Tuesday, July 08, 2008

盈警滿天飛

連藍籌股如國泰航空(293)也要發出盈利警告,其他公司怎不死跟,橫豎本身業務麻麻,倒不如趁勢一次過出盡壞消息,索性讓股價空中插水,好過陰乾。

上周有幾間公司講明虧損大增,或盈利縮水而發盈警後,去年底上市的太平洋網絡(543)昨日話人民幣升值而有匯兌虧損。舜宇光學(2382)話產品被壓價、開發成本增加等而令中期純利大減。其實,大家都早已料到盈警陸續有來,特別是那些工業股,畢竟負面消息滿天飛,最簡單的,就是原材料成本上升,人民幣升值等例湯例水。

有些公司更加添大環境差作為業績差原因,像協盛協豐(707)話美國次按危機令消費信心下降,全球紡織品市場放緩。北人印刷(187)更話宏調政策令印刷機需求減少。禤中怡並非「廠佬」出身,但一向對經營工廠的企業家敬佩萬分,因為要兼顧多方面問題,從採購原料、市場推廣、以至工廠生產流程等缺一不可,甚至要照顧工廠員工日常起居生活,倘若食物不潔,來個集體中毒,生產怎算呢?

整體經濟差,似乎情有可原,但競爭對手也要捱,所以重要的是,在這個市場大餅中,究竟佔有率有否提升呢?簡單而言,企業並非壟斷市場,亦即是可找新生意去彌補失去的部分,況且宏調和次按已不是突如其來的事件,若果並未有努力找新生意應付市場變化,就將責任歸究宏觀經濟,顯示管理層帶領公司面對逆境的能力,應變能力亦十分低,董事酬金相信要減一截,以向股東交代。

除了本業足以發盈警外,早前看麥教授話傳有上市公司投資accumulator而損手,禤中怡卻認為就算避開這一劫,也要看看上市公司投資股票的情況,因為去年股市暢旺,相信投資者實難忍手,奈何股價江河日下,隨時損失多一大筆,這種盈警就最要不得。

不妨以多次公布投資股份的永義國際(1218)作參考,如上半年賣中國中鐵(390)股份賺80萬元,賣工商銀行(1398)股份賺436萬元,但沽中信銀行(998)就蝕380萬元,實質只賺逾百萬元而已。最恐怖的是,該股去年以每股253元買港交所(388)21.2萬股,連同以前買入的,每股平均價也要152元,以昨日收報107.3元計,每股帳面蝕44.7元,還有批平均股價118元買入的中國移動(941)股份,以昨日收市105.6元計又蝕,場面慘不忍睹,惟未披露實際影響。

基金界有基金中的基金(Fund of Funds)的投資物體,即基金投資其他基金,今日上市公司用股東的金錢去買其他公司股票,豈不變成「Stock of Stocks」?投資者買入這類上市公司股份,當然因為相信管理層的經營能力兼眼光,但這種間接投資非本業,公司能否兼顧投資和業務經營亦成疑問,如有多餘錢,倒不如派予股東好過。

(7月8日刊於《am730》)

8 Comments:

At 10:31 AM, Blogger oakleyses said...

oakley sunglasses, ray ban sunglasses, coach purses, oakley sunglasses, louboutin, air max, polo ralph lauren outlet, tiffany and co, longchamp handbags, louis vuitton handbags, nike shoes, longchamp handbags, louis vuitton, louis vuitton outlet, polo ralph lauren outlet, michael kors outlet, jordan shoes, michael kors outlet, michael kors outlet, kate spade outlet, true religion jeans, prada handbags, christian louboutin shoes, chanel handbags, nike free, louis vuitton outlet, gucci outlet, air max, burberry outlet, ray ban sunglasses, coach outlet, prada outlet, oakley sunglasses cheap, burberry outlet, tory burch outlet, louis vuitton outlet stores, michael kors outlet, louboutin, kate spade handbags, louboutin outlet, true religion jeans, coach outlet store online, michael kors outlet, coach factory outlet, tiffany and co, michael kors outlet, longchamp outlet

 
At 10:36 AM, Blogger oakleyses said...

nike roshe, oakley pas cher, hogan outlet, sac hermes, abercrombie and fitch, longchamp, nike free pas cher, michael kors, lululemon, barbour, nike tn, louis vuitton, nike trainers, converse pas cher, sac louis vuitton, new balance pas cher, michael kors, air jordan, nike blazer, nike free, north face, vanessa bruno, north face, polo ralph lauren, sac guess, vans pas cher, hollister, true religion outlet, air max, sac burberry, air force, air max pas cher, louboutin, ralph lauren, true religion outlet, nike roshe run, sac longchamp, timberland, hollister, michael kors pas cher, polo lacoste, ray ban pas cher, ray ban sunglasses, air max, nike air max, sac louis vuitton, louis vuitton uk, mulberry

 
At 10:41 AM, Blogger oakleyses said...

soccer jerseys, marc jacobs, canada goose, canada goose, ghd, nfl jerseys, nike huarache, north face outlet, ugg pas cher, ferragamo shoes, ugg, asics running shoes, mac cosmetics, birkin bag, valentino shoes, vans shoes, giuseppe zanotti, instyler, longchamp, reebok outlet, hollister, bottega veneta, chi flat iron, canada goose jackets, ugg australia, mcm handbags, mont blanc, abercrombie and fitch, uggs outlet, soccer shoes, jimmy choo outlet, canada goose uk, insanity workout, beats by dre, canada goose outlet, babyliss pro, new balance shoes, nike roshe run, celine handbags, wedding dresses, canada goose, lululemon outlet, ugg boots, north face jackets, rolex watches, herve leger, ugg boots, p90x

 
At 10:44 AM, Blogger oakleyses said...

air max, lancel, moncler, moncler outlet, supra shoes, moncler, juicy couture outlet, hollister clothing store, oakley, timberland boots, juicy couture outlet, ray ban, louboutin, vans, karen millen, pandora charms, converse, canada goose, thomas sabo, links of london, hollister, coach outlet store online, toms shoes, pandora charms, iphone 6 cases, moncler, parajumpers, louis vuitton, ugg, converse shoes, canada goose, swarovski, pandora jewelry, ugg, ralph lauren, moncler, air max, swarovski crystal, montre homme, gucci, moncler, hollister, wedding dresses, moncler, baseball bats, rolex watches

 
At 1:39 PM, Blogger ninest123 Ninest said...

ninest123 11.11
iphone 5s cases, air max, insanity workout, iphone 6 plus cases, celine handbags, ghd, instyler, ralph lauren, iphone 6 cases, soccer shoes, vans, baseball bats, reebok outlet, air max, iphone 6s plus cases, asics running shoes, beats by dre, lululemon outlet, wedding dresses, babyliss pro, new balance shoes, converse, abercrombie and fitch, gucci, ipad cases, ray ban, s6 case, soccer jerseys, p90x, jimmy choo outlet, birkin bag, mont blanc, vans shoes, timberland boots, giuseppe zanotti, north face jackets, chi flat iron, oakley, iphone cases, ferragamo shoes, mcm handbags, north face outlet, mac cosmetics, herve leger, bottega veneta, nfl jerseys, abercrombie, nike roshe run, iphone 6s cases, louboutin, valentino shoes, hollister clothing store

 
At 1:46 PM, Blogger ninest123 Ninest said...

canada goose, doke gabbana, sac louis vuitton, marc jacobs, moncler outlet, sac lancel, toms shoes, ugg, louis vuitton uk, canada goose, links of london, thomas sabo, hollister, swarovski, pandora charms, canada goose jackets, pandora jewelry, converse shoes, pandora charms, moncler, barbour, rolex watches, canada goose outlet, moncler, michael kors handbags, moncler, ugg, louis vuitton, moncler, montre homme, karen millen, canada goose, pandora jewelry, sac louis vuitton, michael kors outlet, supra shoes, moncler, moncler, ugg pas cher, swarovski crystal, juicy couture outlet, moncler, canada goose, coach outlet store online, wedding dresses, ugg, canada goose, juicy couture, ugg boots, michael kors outlet online, louis vuitton, canada goose uk, barbour

 
At 1:52 PM, Blogger ninest123 Ninest said...

oakley sunglasses, louis vuitton outlet, burberry outlet, cheap uggs, louis vuitton outlet, longchamp handbags, michael kors outlet, michael kors outlet, jordan shoes, burberry outlet, ugg boots clearance, chanel handbags, louboutin outlet, michael kors outlet, polo ralph lauren outlet, christian louboutin, oakley sunglasses cheap, nike shoes, louis vuitton, air max, prada handbags, prada outlet, tiffany and co, air max, tiffany and co, ray ban sunglasses, ugg outlet, uggs, longchamp handbags, michael kors outlet online sale, ray ban sunglasses, replica watches, longchamp outlet, louis vuitton outlet stores, michael kors outlet, oakley sunglasses, cheap oakley sunglasses, uggs outlet, gucci outlet, polo ralph lauren, ray ban sunglasses, rolex watches, louis vuitton handbags, tory burch outlet, louboutin, louboutin shoes, nike free, oakley sunglasses, michael kors outlet

 
At 1:58 PM, Blogger ninest123 Ninest said...

nike air force, sac hermes, hogan outlet, michael kors, coach purses, nike trainers, nike roshe run pas cher, air max, ray ban sunglasses, air max, air jordan, coach factory outlet, vans pas cher, polo lacoste, michael kors uk, nike tn, ralph lauren, sac guess, sac burberry, polo ralph lauren, vanessa bruno, longchamp, mulberry, hollister, nike free pas cher, michael kors outlet, nike air max, nike roshe, north face, sac longchamp pas cher, hollister, air max pas cher, nike huaraches, true religion outlet, converse pas cher, ray ban pas cher, true religion jeans, timberland, nike free, new balance pas cher, oakley pas cher, coach outlet store online, longchamp, north face, true religion jeans, nike blazer, abercrombie and fitch, louboutin, michael kors pas cher, lululemon outlet online, true religion outlet
ninest123 11.11

 

Post a Comment

<< Home