農行首季盈利升1%至546億人幣
農業銀行(01288)公布今年第一季業績，期內歸屬於母公司股東的淨利潤546.88億元(人民幣‧下同)，按年增長1.06%，每股盈利0.16元。
另外，期內營業收入1390.3億元，按年下跌1.15%；其中，淨利息收入1017.04億元，下降7.07%；手續費及佣金淨收入289.18億元，增長7.19%，主要是由於代理業務手續費收入和電子銀行業務收入增長較快。
客戶貸款及墊款總額9.26萬億元，較去年末增加3511.55億元，增長3.94%；其中，公司類貸款約5.64萬億元，個人貸款2.88萬億元，票據貼現3335.81億元，境外及其他貸款4057.15億元。投資證券及其他金融資產淨額4.81萬億元，較去年末增長6.54%。
截至3月底，不良貸款餘額2216.23億元，較去年末增加87.56億元；不良貸款率2.39%，與去年末持平。撥備覆蓋率180.43%，較去年末下降9個百分點。
同時，期末核心一級資本充足率為10.21%，較去年底下跌0.03個百分點，而一級資本充足率及資本充足率，分別為10.9%及13.11%，較去年底下跌0.06個及0.29個百分點。
要小心的是一級資本充足率及資本充足率，分別為10.9%及13.11%，較去年底下跌0.06個及0.29個百分點。
如果無改善的話，分分鐘要集資都唔定。
Thursday, April 28, 2016
Change management discussions
Nowadays, organizations are doing much to cope with the uncertainties and volatility. That means they face changes frequently and during their daily routine.
Companies are trying to improve their forecasting and increase their agility. But these tactics have limitations. Forecasts quickly become obsolete, and perfect flexibility is costly to achieve -- if not impossible.
What can the companies do to improve their reactions?
It is suggested that organisations should complement their efforts with "strategic" options that serve as a hedge against uncertainties (i.e. change). These include temporary organisations, exploratory acquisitions, and disposable or modular factories.
In the midst of the course of implementation, there will be many challenges. For example, persuading employees that the long term benefit of the options outweigh their high short term cost. Moreover, Building skills -- for instance, in acquiring and integrating acquisitions. Lastly, the changing of forecasting culture and focusing more on understanding risks.It requires a cultural change, from time to time, to effect the changes done. And we need to refreeze after any change anyway.
Reading the argument here is well set up and makes perfect sense. The question is how to realise the theoretical benefits in the change process. It said much about "What should we do". However, the main question manager wants to tackle now is "How can we do that, do those..."
Any pragmatic suggestions or ideas?
Companies are trying to improve their forecasting and increase their agility. But these tactics have limitations. Forecasts quickly become obsolete, and perfect flexibility is costly to achieve -- if not impossible.
What can the companies do to improve their reactions?
It is suggested that organisations should complement their efforts with "strategic" options that serve as a hedge against uncertainties (i.e. change). These include temporary organisations, exploratory acquisitions, and disposable or modular factories.
In the midst of the course of implementation, there will be many challenges. For example, persuading employees that the long term benefit of the options outweigh their high short term cost. Moreover, Building skills -- for instance, in acquiring and integrating acquisitions. Lastly, the changing of forecasting culture and focusing more on understanding risks.It requires a cultural change, from time to time, to effect the changes done. And we need to refreeze after any change anyway.
Reading the argument here is well set up and makes perfect sense. The question is how to realise the theoretical benefits in the change process. It said much about "What should we do". However, the main question manager wants to tackle now is "How can we do that, do those..."
Any pragmatic suggestions or ideas?
Wednesday, April 27, 2016
Apple announced 2016 Q2 results
蘋果iPhone銷售首跌 股價挫逾6%
蘋果公布上季業績，淨利潤下跌22.5%，也一如市場預料，首度披露iPhone銷售倒退。
消息公布後，蘋果股價在市後時段急跌6.6%，周二收市跌0.7%。
集團指出，截至3月26日止第二季度，淨利潤為105.2億美元(820.56億港元)，去年同期為135.7億美元。每股盈利1.9美元，收入倒退13%至505.5億美元；湯森路透綜合市場預期平均值分別為2美元與519.7億美元。這也是自2003年以來，蘋果首度錄得收入按年減少。
蘋果披露，首季iPhone銷量為5119萬部，按年跌16.3%，是該款智能手機自2007年推出以來，首度錄得按年倒退，但仍較分析員估計的5040萬部佳。不過，每部平均售價只有641美元，低於估計的658美元。
該公司預期，本季收入介乎410至430億美元，低於分析員估計的473億美元；邊際毛利率介乎37.5%至38%，低於分析員估計的39.3%。
蘋果行政總裁庫克接受《華爾街日報》訪問時表示，上季是具挑戰性的一季，因為iPhone銷售難與去年同期相比，原因是去年同期有iPhone 6與6 Plus的強勁銷情。
蘋果公布上季業績，淨利潤下跌22.5%，也一如市場預料，首度披露iPhone銷售倒退。
消息公布後，蘋果股價在市後時段急跌6.6%，周二收市跌0.7%。
集團指出，截至3月26日止第二季度，淨利潤為105.2億美元(820.56億港元)，去年同期為135.7億美元。每股盈利1.9美元，收入倒退13%至505.5億美元；湯森路透綜合市場預期平均值分別為2美元與519.7億美元。這也是自2003年以來，蘋果首度錄得收入按年減少。
蘋果披露，首季iPhone銷量為5119萬部，按年跌16.3%，是該款智能手機自2007年推出以來，首度錄得按年倒退，但仍較分析員估計的5040萬部佳。不過，每部平均售價只有641美元，低於估計的658美元。
該公司預期，本季收入介乎410至430億美元，低於分析員估計的473億美元；邊際毛利率介乎37.5%至38%，低於分析員估計的39.3%。
蘋果行政總裁庫克接受《華爾街日報》訪問時表示，上季是具挑戰性的一季，因為iPhone銷售難與去年同期相比，原因是去年同期有iPhone 6與6 Plus的強勁銷情。
Investment potential of NO. 6 Power Asset
根據《信報》研究部在網上發表的資料顯示，電能實業(00006)裂口跌穿上升通道底及50天線，表現跑輸恒指，料有機會下試成交量密集區及200天線約73元。
給果參考EJFQ.com FA+的資料，綜合11個分析員預測，其2016年及2017年的每股盈利按年增長分別為-5.9%及1.5%，預測巿盈率為20.9倍，估值昂貴。
6 仔有機會派發特別股息，大約可以每股汦幾元，這是它吸引的地方，但業務前景只有持平已經很好了，你買之前要有心理準備先好。這是一隻純種的收息股，你有耐性嗎？
其實6仔都有動作架啦，它會和長江基建收購一些HUSKY石油的管道資產，用左少少現金。
我相信我們會見到更多 6 號你的收購消息。
給果參考EJFQ.com FA+的資料，綜合11個分析員預測，其2016年及2017年的每股盈利按年增長分別為-5.9%及1.5%，預測巿盈率為20.9倍，估值昂貴。
6 仔有機會派發特別股息，大約可以每股汦幾元，這是它吸引的地方，但業務前景只有持平已經很好了，你買之前要有心理準備先好。這是一隻純種的收息股，你有耐性嗎？
其實6仔都有動作架啦，它會和長江基建收購一些HUSKY石油的管道資產，用左少少現金。
我相信我們會見到更多 6 號你的收購消息。
How to cope with change with weak signals?
Today, change management is at the heart of manager's daily jobs.
The challenge is that the future is shaped by non linear changes (i.e. abrupt changes and large scale changes are involved) and chance events. How can we prepare our organisation to respond to these changes?
In a HBR article, it is argued that companies have to recognise the weak signals that herald important changes to the business and identify the opportunities they present.
There must then develop a program of experimentation to distill and scale unpromising ideas. Therefore, organisation can consider some pilot test and small scale implementation at the beginning of the change process. After creating a critical mass and the publication of successful stories, the change initiatives will be implemented much more smoothly, gradually to the whole organization.
The organization must interpret the weak signals as opportunities, as risk, or as both. Another challenge is that the weak signal can be real signals or just noise. It is the manager's responsibilities to separate real changes ahead and those noisy signals.
There are five important questions to be asked. They are as follow:
1. Who will be your customers in the future? What will be their priority?
2. What disruptive technologies might open up new opportunities spaces?
3. Whom will you be competing against in the future, and on what basis?
4. Will your go-to-market approach change fundamentally inn the future?
5. What are the potential regulatory reforms?
Upon your answering to these questions, you may well aware some new changes or ideas evolved.
Good luck to you -- our everyday manager.
The challenge is that the future is shaped by non linear changes (i.e. abrupt changes and large scale changes are involved) and chance events. How can we prepare our organisation to respond to these changes?
In a HBR article, it is argued that companies have to recognise the weak signals that herald important changes to the business and identify the opportunities they present.
There must then develop a program of experimentation to distill and scale unpromising ideas. Therefore, organisation can consider some pilot test and small scale implementation at the beginning of the change process. After creating a critical mass and the publication of successful stories, the change initiatives will be implemented much more smoothly, gradually to the whole organization.
The organization must interpret the weak signals as opportunities, as risk, or as both. Another challenge is that the weak signal can be real signals or just noise. It is the manager's responsibilities to separate real changes ahead and those noisy signals.
There are five important questions to be asked. They are as follow:
1. Who will be your customers in the future? What will be their priority?
2. What disruptive technologies might open up new opportunities spaces?
3. Whom will you be competing against in the future, and on what basis?
4. Will your go-to-market approach change fundamentally inn the future?
5. What are the potential regulatory reforms?
Upon your answering to these questions, you may well aware some new changes or ideas evolved.
Good luck to you -- our everyday manager.
Tuesday, April 26, 2016
飛機租賃的業務上市了
還記得我書這BLOG說過關於飛機租賃的生意嗎？我還提到中銀同李嘉誠都向這門生意投入資金發展。這些投資近來如何？
中國銀行（03988）旗下從事飛機租賃業務的中銀航空租賃，昨日已展開投資者預路演，暫訂於5月第二周開始招股，下月27日上市。
據保薦人中銀國際撰寫的報告估計，中銀航空租賃的估值介乎42.37億至53.06億美元（約330.49億至413.87億港元）。 中銀航空租賃昨日向投資者發放初步銷售文件。市傳集資額達到了15億美元。
根據中銀月人月竹水放的資料，其後三年的收入是12.03億美元（升10.3 ％）； 14.95億美元（升24.3%）和18．65憶美元（升24.7%）
似乎不錯，你有興趣嗎？
如杲中銀現在開始為這業務套現，咁李生又幾時會動手呢？
中國銀行（03988）旗下從事飛機租賃業務的中銀航空租賃，昨日已展開投資者預路演，暫訂於5月第二周開始招股，下月27日上市。
據保薦人中銀國際撰寫的報告估計，中銀航空租賃的估值介乎42.37億至53.06億美元（約330.49億至413.87億港元）。 中銀航空租賃昨日向投資者發放初步銷售文件。市傳集資額達到了15億美元。
根據中銀月人月竹水放的資料，其後三年的收入是12.03億美元（升10.3 ％）； 14.95億美元（升24.3%）和18．65憶美元（升24.7%）
似乎不錯，你有興趣嗎？
如杲中銀現在開始為這業務套現，咁李生又幾時會動手呢？
Monday, April 25, 2016
How a leader should do in modern management?
A real problem in management is that the employees and other stakeholders will look to leaders to make consistent decisions, keep a steady course, and aligned organisation's culture. But the problem is that leaders typically face multiple demands that conflict with one another, and it's a mistake to assume there are cut-and-dried choices.
As per nowadays, strategic paradoxes are essentially dilemmas that cannot be resolved. Tensions usuallyand continually arise between today's needs and tomorrow's (innovation paradoxes), between global and local integration and interests (globalisation paradoxes), and between social missions and financial pressures (obligation paradoxes).
How can we solve the difficult circumstances?
Managers need to shift from an "either/or" mindset to a "both/and" one by seeing the virtues of inconsistency, recognising that resources are not always finite, and embracing change rather than chasing stability. In practical terms, this means nurturing the unique aspects of competing constituencies and strategies while finding ways to unite them.
The theoretical suggestions seems reasonable, but I wonder which CEO in the world can perform as suggested?
Sadly, today's management is change oriented. change management is at the core of the whole thing.
Um... take care of yourself if you are at management level in an organisation.
Sleep tight, bye for now.
As per nowadays, strategic paradoxes are essentially dilemmas that cannot be resolved. Tensions usuallyand continually arise between today's needs and tomorrow's (innovation paradoxes), between global and local integration and interests (globalisation paradoxes), and between social missions and financial pressures (obligation paradoxes).
How can we solve the difficult circumstances?
Managers need to shift from an "either/or" mindset to a "both/and" one by seeing the virtues of inconsistency, recognising that resources are not always finite, and embracing change rather than chasing stability. In practical terms, this means nurturing the unique aspects of competing constituencies and strategies while finding ways to unite them.
The theoretical suggestions seems reasonable, but I wonder which CEO in the world can perform as suggested?
Sadly, today's management is change oriented. change management is at the core of the whole thing.
Um... take care of yourself if you are at management level in an organisation.
Sleep tight, bye for now.
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