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March 12 Cathay apology wantedThe Standard, Tuesday, March 10, 2009
Your report claims that Cathay Pacific Airways is expected to post a record net loss of HK$8 billion for 2008 due to mark-to-market fuel hedging losses ("$8b loss seen for Cathay," The Standard, March 9).
Does it include a provision for the loss from passengers paying for economy class, then sitting in business class or even first class as long as they are late and angle for an upgrade at the Cathay counter? As Cathay wrongly treated the lady who was late by upgrading her to business class, I suspect that more people will take it as a model and simply purchase an economy class ticket and then angle for an upgrade without paying more. If there is no provision, then the loss could probably exceed HK$8 billion. The further loss not only includes the difference in the amount for the fare,but also goodwill and company image of Cathay. So, chief executive Tony Tyler, apologize not to the lady who screamed and lay down at the Cathay counter, but to the ground staff you punished for recording the movie and to us Cathay investors.
March 10 邏輯討論
「楷楷電訊」私有化計畫，因為懷疑有「種票」問題，被證監會高調介入，事件變得極不明朗，而提出私有化的「楷楷電訊」主席「你食雞」（請以潮州口音讀出），日前終於開腔，強調在私有化計畫上，並沒有任何違法行為。而私有化計畫，是讓小股東在市場景況差時有套現機會。而且如果沒有私有化計畫的話，以滙控 (0005) 股價跌幅相比，「楷楷電訊」今日的股價可能跌至只剩一元。（零九年三月九日《星島日報》）
如果任何股票也應該以滙豐控股的股價跌幅來做指標的話，那麼香港的股票市場豈不應該一夜之間出現大量的「毫股」甚至「仙股」？而且，為甚麼非必要拿滙豐控股來做比較不可、卻不拿大家樂 (0341) 來比較？難道電訊服務、收費電視甚至上網服務反而不夠賣豬排飯那麼賺錢？
而且，私有化計畫，也許給小股東機會在市場景況轉壞時有機會「止蝕」（不獨「套現」）離場。可是，任憑滙豐控股的股價跌至如何低殘，我輩股民一天不賣，我們一天都還有希望。然而，你「楷楷電訊」私有化以後，我們豈不就「無仇報」了嗎？如果你「你食雞」（請再以潮州口音讀出）暗恃「楷楷電訊」的小股東就算持有股票多久，股價也不可能回到四塊半以上的價位，那豈不凸顯出你根本無心戀戰，何不下台讓有心有力的人接手去做？
還有，有名家評論，如果「你食雞」（請還是以潮州口音讀出）認為將「楷楷電訊」私有化是為股東提供了套現的機會，否則「楷楷電訊」股價就會像匯豐控股那樣股價大跌，甚至只有一元的話，那麼豈不代表「楷楷電訊」每股資產就值一元？也對，如果「楷楷電訊」每股資產真箇只值那麼一個錢，那麼「數碼講」和「伊沙貝拉灣」難道都消失了？
香港也許確實有着不少三流的財經評論。然而，香港的土豪鄉紳們何嘗沒有三流的邏輯分析思維？
（寫於二零零九年三月十日） |
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