Wednesday, November 09, 2011

李超人起示範作用

區議會選舉,泛民輸了,但聽到有部分原因歸咎「唔知啲票喺邊度走出嚟!」,或者遭追擊等,但好像無人認錯,話自己做社區工作不足,未有早早做好選舉工作,特別是立法會議員空降落區,最終輸給新移民,真的單憑鐵票嗎?此外,相信泛民不會在選舉當日才知有鐵票吧!既然知道人家有動員能力,便應早作預備,並非捱打!

且看李超人就主動出擊,隻和記黃埔(013)繼10月公布一份內容重複的投資簡報後,昨突披露一份新鮮滾熱辣的營運數據和財務資料,提供第三季財務表現外,還有市場關注的電訊和港口業務表現,甚至刊載10月份的營運表現,代表會計和管理人員要發揮小宇宙,在短時間內整理各地數據。

該報告披露,首三季歐洲3G合約客戶淨增80.5萬名,即每月平均上客8.9萬名,但單是10月已淨增18.1萬名。此外,歐洲港口業務於上月的吞吐量雖比去年同期跌4%,但收益卻升4%,似乎想告訴大家,歐洲受債務纏身,但和黃於該區的業務未受負面影響。

儘管該報告並未經核數師審核,兼且純利欠奉,但分析員肯定有得忙,特別是第三季收益和未計利息、稅項、折舊和攤銷前盈利(EBITDA)均有雙位數增長,恐怕要計計是否需提高目標價了。該股昨日收報72.05元,跌0.1%。

李超人藉公布好消息以提振股價外,禤中怡覺得,是次舉動也可視為一個測試,就是集團能否具備公布季度業績的能力,畢竟業務版圖大,若能在短時間內整合業績,他日內地上海正式啟動國際板,供海外企業回歸上市時,和黃也可符合公布季度業績的要求。

禤中怡一向鼓勵公司披露愈多資訊愈好,可惜直至今日,港交所(388)依然故我,只要求按指引辦事,並非硬性規定,引致股市出現兩種資訊披露情況,有些公布季度業績,另一些卻一年只「露面」兩次,其餘時間則隱形。

此外,企業公布年度業績,往往可以於截數日後3個月內才披露,故有些公司便選擇在3月28日才公布截至去年12月底的全年業績,數據滯後情況嚴重,一般小投資者更是被蒙在鼓裡。

今次和黃能夠起帶頭作用,讓一眾華資大孖沙認真想一想,應否提高市場透明度,畢竟這些本地龍頭企業已經衝出香港,可惜披露制度卻依舊未變。用內地說法,就是未與國際接軌。

以前他們的藉口是每季公布業績,容易令管理層只會追求短暫業績表現,欠缺長遠視野,拖累公司發展,又或會用會計工作負荷量會大大增加等等,總之維持現狀最理想。

若果理據成立,大家就要望望超人的努力成果,禤中怡希望這次只是開始,港交所大員也請重新考慮,硬性規定公司公布季度業績。

(11月9日刊於《am730》)

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