2.6.06

心急

本來一心等年報面世才大寫特寫,似乎等唔切。

  聯想(992)宣布,與IBM訂立協議,容許後者的股票禁售期提早一年。本來分三年每年只賣三分一,現在即時可以賣三分二,下年11月1日後全部賣得。

  IBM趕頭趕命,想早日沽清,再加上聯想去年業績令人失望,雙重打擊,睇怕應該沒有券商夠膽在這時出份報告叫Buy。

   聯想容許IBM提早沽清,寥寥數筆,沒有說明基於什麽原因,似乎欠投資者一個公道。IBM手持接近一成上市股票。如果當中六億幾股隨時可以拋出市場,以 平時大約兩千萬股成交,要成個幾月才賣晒。不過,25號簽訂協議,之後的成交已升至每日四千萬股、七千萬股,到30號更超過一億股,證明有人已經急不及待 拋貨,要錢不要股。

  聯想業績差,係人都知,但如果數洞悉聯想未來底蘊者,首推IBM。等多一年都等唔切,可想而知在IBM心中,聯想將來有多少斤両。

  買入IBM PC之後,聯想業務遍布世界。不過,最賺錢的卻是大陸,有近6% margin。美國?1%都冇。

  聯想去年花了五億幾重組費用,公道一點,會否只不過一時失手,以後會有好日子過?但未計入所謂重組費用,美國都只不過是1%多少少。換言之,花一百億買一盤大生意回來,反不及自己地頭那檔舖頭仔好賺。

  聯想還有其他地方大把有得寫,留待足本真身亮相時,才跟你算賬。

7 comments:

Anonymous said...

內地傳媒都很克制,普遍低調處理聯想盈利大倒退的新聞(典型例子:新聞標題只寫”聯想公布四季度財報”,不談盈利表現),如果不是自我審查的話,只能說聯想的公關能力很強。

Anonymous said...

聯想容許修改terms, 俾IBM 提早沽貨.

吾覺IBM 有俾錢買"提早沽貨"的權利.

聯想咁咪即係免費送了個OPTION 給IBM?

well, 雖然吾識計呢個option 值幾多錢, 但總之係錢o黎架...乜佢地咁豪爽....

難為炒生炒死但吾自己炒乜窩輪的散戶....

Anonymous said...

不知現時還有沒有證券行叫buy呢?

Anonymous said...

有呀!大摩睇4元。
別忘記聯想中國區一年可賺12、3億元純利,股價跌至現水平,不宜看得太淡。

Anonymous said...

今次方生直頭關門4日

出書唔得閑?

Anonymous said...

A real fan is going to watch the World Cup

Anonymous said...

Why Lenovo can make good NP$/NP% in China but not other part of world ?

Mr Yeung said that he is willing to give up profit for maintaining mkt share in China as Dell, HP, Acer etc ... are gaining share in China. (reference - http://hk.biz.yahoo.com/060531/240/1ocdo.html?s=0992.hk).

Unless Lenovo can turn around, a big turn around, in oversea within a short period of time. The future of Lenovo is a big question.

That's always interesting to benchmark Acer Vs. Lenovo. Acer is very success in Europe and now big gain in China and going to US. Very high potential that Acer will overtake Lenovo to be #3 PC company in the world within this year.

As Chinese, a mix feeling for tracking these 2 companies ...