Wednesday, March 23, 2011

小小超新感情寄託

所謂有彈有讚,上周提到國泰航空(293)的危機處理能力不及同業,幸好該公司陸續採取補救行動,包括安排機票退款,無須再為轉飛其他地方而奔波。一位朋友原本乖乖的早早便退款了,只收回八成款項,幸好新政一出,旅遊代理通知取回差額,算是不幸中之大幸,可見國泰努力營造雙贏結局。

日本大地震令日式飲食業飽受可能遭輻射污染陰影的影響,禤中怡用行動支持,於周日光顧一間相熟居酒屋,相識的店長也承認客人少了。其實,日本東部以外的地方未受嚴重影響,況且食材已轉趨多元化,實在不宜作驚弓之鳥,禤中怡日後仍會光顧如儀。

投資同樣面對兩難,資深投資界朋友於日本地震當日選擇沽貨離場,避過之後的大跌市一役,實行採取觀望清楚再入市的策略。他坦言吸取上次金融海嘯的經驗,才會選擇迅速撤離。但望一望,恒指自上周四至今累積跌757點,國企股指數更幾乎收復大部分失地,在該段期間累跌150點而已,即使與日本相關的股份亦未有顯著回落,如國泰股價昨收報18.24元,累計僅跌1.2%。

當然,市場常有不同隱憂,特別是日本福島核電廠的核輻射洩漏萬一突轉惡化,投資者又會否再來瘋狂拋售,加上淡友幫一把,觸發另一次巨挫。但相信大家已經適應這種場面,正如「盲搶鹽」後,便不會再現搶購潮吧?

另一邊廂,電訊市場則未受影響,美國AT&T用總值390億美元(約3,042億港元)買德意志電訊(Deutsche Telekom)的美國流動通訊業務T-Mobile USA,再惹市場憧憬電訊商有價。AT&T出價相等於T-Mobile USA未計利息、稅項、折舊和攤銷前盈利(EBITDA)7倍,以去年底逾3,373萬名客戶計,每名值約9,018港元,反映企業又用收購擴充規模。

本港電訊市場同樣熱鬧,小小超感情落空後,或許更專注業務,電訊盈科(008)自願話,研究將電訊業務分拆,以商業信託方式上市,又是那句,探索機會為股東創造效益喎!

小小超用老父一招,但和黃(013)用相同方式分拆內地碼頭,持小部分股權便擁有控制和管理權,兼獲一筆現金供周轉,以龐大的和黃而言,確可藉此套現作再投資或減債,但對電盈股東來說,連核心業務也變成一個年年派穩定回報的信託基金,根本談不上甚麼前景可言,變相只是讓大股東「骨水」也!

此外,電盈收市後話,去年賺19.2億元,增長28%,看似不俗,其實旗下盈大(432)投資物業重估盈餘進貢逾11億元,粗略計即實賺8.2億元,但去年上半年純利已有7.6億元,那麼去年下半年的純利豈不是賺不夠1億元?

電盈股價昨日逆市跌1.1%至3.39元,相信小小超努力發揮財技的同時,倒不如積極改善業績。不過,有彈有讚,電盈在短短半年間增聘600人,令員工總數增至1.93萬人,可見小小超亦相當慷慨也。

(3月23日刊於《am730》)

5 Comments:

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