2017年5月24日 星期三

組合變動 (24/5/17)

今日屋企人以$195的價錢出售100股港交所(388); 同時以$40.3的價錢購入500股中銀飛機租賃

16 則留言:

  1. 請教為何認為中銀飛機租賃比港交的吸引。

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    1. 其實2588並不一定比港交好, 這港交所是我接手前屋企人買落的, 我不喜歡高估值的周期股, 所以賣出收回資金:)

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    2. 中銀飛機租賃cashflow很強, 大部分都是定息債務(約2.5%), 長遠而言股息分派有增長空間

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  2. Student :

    1. 3988.HK holds 70% shareholding of 2588.HK
    2. At HK$40.3 : P/E 8.12; Dividend yield 3.46%; NAV~HK$38
    3. Final div.~HK$0.93 (Ex. div. date: 6Jun2017) coming soon

    I have no 388.HK or 2588.HK

    I have no idea about 2588.HK ...... I prefer 900.HK for receiving long run dividends.

    I hope you will be successful.

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    1. 港交所有獨特情況,我想不應以pe及yield直接比較

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    2. Student says:

      Hello Billy Sir,
      Can you kindly explain more ?
      Thanks a lot.

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    3. 港交所業績全靠每日成交額,我初買股票時每天成交額是約2億元,37年後現在是6、7百億元。升了多於300倍。
      港交所營運成本差不多是固定的,生意多了,成本也不會大增。

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    4. 388的業務敏感度超高,只要情勢一變,會升到你吾信,若不是>PE40的港交所,JP摩根為何不放?

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    5. student, 2588 is a dividend growing stock, therefore it would have a relatively high PB, as you see in cash-flow statement, its rental income is about 1B USD while paying 200-300 million USD interest as financial cost, its EBITDA is around 800million USD, in terms of yield and ROE it exceeds 8% and 12%, which is even higher than the criteria of what NWS CEO says [*NWS holdings (659) has an aircraft-leasing company Goshawk, which is also my favorite stock], therefore I believe 2588 is a quite good investment

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    6. 而中銀飛機租賃,我認為雖是不錯的租賃公司,但應不能與388直接比較。

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    7. 而因此我想聽下Hutchison看法。
      *吾好意思,打憂你的平台。

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    8. 冇問題, 我不覺得打擾:)
      其實388本質不錯, 壟斷, 營運成本低, 惟一估值太高我不喜歡, 長揸收息不合理(息率低), 要靠炒高賺錢不是不行, 不過我唔叻炒股票所以放棄, 其實我的投資風格跟長江基建相近, 都係主力買cashflow強而穩定既野

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    9. 仍有點不明,中銀為何分拆2588.它自己大把平息存款,興2588業務正好相輔相承。

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    10. 飛機租賃本身涉及大量借貸, 趁美國加息之前上市"益"散戶掛, 不過2588很多fixed-rate loans, 暫時(2-3年)仍然安全, 況且美國加息未必有想像中快

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  3. Student says :

    Hutchison Sir & Bill Sir ,

    I am understood now.
    I hope you two are right.
    Cheers !

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    1. Student's correction : Sorry Billy Sir, just carelessly mistyped "Bill Sir".

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