2007年6月14日星期四

評級機構


何解本港主權評級,總要低於新加坡。
何解新加坡值AAA,香港少一個。

評級機構總是一句一國之下香港主權評級,不能同祖國偏差。

評級機構可能不熟國情。但祖國強大評級機構亦忽然熱衷起來。正當經濟師指,內地經濟可能硬著陸之際大淡友穆迪就將中國列入正面觀察名單。

信貸評級機構是獨立的,但說倒尾同一般投資銀行又有可分別呢。

評級機構本身亦要爭生意,找更多公司申請評級服務。

與一般投資銀行研究報告分別在於可能投資銀行報告更全面,更重視業務前景,及估值。反之,評級機構僅考慮現金流,及不履行機會(DEFAULT RATE)。

一般而言獲評級機構給予低於投資級別評級外界稱垃圾評別。好等於公司被判死刑。

香港藍籌公司中亦有垃圾級別公司。中信泰富是也!

但自從獲垃圾評級以來中信泰富股價,盈利倒與垃圾評級背馳。是評級機構睇錯市,還是投資者無知!!

睇錯市好,分析有偏差問題不大。更大問題是行業缺乏制衡。有意見指無競爭力是評級機構最大問題。

但試想競爭大,評級機構「爭」生意更激可能形成更大道德風險。

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