Wednesday, November 14, 2012

英超輪流轉


一個政府有錢確易辦事,派錢愈派愈多,由幼到老的保障設施皆有涉獵,但有時覺得,照顧窮人實屬必須,但大家也不能太依賴政府,雖然工作辛苦,若失去拼搏精神,只等派錢,可能弄巧反拙。

近期港股交投淡靜,同證券界朋友談起也覺慘烈,幸好近月大市終反彈,並獲內地大款捧錢過來。這位在中資行服務的朋友話,大行如高盛、摩根大通等名字當然響噹噹,或許大款總擔心外資行要雞同鴨講,兼且對自己友的中資機構多一份信任,所以最近亦取得不少生意機會。

這位在金魚缸打滾多年的朋友又話,內銀股常常被指隱藏貸款、壞帳危機等等,但風險傳出多時,始終未見爆災難,加上阿爺的「照顧」,確可買些收藏。

禤中怡見到銀監會主席尚福林承認,不良貸款反彈,但內銀盈利不差,可做多點撥備,便可發現監管機構早作準備,讓銀行賺多點錢便可解決,便知朋友所言非虛。

未知是否真的錢多,見到電訊盈科(008)獲得英超聯賽由2013至2014年球季起3季獨家播映權,踏入獨家磋商階段,日後每季播380場賽事,意味又要使一大筆了。截至6月底,電盈現金水平雖降至49億元,與上一次傳聞英超播映權值200球美金(約15.6億港元)計,若果再分期支付,相信有足夠資源應付。

猶記得於09年有線寬頻(1097)奪得英超播映權後,股價曾急漲44%,而當時落敗的電盈股價回落,未知今日開市後會否世界輪流轉。

當時電盈董事總經理艾維朗認為,投標價推高至一個不符經濟原則水平是不對的,因為成本最終轉嫁予客戶,令客戶難以負擔,亦不符合股東利益,而當時省下的英超投資將有助提升now的盈利情況。

電盈今次再買英超播映權,相信要說服客戶,日後收費可承擔,並向股東說利益不受損。

3年後發現,有線寬頻於2010年和2011年營業額分別有14%和5%的增長,可惜兩年也要蝕錢,而今年上半年續輸近億,或許不能單看英超影響,公司營運能力等也會受拖累,播放一項受歡迎的運動不一定等於執金蛋。

至於電盈失去英超後,其媒體業務的未計利息、稅、折舊和攤銷前盈利急彈,從2010年的2.3億元漲至去年的6.3億元,足足大增1.7倍,可見這個「足球」影響之深。

儘管新免費電視牌照未出籠,但收費電視商準備內容留客也屬應戰招數之一,總勝過自己不改善,卻抗議濫發牌照,影響自己盤生意。不過,望著朋友上網盜看英超,做法當然不對,但究竟今日還有多少人願意每月付鈔睇英超呢?

(11月14日刊於《am730》)

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