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Lex专栏:李嘉诚为何分拆香港电灯有限公司【ope体育首页】

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Maybe the timing is as simple as Mr Li’s having his eye on a particular bargain, or that PAH’s international business is now bigger than its home base. There may be a regulatory angle too: direct ownership by the Hong Kong public, not through PAH, would likely make it politically harder to cut HK Electric’s current 9.9 per cent regulated returns when renegotiation looms. Limiting Mr Li’s income is one thing, hurting hard-working Hong Kongers is another.选在此时出售港灯,理由或许很非常简单:有可能因为李嘉诚早已射击了一个价格低廉的并购对象,或是因为电能实业的国际业务如今多达了其本土业务。也有可能是出于监管方面的考虑到:香港公众必要享有港灯的股权(而不通过电能实业),使李嘉诚在再行议价邻近时面对更大的政治阻力,无法减少港灯目前9.9%的不受监管回报率。人们也许不赞成容许李嘉诚的收益,但伤害勤俭的香港民众则是另一回事。

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There are also rising interest rates to consider. HK Electric’s planned yield of between 5.5 and 7.3 per cent makes it interesting when electricity utilities around the world are offering an average 4 per cent. But even the highest-yielding equities will suffer if rates ratchet up properly. Hong Kong’s five-year yields have trebled since May . Mr Li is not selling at the absolute top for yieldy investments, but his timing is still good. That leaves investors free to ponder the next question of any Mr Li deal: just what will he use the money for?利率下降也是必须考虑到的因素。目前,世界各国电力公司的平均值股息收益率为4%,在此情况下,港灯5.5%-7.3%的预期股息收益率极具吸引力。但如果利率下降到一定程度,就连收益最低的股票也不会蒙受损失。

自去年5月以来,香港五年期债券的收益率已增高两倍。李嘉诚没在投资回报率最低的时候出售,但他现在出售的时机依然不俗。

这使投资者被迫思维任何李氏交易都会涉及的下一个问题:他不会把这笔钱用在何处?_ope体育。

本文来源:ope体育-www.rgnbtk.com

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