Monday, August 12, 2013

百佳講故仔

上周才話傳媒有價有市,怎知說時遲、那時快,《華盛頓郵報》就易手,歸入新經濟人物的亞馬遜創辦人貝索斯(Jeff Bezos)手中,但價錢只係麻麻,不知其他公司買賣會否又出現呢,事先聲明,本人也是估估吓吧了。

在本港財經界則出現洩密又尷尬的場面,像國資委於上周四竟於本港股市交易時段,提早洩漏中國聯通(762)中期業績的罕見事件,觸發醒目投資者追炒一轉!

見到這種場面,不禁想了解,究竟有多少高層、中層和基層員工能夠處理那份業績報告,當中又有否採取措施,避免有人先睹為快,甚至炒早一步呢?

引申出來的問題更恐怖,究竟其他國企股又是否存在相同問題?企業管治又是否蕩然無存?

此外,聯通在復牌公告中又沒有交代事件、原因等,港交所(388)卻又開綠燈,讓這隻藍籌股恢復買賣,果然容忍度夠高。儘管聯通管理層有解話,但事件牽涉資訊公平性,連白紙黑字的聲明也可免除交代?相信以港交所對所有上市公司的一致性處理態度,不會憑對方是國企加藍籌而提供優待的!

近期另一個外洩的,就是一向「口密」的和記黃埔(013)旗下屈臣氏集團計劃賣百佳超市。禤中怡也聽聞,「818,百事佳」,且看下周是否有消息落實。

望望屈臣氏版圖,原來這個在33個國家經營業務的公司已有逾1.1萬間門市,但旗下品牌多是健康護理等,百佳的超市業務反而成為單一部門,即所謂非核心業務也,只是在港門市眾多才產生錯覺而已。

百佳發展多年,究竟是否沒有增長故仔可言?在本港,根據尼爾森Homescan統計,在快速消費品及新鮮食品零售市場中,百佳佔有率確屬第一,佔19%,比第二位高4個百分點,惟目前佔最大的,仍是街市的38%,可見依然具有發展空間。

內地方面,據廣東省連鎖經營協會的2012年數據顯示,百佳去年營業額40.7億元人民幣,門市亦只有51間,以生意額而言,亦只排第15位,規模的確不算大。

不過,該集團似乎未有像其他外資般瘋狂擴張,難怪和黃大班霍建寧曾向分析員話,百佳整體邊際利潤有6%,相信內地業務也要有利潤貢獻,方可達到該水平,亦才有能力繼續擴張,否則單靠本港業務,根本難以支持該利潤水平。

相反,望望華潤創業(291)上周話,要與英國樂購(Tesco PLC)組中港合營零售企業便知道,縱然樂購在內地有多達131間店舖,但要達到有盈利經已不易,故也要找中國通幫手。

過去依靠不斷開店,先搶內地市場的策略,似乎並非致勝之道,百佳會否成為下一個幫助外資的中國通?

(8月12日刊於《am730》)

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