Monday, March 24, 2014

李超人的秘密武器

正當新鴻基地產(016)發紅利認股證及新世界發展(017)供股逾百億元,另一地產大孖沙長江實業(001)竟然將所收旗下和記黃埔(013)的特別股息「派凸」予股東,反映資金之充裕,唯一能解釋的,就是該系早已藉分拆業務上市籌集大量資金在手。
數數手指,2011年長實拆匯賢產業信託(87001)、而和黃更已分拆港口於新加坡上市、旗下電能實業(006)拆港燈電力投資(2638),最有趣的是,悉數是信託式上市,仍控制管理權。
和黃上次大派特別息,已是07年仍上市的和記電訊國際售印度流動電話業務獲利870億元後,每股派特別息6.75元。
事隔7年後,由從事零售業務的屈臣氏集團接力,引入新加坡淡馬錫做股東,一來可以為這個隱藏的資產提供一個明確的估值,即整個屈臣氏集團值約1,763億元,而且「進可攻、退可守」,萬一市況逆轉,又可像以往電訊低潮期般,向股東低價買回英國3G業務股權,而在好景時,自然能以更高估值獨立上市。
對淡馬錫而言,該交易除了賺得投資回報外,或許更可助新加坡交易所贏得一隻巨型新股登陸,令對手倫敦交易所只能遙望長嘆。
或許大家較少留意,和黃管理層早於2011年時,已定下一個5年目標,希望屆時能將每股盈利(EPS)翻一番,按當時不計投資物業重估及出售投資的經常性EPS為5.29元計,即要見10.58元,而2013年該EPS已升至7.28元,較2011年度已累升37.6%,意味未來兩年要再升45%方可達標。
屈臣氏集團亦早於2011年定下於2016年前於內地開設3,000家「屈臣氏個人護理店」分店,目前已逾1,700間,發展速度依然驚人。
不說不知,屈臣氏集團早年大舉進軍歐洲,買入的Marionnaud經已擁有逾1,100間店舖,但卻非一帆風順,因為要調整各品牌的物流系統、人力資源等後勤部門,過去幾年也花了不少時間去整合各品牌業務,隨著逐步走出歐債危機,相信該市場也邁向發展期。
李超人最成功之處除了財技外,最厲害的是擁有一隊極其厲害的團隊,聽聞在短短一星期內,便要走訪歐洲多個國家,巡視業務外,即使日常在港,面對時差情況下工作絕不輕鬆,恍如自己經營一盤生意般。
當然,目前較繁忙的相信是霍大班,因為他要歐港兩地走,特別是要應付收購愛爾蘭另一電訊經營商的業務,需先獲歐盟開綠燈方可,遊說工作應不可少,聽聞大約5月底有眉目,但結果料比預期早,而若果整合成功,下一個隱藏價值的業務,相信是流動通訊業務了。

(3月24日刊於《am730》)

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