Thursday, April 23, 2009

玩財技定被財技玩

電訊盈科(008)私有化上訴聆訊,證監會終勝出一仗,證明這間監管機構實屬「有牙老虎」,幫小股東避免低價私有化,確有《聖經》中,大衛戰勝巨人哥利亞的味道,但小小超仍然可以行使權力,向終審法院尋求法律解決,顯示香港這個法治社會的優勢,上海要做國際金融中心,相信先要加強這方面的軟實力了。

小小超一向被譽為財技高手,如將得信佳變身盈科數碼動力,然後於2000年,成功鯨吞香港電訊,隨後以高價將國際電訊業務Reach一半股權,以及流動電話業務售予澳洲電訊公司Telstra,套回大筆資金,更找到中國網通集團入股電盈兩成股權,成功染紅。

不過,近年他似乎有點「手風不順」,例如他想將電盈股權脫手,本來已經吸引了私募基金爭奪,然後更有番薯梁出手,豈料臨門脫腳,然後又想將Sunday私有化,也遭遇困難重重才能全部收歸旗下。直至去年,公司被踢出藍籌股行列,管理屬又將公司重新包裝,想拆賣附屬HKT最高45%股權,奈何又胎死腹中,而這趟私有化建議本來價格合理便可,但事件愈揭愈恐怖,更令人見識法治對保護小股東的威力,不知道是他玩財技,還是財技玩他。

至於電盈份08年度業績遲遲未出,直至昨日才披露,是否代表差到要讓大股東幫小股東「啃下」的一件豬骨呢?當然非也,因08年有一項投資物業重估虧損3.9億元,但07年則沒有此虧損,如不計這個非現金虧損,意味實際利潤逾16.6億元,比07年所賺15億元,實質還增長10.6%!該集團資產淨值更由43.51億元增至49億元,代表有逾12.6%增幅,怎算差到要向股東提供套現機會。

以為市場開放競爭加劇嗎?該集團固網線數不跌反升,增加1%,寬頻客仍續向上,最恐怖是流動通訊業務搶客驚人,一年內單是3G客便大增1倍,而每名客戶每月平均收入更維持在216元,真是令其他對手流口水。

若果生意差,電盈當然要瘦身,但原來在過去1年,僱員人數不減反加,淨增1,200名至約1.7萬名,即使對比2000年8月與香港電訊合併時的員工數目約1.5萬名比較,仍有所增加。

同電訊界朋友談起,他說電盈盤生意都有負面隱憂,由本月26日後,固網和流動電話網絡商之間的話音通訊互連將有新遊戲規則,以往流動電話商向固網商支付互連費用的日子將改變,大家將按用量計算,而固網客打給流動電話客戶的通訊量多,若按打出電話者需支付互連費用計,電盈可能反而要付互連費呢!不過,該集團也有流動電話業務,實際損失仍有待觀察。

由於電盈份業績非差,小小超如果不打上終審法院,日後想再私有化,相信要加碼才可,當然,若果電盈股份復牌,股價恐怕會難睇,畢竟沒有4.5元私有化作價支持,可見小股東也只是慘勝。

(4月23日刊於《am730》)

18 Comments:

At 4:51 PM, Anonymous Anonymous said...

電盈的業績其實十分不錯, 若將子公司盈大地產貝沙灣發展項目的19.87億元盈利計算入內, 業績更為可觀. 李街街出四塊半的價錢意圖私有化電盈, 的確是outrageous.

短期內, 電盈股價必然下跌, 之後, 大致上會與市場同步. 明年, 李街街想再私有化, 需否加碼, 視乎有多少香港人會將不滿李街街的心意化為杯葛電盈的行動.

 
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