2007年7月30日星期一

滙控--一注獨X (新聞背後)

一注獨沽?

「滙控半年業績遠勝預期,解決次按問題進度亦比預期理想。」這是我們與本地大部分電子傳媒的表達方式及睇法。不過同一分業績,FT的Heading是「HSBC hurt by exposure to US subprime market」,焦點是報道撥備大升六成三。

是我們偏差了嗎?

正如很多分析員以及博客提出,今次滙控業績重點並非盈利有幾多,因為多了特殊盈利,連興業上市都可以入帳,業績點會唔好,反而重點是管理層點就次按問題解晝。

事實上,滙豐狠下心腸,劈低左八十億美元次按,加上風險最高的ARM大減三成,可以肯定係滙控已經放棄美國按揭市場,而更令人意外是紀勤表現。

Geoghegan一改上次公布業績時的哭衰樣子,不時強調自己半年前答應過大家,自己會訓身處理次按問題,而家終於兌現承諾云云…..看見他那副得戚樣子,雖然叫人有點看不過眼,但那分自信又很有說服力。

至於大行就當然一貫分歧,花旗話市場可能過分跨大subprime問題,認為業績有不少Positive signs(CIBM/ 亞洲/ 香港),不過一向睇淡的JP Morgan就繼續關注美國樓市去向。一注獨買定獨沽,似乎未係咁快有答案!

5 則留言:

Cory 說...

看見匯豐係高增長地區既活躍表現, 市場好快會唔記得佢地有美國業務.

MoneyCafe 說...

說實在,亞洲+香港佔盈利46%,真係有點令人意外。
不過美國subprime陰霾,唔會咁快散去。

pakman 說...

I repeat... 一注獨沽賣匯豐

pakman 說...

hahahahahah

匿名 說...

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