Thursday, August 13, 2009

和黃賣「夥伴」

李嘉誠出售夥伴?其實是長和系再表演將巨額資產脫手兼獲厚利的交易,旗下和記電訊國際(2332)以107億元,出售以色列流動通訊業務Partner Communications的51.3%股權,為長和系下半年業績鎖定巨額盈利,避免核心業務倒退,影響股東應佔溢利也!

交易又可反映現時電訊市場情況,以作價計,這個「夥伴」整體企業價值約208億元,而該公司早前公布,第二季流動電話客戶淨增長4.1萬名,而致6月底止,客戶總數為294.4萬名,即每名客戶的價值約7,065元,等於約905美元。

需注意的是,這次交易跟上次賣印度流動電話業務有些分別,因為印度所用的,是2G制式,而Partner的客戶當中,有110萬名為3G客戶,正好為3G服務的價值提供指標作用。當然,以色列並非成熟市場,買家亦為當地公司,不屬跨國性交易,但反映流動通訊市場重新恢復有價,且看和黃今日公布業績時,如何演繹3G的未來策略。

不過,即使和電國際再向阿媽派送巨額股息,但由於和黃旗下3G業務前景依然等轉勢,加上資金需求仍存在,和黃股東不用期望有股息提升機會,但拆骨賣肉,起碼能夠紓緩現金流,並有助減低負債。

講起債,原來國家開發銀行在港發行的新一批人民幣債券將於明日截止認購,見到《am730》話已有16億元人民幣認購額,反映較最低發行額10億元人民幣超額0.6倍,與以往比較,未算十分熱烈,或許與股市氣氛暢旺影響外,認購麻煩多多,也是認購較冷淡的原因之一。有認購人幣債券的朋友話,曾往銀行申請認購東亞銀行(023)人民幣債券,當日有客戶也在聽投資風險,本來問題不大,萬料不到,談到發行機構為東亞中國,又話該機構可能無法償還本金風險云云,嚇得該客最終打退堂鼓,放棄認購,就知道這種銷售制度有多擾民。

朋友更話,除了例牌花逾句鐘解釋所有認購手續外,更被職員訓示怎樣處理,例如職員話,會安排另一名職員負責做風險評估時,著他謹記較傾向投資債券,不要話較喜歡投資股票,否則會屬於另一類投資者,分分鐘不合資格買人幣債券,可見上有政策,下有對策。

幸好人民幣債券陸續有來,滙豐銀行準備下周發行其首批零售人幣債,聽聞年息有2.55至2.56厘,即比國開行今次發債年息2.45厘為高,因為後者具國家級信用,當然不用高息搶客,但獅子銀行的年息又比東亞銀行早前批人幣債年息2.8厘為低,莫非以商業銀行來作比較時,前者評級較東亞高,故可以用較優惠利息水平為之。

投資界朋友話,現時每間銀行每日限兌換兩萬元人民幣,故想試試連開5間銀行的人民幣戶口,屆時每日可兌換10萬元人民幣,想大額入市購人幣債也無有怕。禤中怡卻提醒他,用結算所自動轉帳系統(CHATS),將各銀行戶口資金歸納至一個認購戶口時,需注意收費問題,否則利息也不夠支付費用。

(8月13日刊於《am730》)

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