Tuesday, March 04, 2008

滙豐有糖派

還是亞洲市場最好,滙豐控股(005)這間世界級銀行不斷挺進,始終這個發源地貢獻仍達55%。之前話渣打(2888)的亞洲業務佳,滙控也差不到哪裡去,果然旗下香港上海滙豐銀行盈利大增逾50%,當然其中有投資收益的「水份」,但在如此基數下,有此增幅著實不易。


滙控再為美國次按投資作撥備亦不足為奇,因為美國經濟放緩,金融資產縮水難免,只是影響比美國同業可能較少,以及有亞洲這個金礦幫手分擔而已。


其實,最近又有英文縮寫要學:VIE(Variable Interest Entities),有人譯作可變利益實體,在2001年時,被稱為SPV(Special Purpose Vehicles),或可叫作特殊投資工具。像以前甚麼MBS(按揭抵押證券)、CDO(債務抵押債券)和結構性投資工具(SIV)一樣,最近已發覺VIE成為市場另一種新風險。VIE主要藉發行證券抵押商業票據集資,且可以無需將按揭證券等資產放入資產負債表內,但若果資產質素轉壞,企業可能要孭上身,究竟對金融市場衝擊又有多大?


不過,香港業務強勁,員工亦懶理這些,因為見到派07年度花紅,自然開心,禤中怡立即找該行的賓架朋友恭賀一番,希望陸續有來。賓架朋友亦話對所獲花紅金額好滿意,起碼比06年度的花紅還高,而據他了解,花紅分3級,第一級自然能夠有最多9個月花紅,應該包括投資部同事,而大部分同事均屬第三級,就算可分金額相對較少,但仍有花紅派,像財爺派糖般,皆大歡喜。


在美國次按投資撥備大增的負面因素困擾下,滙控盈利依然增長達21%,賓架朋友卻話沒有甚麼感覺,但見到有同事就很開心,原來他們有份參與認購股份的獎勵計劃,實行與股東利益一致,而今日業績好,起碼股價不會再腳軟,日後股份價值有望上升,身家也可豐厚一點。


不過,令賓架朋友憂慮的,就是由今年起,員工表現評核(Appraisal)的計算方法改變,由以往計平均數,即好像考試拉curve般,改為日後會按個別表現計分,理據是不會人人做到100分的,相信有些是差一點的,但恐怕有甚麼閃失,成績墊底,花紅就凍過水了。禤中怡認為只要做好自己本份,實在不需多慮,但賓架朋友話並非樣樣業務皆好景,更打趣話以金融風暴期間,銀行做銀主盤做到手軟,而今日這個部門還有多少個銀主盤可處理呢?


恒生銀行(011)年報亦可在港交所(388)網站瀏覽,禤中怡發現柯大俠(副董事長兼行政總裁柯清輝)的薪津加股份報酬等合共接近1,500萬元,大增42%,相信獎勵實至名歸,無論公司業績和股價表現都有交代吧!有趣的是,恒生另一名執行董事陳國威的薪酬和花紅等加起來後,總額反比06年度少3.47%至478.4萬元,真的耐人尋味。


(3月4日刊於《am730》)

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