2007年5月28日星期一

東施效顰


淡馬錫控股今日無人不曉,包括中國、日本、南韓、台灣同泰國,無不「東施效顰」,有樣學樣,有無人估到呢間被譽為最成功的國家投資公司,在零三年、幾乎要重組先救得番!

一切都要靠一個「何晶」!~

何晶何許人也?是當時副總理、現任新加坡總理李顯龍之妻,亦是前任「Singapore Technologies」總裁,當年何晶被任命為淡馬錫控股執行董事兼CEO,曾在國際媒體上引起風波,不少人批評新加坡再次「任人為親」。

不過,「任人為親」就正是新加坡政界商界特色,何晶老公正情是「人辦」!

淡馬錫的市值,一度由二千年一千億新加坡元,跌至零三年只有六百億坡元,之後要求改革聲音不斷,而何晶當日亦是「臨危受命」,最終「力挽狂瀾」。截至去年三月底,已經升至一千三百億坡元,而經過一年股市狂升,金融時報保守估計,市值至少有一千五百億坡元。

由政府牽頭的投資公司,一向被視為缺乏效率,做投資決定多以保本為上,結果好多時連本都蝕埋,點解一個淡馬錫可以違反經濟學的理論?

1974年成立以來,淡馬錫的投資是以國家企業為主,新加坡電信、新加坡航空、星展銀行的大股東都是佢,不過過去的投資策略都是以保守為主,直至何晶上任,佢第一件做的事情,不是即時大改投資策略,而是改變淡馬錫的透明度。

點改?

唔係要更加神秘、反而係要加強透明度,包括首度提供財務報表,建立回報指標,撤換不稱職管理層。直情將淡馬錫當成私營機構運作。
而03年披露的十年平均回報率,只有百分之三,但到翌年回報率而大幅提高至46%,被認是何晶個人功勞,批評聲音亦都絕跡。

何晶另一功是大幅提高淡馬錫派息水平,結果不是令資金減少,反而是大幅提高基金規模,原因係投資者更願意將錢放在淡馬錫,爭取更高回報,亦做就淡馬錫海外拓展步伐。

而何晶決定將淡馬錫三分二資產放到海外,亦令公司面對更高風險行業、同時亦取得更高回報,好像中行及建行都是基礎策略投資者,而持有渣打一成一股權,更是單一最大股東。

國家外匯投資公司,要學做淡馬錫,首先要做的、不是投資黑石呢類高風險公司項目,而是要學何晶提高透明度、引入指標,汪先生,你做得到嗎?

3 則留言:

WUMAN 說...

sorry, there is nothing related to this post, but i was surprised by some of the quality topic recently at MONEY CAFE, and i ONLY noticed that after 3 wks watching, that U HAVE U OWN BLOG .... the slip sec. at the end of the show, with this blog address does NOT make this place popular at all, and should kind of generate some noise at this place, with quality topic, dont waste it !! hope someone will come across with this .... keep it up !!

MoneyCafe 說...

wuman

It's really inspiring to hear your admiration.

For the blog, it's original planning was a extension of the program. It reflect our point of view toward the topics and want to raise some discussion with our viewers. As first session posted, we don't believe a complete media neutral, and more discussion always help to see a clear picture.

Thanks for your kind advices and we hope to find some way to promote ourselves (i.e. our weakness link...)

wuman 說...

well....whoever taking care of this blog, ...(or.. GROUP of staff, which i doubt) i hope i am not adding any of u daily work load ... as u mentioned u try to promote HERE ?? ... DONT! if is u personal piece of work....


MOREOVER, if u want to practice more under this bases, here could be a gd playground to deal with, rather than take it too seriously imo,

as a traditional media (TV) ... people (bosses usually) tends NOT to believe in new "new" media...so u all better save all the goodies for the show, and BS further here somehow!

WR