HSBC announce 2010 interim profits of US$68 B , which is almost double that of last year. Markets respond very positively. HSBC management maintain the same quarterly dividend of US 8 cents, which I think is a very realistic dividend strategy. I also think that they will make a slight increase in the final dividend when results are more stable.
Before the annoucement, most investment banks forecasted HSBC profits from about $50B to over $100B, which made up a very big range. A major portion of this interim profits comes from reduction of reserves for doubtful accounts and fair value adjustments. Devils are in the details. We have to find out in coming days details of their profits before we can judge whether they have improved their profitability, and operating efficiency. One thing can be fairly certain though.... the business environment has much improved, and the danger of downward trend has turnarounded, despite the Euro zone debt situations.
I think HSBC shareholders can be quite assured with full year dividend of aro 4.5 to 5%, with a bit optimism on their second half of FY 2010. However, I would not bet for significant increase in HSBC prices.
Things are getting better and better !
We collect the most updated shopping news & discount deals from Hong Kong shops, and wish all visitors have an enjoyable shopping. We also conduct on marketing surveys, analysis, interviews on luxury goods spending behavior from China shoppers in Hong Kong, producing data reports on brand awareness, brand positioning, purchase frequency, store traffic & productivity.
August 2, 2010
July 8, 2010
Obama Export Advisory Council
How is the President doing? President Obama’s terms of presidency so far, like most of the US presidents, has been a bumpy one. Before he started his work in the oval office, he was passed with the enormous economic depression. People lost confidence on the banks and investment companies. Fortunately, Democrates have been holding majorities in both Congress and Senate. Without excessive challenges, the White House could still pass the aggressive TARP, together with practically zero federal interest rate policy from FED, US could narrowly escape a disastrous recession.
Right now, Obama administration is still deeply troubled by the nearly 10% unemployment which has shown little sign of coming down. There are lots of bright economists and finance experts around Obama, who have figured out the key to that are – how to raise US products competitiveness in world markets, and promote more exports?
Export Advisory Council President Obama announced today July 8, 2010 ...."Export growth leads to job growth and economic growth" He named 18 business, labor and government leaders to a new export advisory council. "At a time when jobs are in short supply, building exports is an imperative"
They have also highlighted China and South Korea as two of the key markets US firms should focus their laser beams to sell more.GM have just recently released that they have sold more cars in China than in US. That is a mix of embarrassment and strong red light to US policy makers, and possibly to Commerce Secretary, Gary Loh. They know this will happen one day, but it has come a bit too early for them to accept.
Will China buy more from US? Although China is now still the close no 2 biggest creditor of US, next to Japan, China have the most mobile telephone users with their enormous demand for telecom equipment. Goggle try to stay strong with American spirit, but ultimately have to work under China’s requirements before they can be awarded with the ICT license. Apple can warn Foxconn to take serious attention not to exploit the Chinese workers, but Steve Jobs certainly would be pleased to get the competitive costing from Foxconn while they can meet Apple’s stringent technical specifications.
President Obama calls for proposals from CEOs of top enterprises, and undoubtedly they are brilliant business leaders on how to increase exports to China. Probably, US products have to be advanced to sell in China, excel what Chinese can produce by themselves. China have made and implemented the TD-SCDMA for mobile networks, US have to prove and convince the Chinese that CDMA is still a much better solution, and have to be price competitive too.
Pharmaceutical sector might be a breakthrough. US are still having the biggest percentage of Nobel prize winners and possibly most top gun scientists with advanced research bases. Boeing can still sell more passenger planes to China, as long as Chinese leaders still find it comfortable to have the trade more balanced.
If the US still have 1/10 of the workforce left unemployed, the Democrates would be in huge risk of losing their mid term election, meaning they might lose their control in Congress and/or Senate. President Obama might be able to win a second term, if he can still get applause from the health reform and tackle the overall economic recovery. A day in politics can be too long, let’s deal with today first.
Editor: Dennis WK Leung 2009.75.003
Right now, Obama administration is still deeply troubled by the nearly 10% unemployment which has shown little sign of coming down. There are lots of bright economists and finance experts around Obama, who have figured out the key to that are – how to raise US products competitiveness in world markets, and promote more exports?
Export Advisory Council President Obama announced today July 8, 2010 ...."Export growth leads to job growth and economic growth" He named 18 business, labor and government leaders to a new export advisory council. "At a time when jobs are in short supply, building exports is an imperative"
They have also highlighted China and South Korea as two of the key markets US firms should focus their laser beams to sell more.GM have just recently released that they have sold more cars in China than in US. That is a mix of embarrassment and strong red light to US policy makers, and possibly to Commerce Secretary, Gary Loh. They know this will happen one day, but it has come a bit too early for them to accept.
Will China buy more from US? Although China is now still the close no 2 biggest creditor of US, next to Japan, China have the most mobile telephone users with their enormous demand for telecom equipment. Goggle try to stay strong with American spirit, but ultimately have to work under China’s requirements before they can be awarded with the ICT license. Apple can warn Foxconn to take serious attention not to exploit the Chinese workers, but Steve Jobs certainly would be pleased to get the competitive costing from Foxconn while they can meet Apple’s stringent technical specifications.
President Obama calls for proposals from CEOs of top enterprises, and undoubtedly they are brilliant business leaders on how to increase exports to China. Probably, US products have to be advanced to sell in China, excel what Chinese can produce by themselves. China have made and implemented the TD-SCDMA for mobile networks, US have to prove and convince the Chinese that CDMA is still a much better solution, and have to be price competitive too.
Pharmaceutical sector might be a breakthrough. US are still having the biggest percentage of Nobel prize winners and possibly most top gun scientists with advanced research bases. Boeing can still sell more passenger planes to China, as long as Chinese leaders still find it comfortable to have the trade more balanced.
If the US still have 1/10 of the workforce left unemployed, the Democrates would be in huge risk of losing their mid term election, meaning they might lose their control in Congress and/or Senate. President Obama might be able to win a second term, if he can still get applause from the health reform and tackle the overall economic recovery. A day in politics can be too long, let’s deal with today first.
Editor: Dennis WK Leung 2009.75.003
July 7, 2010
恒芯控股(8046) 盈利倍增，聚焦三網合一
恒芯控股(8046) 盈利倍增，聚焦三網合一
恒芯控股在創業版掛牌中型公司，在國內從事電訊網絡集成及芯片開發業務。近月公佈在江西及安徽有線電視雙向改造項目，加上季度業績大幅噌長，引起投資者注意。
截至第3季度盈利比同期勁升逾一倍 截至2010年3月31日之9個月，盈利達港幣1億5千萬 ，比去年勁升106%，營業額達港幣4億5千5百萬，升164%，毛利率 42.2%，成績亮麗。
配合國家三網合一政策，瞄準廣電網雙向改造工程 恒芯在湖北楚天中視項目已打響頭炮，提供20萬台機頂合，建設地面無線網絡及流動電視服務。國內廣電與電訊系統，各自獨立，亦存在競爭，人脈關係不同，一般電訊設備集成商需另建廣電銷售脈絡，恒芯在這方面會有先行者優勢。
但投資者亦要注意恒芯營業額中，有57% 來自地面無線數字網絡搭建項目，業務欠缺多元化，業績波動會較大。另外，自借殼上市以來，未有派息，未必能符合好息一族之要求。
撰文: 梁偉權
(資料來源: 恒芯控股年報) 2010.7.002
恒芯控股在創業版掛牌中型公司，在國內從事電訊網絡集成及芯片開發業務。近月公佈在江西及安徽有線電視雙向改造項目，加上季度業績大幅噌長，引起投資者注意。
截至第3季度盈利比同期勁升逾一倍 截至2010年3月31日之9個月，盈利達港幣1億5千萬 ，比去年勁升106%，營業額達港幣4億5千5百萬，升164%，毛利率 42.2%，成績亮麗。
配合國家三網合一政策，瞄準廣電網雙向改造工程 恒芯在湖北楚天中視項目已打響頭炮，提供20萬台機頂合，建設地面無線網絡及流動電視服務。國內廣電與電訊系統，各自獨立，亦存在競爭，人脈關係不同，一般電訊設備集成商需另建廣電銷售脈絡，恒芯在這方面會有先行者優勢。
但投資者亦要注意恒芯營業額中，有57% 來自地面無線數字網絡搭建項目，業務欠缺多元化，業績波動會較大。另外，自借殼上市以來，未有派息，未必能符合好息一族之要求。
撰文: 梁偉權
(資料來源: 恒芯控股年報) 2010.7.002
July 6, 2010
有線寬頻 (01097) 盈虧懸於一線
有線寬頻 (01097) 盈虧懸於一線
有線寬頻 6月底發出盈警，預期至6月30日之上半年，將錄得虧損，自2008年度連續虧損。投資者不禁問，有線寬頻有能力恢復盈利嗎？
英超2010至2013 獨家轉播權是救命草 有線寬頻以天價重奪英超，有望將收費電視用戶迅速增長。目前有用戶1百萬，若2010年底前能增長10萬用戶，估計可帶來營業額增加1億2千萬。
其它電訊業務缺乏增長動力 09年寬頻上網用戶下降，管理層歸咎於競爭對手減價，估計對手如城電會持續積極競爭，減價並提升網絡速度，優勝劣敗。另語音訂戶在 09 年內雖有輕微增長，但未察覺有何取勝板斧，估計 2010 年業務最多只能持平，對盈利增長無甚禆益。
有線新聞面臨多種媒體激烈競爭 近年電子傳媒發展一日千里，電腦 WIFI 上網，Blackberry，手機 iPhone, iPAD等，到處都能接收實時新聞資訊，另加上無線有互動新聞台，城電、NOW 等都在即時新聞領域競爭，有線新聞不容易佔得優勢。
故此，有線寬頻 2010 - 2013 之盈利懸於播放英超之上客情況、每戶收益，及英超轉播費用分攤。另外要視乎網上收看英超，及接收外地電視台之影響。以現時之科技發展迅速，互聯網世界發達，有線之獨家轉播末必有絕對保障。
有線寬頻 6月底發出盈警，預期至6月30日之上半年，將錄得虧損，自2008年度連續虧損。投資者不禁問，有線寬頻有能力恢復盈利嗎？
英超2010至2013 獨家轉播權是救命草 有線寬頻以天價重奪英超，有望將收費電視用戶迅速增長。目前有用戶1百萬，若2010年底前能增長10萬用戶，估計可帶來營業額增加1億2千萬。
其它電訊業務缺乏增長動力 09年寬頻上網用戶下降，管理層歸咎於競爭對手減價，估計對手如城電會持續積極競爭，減價並提升網絡速度，優勝劣敗。另語音訂戶在 09 年內雖有輕微增長，但未察覺有何取勝板斧，估計 2010 年業務最多只能持平，對盈利增長無甚禆益。
有線新聞面臨多種媒體激烈競爭 近年電子傳媒發展一日千里，電腦 WIFI 上網，Blackberry，手機 iPhone, iPAD等，到處都能接收實時新聞資訊，另加上無線有互動新聞台，城電、NOW 等都在即時新聞領域競爭，有線新聞不容易佔得優勢。
故此，有線寬頻 2010 - 2013 之盈利懸於播放英超之上客情況、每戶收益，及英超轉播費用分攤。另外要視乎網上收看英超，及接收外地電視台之影響。以現時之科技發展迅速，互聯網世界發達，有線之獨家轉播末必有絕對保障。
June 23, 2010
Telecom: 三網合一
國內發展由來政策主導, 要透視三網合一之投資機會, 讓我們先剖析有關政策框架:
(1) 2008年1月14日廣電局 (SARFT) 57號之文件提出於2010內建立統一省級有線電視台, 及完戓60%主要城市双向改造. 到2012年, 全國80%城市完成双向改造.
双向設備供應商如天地數碼 (0500), 恒芯控股(8046) 會有可觀盈利增長點.
(2) 2010年6月6日 張德江副總理於協調小組會議拍板由廣電局負責集成. 控播; 電訊負責傳輸. 2010至 2012為首試驗階段, 2013至 2015為次階段 .
廣電局王效傑司長 認為首階段會分4步進行:
1. 在原有網上，提供IP電話，高清電視
2. 組建國家級有線電視公司
3. 提供手機電視CMMB
4. 提供安全信息
(1) 2008年1月14日廣電局 (SARFT) 57號之文件提出於2010內建立統一省級有線電視台, 及完戓60%主要城市双向改造. 到2012年, 全國80%城市完成双向改造.
双向設備供應商如天地數碼 (0500), 恒芯控股(8046) 會有可觀盈利增長點.
(2) 2010年6月6日 張德江副總理於協調小組會議拍板由廣電局負責集成. 控播; 電訊負責傳輸. 2010至 2012為首試驗階段, 2013至 2015為次階段 .
廣電局王效傑司長 認為首階段會分4步進行:
1. 在原有網上，提供IP電話，高清電視
2. 組建國家級有線電視公司
3. 提供手機電視CMMB
4. 提供安全信息
June 18, 2010
Biotech: Diabetes & Insulin
Diabetes is one of the most common diseases threatening the people on the planet. Immunity disorder will cause Type I diabetes, and obesity(or over nutritous) without sufficient exercises, sports may lead to Type II diabetes.
The two types differ in many ways, but one thing in common - they do not have enough insulin for the body to "digest" the food.... so we need to fill up the pipeline for insulin. One of the ways is to inject insulin producing cells... the "islets" into the patients, and let them produce the needed insulin with automatic control on the released amount. Human islets can do it, and pig isets can do it which have the advantage of "more abundant " supplies.
If we have the right push to culture the pigs for extracting their islets ( we can still their organs for other medical purposes and have their meat for our food too), master sophisticated surgical skills to extract the islets and inject into proper human positions, with the right quantities, and keep these islets alive in the patients' bodies...... that will "cure" the diabetes wholly, or at least to a large extent.
This will be a major medical breathrough for the diabetic patients all over the world ( and could bring a Nobel prize winner !) . The important value is to relieve the diabetes from young patients, aged patients, and their familes..... and as a side product, will represent enormous business opportunities. It seems the large pharma companies do not like to push this idea, which will detach the patients from buying the insulin, supplies from these pharmas.
LETS GO FOR THAT !!
The two types differ in many ways, but one thing in common - they do not have enough insulin for the body to "digest" the food.... so we need to fill up the pipeline for insulin. One of the ways is to inject insulin producing cells... the "islets" into the patients, and let them produce the needed insulin with automatic control on the released amount. Human islets can do it, and pig isets can do it which have the advantage of "more abundant " supplies.
If we have the right push to culture the pigs for extracting their islets ( we can still their organs for other medical purposes and have their meat for our food too), master sophisticated surgical skills to extract the islets and inject into proper human positions, with the right quantities, and keep these islets alive in the patients' bodies...... that will "cure" the diabetes wholly, or at least to a large extent.
This will be a major medical breathrough for the diabetic patients all over the world ( and could bring a Nobel prize winner !) . The important value is to relieve the diabetes from young patients, aged patients, and their familes..... and as a side product, will represent enormous business opportunities. It seems the large pharma companies do not like to push this idea, which will detach the patients from buying the insulin, supplies from these pharmas.
LETS GO FOR THAT !!
May 26, 2010
Logistics & SCM
How to evaluate the DCs, logistics companies ... re efficient JIT, tracking, ... together with Hong Kong university professors
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