AIG借400億美金
American International Group, Inc. (AIG)於 11:01 下午 HKT：6.810 USD 5.33 (43.90%)
買入:
N/A
賣出:
N/A
昨日收市 :
12.140
開市:
7.120
成交量:
170,060,625
一年目標價:
5.820 - 7.670
52週波幅:
13.820 - 70.130
P/E (ttm):
N/A
市值:
18.31B
每股盈利 (ttm):
-2.237
股息及溢利:
0.820
每手股數:
N/A
平均成交(3個月):
44,552,100
更新時間:
11:01下午 HKT
2008年9月15日星期一
雷曼破產華爾街早上急挫
雷曼破產華爾街早上急挫
9月 15日 星期一 22:00 更新
美國投資銀行雷曼兄弟破產，引發金融危機，環球股市急跌，紐約股市道指初段跌大約三百點。
道指開市約十分鐘報11134，跌287點；納指報2208，跌52點；標普500指數報1215，跌36點。
繼今年三月美國第五大投資銀行貝爾斯登因瀕臨破產而被摩根大通收購近半年之後，華爾街再次出現令人震驚的消息。
美國第四大投資銀行雷曼兄弟公司宣布申請破產，而同一時間，美國銀行宣布以500億美元收購美林證券。
美國財政部長保爾森、證券交易委員會主席考克斯，以及來自花旗集團、摩根大通、摩根士丹利、高盛、美林公司的高層星期日雲集位於曼哈頓的紐約聯邦儲備銀行總部，這已經是他們為拯救雷曼連續第三天碰頭議事。
但最終曾有意收購雷曼的英國巴克萊銀行和美國銀行當天均退出。
由於雷曼與一眾投資銀行、證券商、對沖基金，甚至保險機構有著千絲萬縷的聯繫，破產產生的衝擊波迅速擴散到整個金融市場。
受此影響，亞洲股市出現下跌，其中新加坡跌3.27%；印度跌3.35%，澳洲跌1.8%；台灣跌4.09%；內地和香港因假期休市。歐洲股市亦下挫大約4%至5%，特別是金融類股票。(綜合外電)
9月 15日 星期一 22:00 更新
美國投資銀行雷曼兄弟破產，引發金融危機，環球股市急跌，紐約股市道指初段跌大約三百點。
道指開市約十分鐘報11134，跌287點；納指報2208，跌52點；標普500指數報1215，跌36點。
繼今年三月美國第五大投資銀行貝爾斯登因瀕臨破產而被摩根大通收購近半年之後，華爾街再次出現令人震驚的消息。
美國第四大投資銀行雷曼兄弟公司宣布申請破產，而同一時間，美國銀行宣布以500億美元收購美林證券。
美國財政部長保爾森、證券交易委員會主席考克斯，以及來自花旗集團、摩根大通、摩根士丹利、高盛、美林公司的高層星期日雲集位於曼哈頓的紐約聯邦儲備銀行總部，這已經是他們為拯救雷曼連續第三天碰頭議事。
但最終曾有意收購雷曼的英國巴克萊銀行和美國銀行當天均退出。
由於雷曼與一眾投資銀行、證券商、對沖基金，甚至保險機構有著千絲萬縷的聯繫，破產產生的衝擊波迅速擴散到整個金融市場。
受此影響，亞洲股市出現下跌，其中新加坡跌3.27%；印度跌3.35%，澳洲跌1.8%；台灣跌4.09%；內地和香港因假期休市。歐洲股市亦下挫大約4%至5%，特別是金融類股票。(綜合外電)
2008年9月14日星期日
AIG信用評級面臨調低
作為全球最大保險商的AIG，目前正受信用評級面臨調低的消息困擾，信貸違約調期周五急漲72基點至760基點，為歷史新高，引發市場恐慌，股價早段急跌近三成。AIG過去3季共錄得185億美元虧損，在5月時已集資203億美元，但專家稱「很難估計」AIG還要再籌集多少資金。
2008年9月13日星期六
AIG股價又下跌２０．９８％
American International Group, Inc. (AIG)於 12:31 上午 HKT：13.180 USD 4.37 (24.90%)
昨日收市 :
17.550
開市:
今日波幅:
13.010 - 15.400
52週波幅:
13.820 - 70.130
P/E (ttm):
N/A
市值:
35.44B
每股盈利 (ttm):
-2.24
股息及溢利:
0.820
昨日收市 :
17.550
開市:
今日波幅:
13.010 - 15.400
52週波幅:
13.820 - 70.130
P/E (ttm):
N/A
市值:
35.44B
每股盈利 (ttm):
-2.24
股息及溢利:
0.820
渣打集團以股代息
上星期收到渣打集團2008的半年業績報告以及中期股息的有關文件, 股東可以選擇以股代息, 換股價為每股26.0148美元或202.91544港元. 由於筆者認為現時市價係$201.00太接近換股價,換股未有so.未有final decision.
由於筆者現時大全部H股是自己名的實貨股票, 所以不需要交10%的股息稅, 也算是持有實股的好處.但未來持有實股可能都要交10%的股息稅,所以無需張證券行的H股轉持實股; 雖然現時H股一般的息率(Dividend Yield) 都不算高, 以平保為例, 中期股息0.2人民幣或0.2273港元, 如果筆者收足股息有2272港元, 如果扣除10%股息稅實收2,045, 相差227元. 股息稅絕對是雙重徵稅, 因為有關企業已經繳交利得稅, 股票收到的股息是來至已經除稅後的盈利, 再抽股息稅, 就等於同一筆來至企業賺取的盈利被徵收2次稅項.不過, 中國不是唯一雙重徵稅的國家, 筆者是945宏利的股東, 股東如不是加拿大籍的公民, 要繳交25%的股息稅. 至於美國, 美國公司的股東要交30%股息稅, 外國人無得走雞,但現時美國公民就可免稅．股票資產價格上升賣出後，股票持有人力仲要交30%增值稅,非美國公民的股東簽署 W8 Ben form則可以豁免資本增值稅. 所以如果因為這個理由而沽貨令到股價大跌, 筆者認為只是一個藉口, 或者乘機質低大市, 所以筆者認為股市下跌基本上同10%股息稅關係不大.
由於筆者現時大全部H股是自己名的實貨股票, 所以不需要交10%的股息稅, 也算是持有實股的好處.但未來持有實股可能都要交10%的股息稅,所以無需張證券行的H股轉持實股; 雖然現時H股一般的息率(Dividend Yield) 都不算高, 以平保為例, 中期股息0.2人民幣或0.2273港元, 如果筆者收足股息有2272港元, 如果扣除10%股息稅實收2,045, 相差227元. 股息稅絕對是雙重徵稅, 因為有關企業已經繳交利得稅, 股票收到的股息是來至已經除稅後的盈利, 再抽股息稅, 就等於同一筆來至企業賺取的盈利被徵收2次稅項.不過, 中國不是唯一雙重徵稅的國家, 筆者是945宏利的股東, 股東如不是加拿大籍的公民, 要繳交25%的股息稅. 至於美國, 美國公司的股東要交30%股息稅, 外國人無得走雞,但現時美國公民就可免稅．股票資產價格上升賣出後，股票持有人力仲要交30%增值稅,非美國公民的股東簽署 W8 Ben form則可以豁免資本增值稅. 所以如果因為這個理由而沽貨令到股價大跌, 筆者認為只是一個藉口, 或者乘機質低大市, 所以筆者認為股市下跌基本上同10%股息稅關係不大.
2008年3月24日星期一
2008年3月20日星期四
Visa
the biggest IPO in U.S. history, Visa Inc. shares soared 28 percent in their stock market debut Wednesday as investors bet an accelerating shift to electronic payments will enrich the world's largest processor of credit and debit cards.
After being priced above expectations at $44 per share in an initial public offering that raised nearly $18 billion, Visa shares finished at $56.50 on the New York Stock Exchange Wednesday. The run-up gives the San Francisco-based company a market value of about $45 billion.
"This is an exciting and historic day for Visa," said Chairman Joseph Saunders, who received a $10.2 million bonus last year for laying the IPO groundwork.
Investors believe Visa is in a lucrative position as more people rely on its electronic network to make payments instead of using cash and checks. The company is expected to milk the phenomenon to become an even bigger cash cow than it already is.
Visa generated $5.2 billion in annual revenue last year as it handled more than more than 44 billion transactions totaling more than $3.2 trillion. The volume puts Visa far ahead of its main rival MasterCard Inc., whose own shares have more than quintupled from their May 2006 IPO price of $39.
Making Visa even more alluring to investors, the company is well-insulated from the credit problems that have scarred many of the lenders that issue the cards bearing its brand.
Unlike those lenders, Visa doesn't carry any consumer debt on its books. It depends on transaction fees, which have been steadily rising for years, including the past two U.S. recessions in 1991 and 2001.
Since the last recession, Visa has enticed consumers to use its credit and debit cards more frequently to pay for staples like groceries, gas and even utility bills. Visa estimates about 42 percent of its transactions fall into this "nondiscretionary" category, up from 27 percent in 2000.
"Visa enjoys one of the widest economic moats that a company can desire," Morningstar analyst Michael Kon wrote in a Wednesday research note.
Reflecting management's confidence, Visa anticipates annual earnings growth of at least 20 percent for at least the next two years. The company got off to a fast start in its fiscal first quarter ending in December with a $424 million profit, up 70 percent from the previous year.
Visa overcame turbulent market conditions to shatter the previous U.S. record IPO of $10.6 billion raised by AT&T Wireless eight years ago.
"To sell 400 million shares at a time like this is Herculean," said David Menlow, president of IPOfinancial.com
Investment bankers could still exercise an option to buy another 40.6 million Visa shares during the next 30 days. If that happens, Visa's IPO will end up raising $19.7 billion before expenses.
Visa has earmarked nearly $12 billion of the IPO proceeds to buy back shares from the banks that helped build up its network over the past 50 years. The biggest chunk, about $1.36 billion, will be paid to its largest customer and shareholder, JPMorgan Chase & Co., according to an updated breakdown filed late Wednesday.
Other major banks cashing in on Visa's IPO include: Bank of America Corp., National City Corp., Citigroup Inc., U.S. Bancorp and Wells Fargo & Co.
The windfall comes a propitious time, given the banking industry's wobbly condition as billions of losses pile up from the housing market's worst downturn since the 1930s.
Another $3 billion from the IPO is being deposited into an escrow account to cover potential liabilities in lawsuits alleging Visa conspired to stifle competition and fix prices.
Those legal problems represent one of the biggest risks to owning Visa stock, although the company's management maintains the escrow account and contingency measures should adequately protect investors. Visa paid more than $2 billion late last year to resolve a suit with American Express Co., but a similar case brought by Discover Financial Services LLC is scheduled for a Sept. 9 trial in New York.
Visa's dependence on only a handful of banks that issue most of its cards poses another possible downside, said Aite Group analyst Gwenn Bezard. The company's five largest customers accounted for $1.2 billion, or 23 percent, of its revenue last year.
Big card issuers like JPMorgan already get special discounts and the pricing pressure on Visa could intensify if more industry mergers further decrease the number of banks using its processing network, Bezard said. That might crimp Visa's profits.
For now, Visa is planning to trim about $300 million in expenses during the next two years to boost its operating profit margin from 37 percent.
Menlow and other analysts don't view Visa's blockbuster IPO as a sign that jittery investors have suddenly become more interested in taking chances on companies going public for the first time.
"This is more like an oasis in the desert," Menlow said.
The arid conditions have produced just 22 IPOs far this year, down from 47 at the same juncture in 2007.
After being priced above expectations at $44 per share in an initial public offering that raised nearly $18 billion, Visa shares finished at $56.50 on the New York Stock Exchange Wednesday. The run-up gives the San Francisco-based company a market value of about $45 billion.
"This is an exciting and historic day for Visa," said Chairman Joseph Saunders, who received a $10.2 million bonus last year for laying the IPO groundwork.
Investors believe Visa is in a lucrative position as more people rely on its electronic network to make payments instead of using cash and checks. The company is expected to milk the phenomenon to become an even bigger cash cow than it already is.
Visa generated $5.2 billion in annual revenue last year as it handled more than more than 44 billion transactions totaling more than $3.2 trillion. The volume puts Visa far ahead of its main rival MasterCard Inc., whose own shares have more than quintupled from their May 2006 IPO price of $39.
Making Visa even more alluring to investors, the company is well-insulated from the credit problems that have scarred many of the lenders that issue the cards bearing its brand.
Unlike those lenders, Visa doesn't carry any consumer debt on its books. It depends on transaction fees, which have been steadily rising for years, including the past two U.S. recessions in 1991 and 2001.
Since the last recession, Visa has enticed consumers to use its credit and debit cards more frequently to pay for staples like groceries, gas and even utility bills. Visa estimates about 42 percent of its transactions fall into this "nondiscretionary" category, up from 27 percent in 2000.
"Visa enjoys one of the widest economic moats that a company can desire," Morningstar analyst Michael Kon wrote in a Wednesday research note.
Reflecting management's confidence, Visa anticipates annual earnings growth of at least 20 percent for at least the next two years. The company got off to a fast start in its fiscal first quarter ending in December with a $424 million profit, up 70 percent from the previous year.
Visa overcame turbulent market conditions to shatter the previous U.S. record IPO of $10.6 billion raised by AT&T Wireless eight years ago.
"To sell 400 million shares at a time like this is Herculean," said David Menlow, president of IPOfinancial.com
Investment bankers could still exercise an option to buy another 40.6 million Visa shares during the next 30 days. If that happens, Visa's IPO will end up raising $19.7 billion before expenses.
Visa has earmarked nearly $12 billion of the IPO proceeds to buy back shares from the banks that helped build up its network over the past 50 years. The biggest chunk, about $1.36 billion, will be paid to its largest customer and shareholder, JPMorgan Chase & Co., according to an updated breakdown filed late Wednesday.
Other major banks cashing in on Visa's IPO include: Bank of America Corp., National City Corp., Citigroup Inc., U.S. Bancorp and Wells Fargo & Co.
The windfall comes a propitious time, given the banking industry's wobbly condition as billions of losses pile up from the housing market's worst downturn since the 1930s.
Another $3 billion from the IPO is being deposited into an escrow account to cover potential liabilities in lawsuits alleging Visa conspired to stifle competition and fix prices.
Those legal problems represent one of the biggest risks to owning Visa stock, although the company's management maintains the escrow account and contingency measures should adequately protect investors. Visa paid more than $2 billion late last year to resolve a suit with American Express Co., but a similar case brought by Discover Financial Services LLC is scheduled for a Sept. 9 trial in New York.
Visa's dependence on only a handful of banks that issue most of its cards poses another possible downside, said Aite Group analyst Gwenn Bezard. The company's five largest customers accounted for $1.2 billion, or 23 percent, of its revenue last year.
Big card issuers like JPMorgan already get special discounts and the pricing pressure on Visa could intensify if more industry mergers further decrease the number of banks using its processing network, Bezard said. That might crimp Visa's profits.
For now, Visa is planning to trim about $300 million in expenses during the next two years to boost its operating profit margin from 37 percent.
Menlow and other analysts don't view Visa's blockbuster IPO as a sign that jittery investors have suddenly become more interested in taking chances on companies going public for the first time.
"This is more like an oasis in the desert," Menlow said.
The arid conditions have produced just 22 IPOs far this year, down from 47 at the same juncture in 2007.
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