集團昨日終解畫,話中信嘉華銀行投資4間SIV公司資本票據,涉共26.5億元。未知是否為穩定市場信心,中信國金話借25億元,然後注入中信嘉華銀行,實行上市公司做back up,而該銀行亦發中期票據集資,美其名為擴充資本,但事實真的如此嗎?
(11月27日刊於《am730》)
5 Comments:
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
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
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
cheap jordans
ugg boots
ray ban sunglasses
cheap ray bans
ralph lauren
coach outlet
browns jerseys
michael kors outlet online
hermes belts
new orleans saints jerseys
zzzzz2018.8.14
ralph lauren uk
ralph lauren outlet
ugg boots clearance
uggs outlet
ralph lauren outlet
oakley sunglasses wholesale
ralph lauren outlet
Post a Comment
<< Home