Lex專欄:李嘉誠爲何分拆香港電燈有限公司
When Li Ka-shing – one of one of the world’s most successful asset traders – sells anything, the question is always why. For Hong Kong Electric, the first of two big spin-offs expected from Mr Li this year, the answer looks simple at first glance. The sale will help fund juicier investments at Power Assets Holdings, HK Electric’s parent, whose businesses range from keeping the lights on in southern Australia to distributing electricity to the London Underground. But the smarter question is: why now?
李嘉誠(Li Ka-shing)是全球範圍內在資產買賣方面最成功的商人之一，每當他出售任何一項資產時，人們總要問個爲什麼。外界預計，他今年將實施兩宗大型分拆案，第一宗涉及的是香港電燈有限公司（Hong Kong Electric，簡稱港燈）。乍一看，分拆理由很簡單：出售港燈能爲其母公司電能實業有限公司（Power Assets Holdings，簡稱電能實業）籌集資金，用於回報更豐厚的投資。電能實業的業務廣泛，從爲澳大利亞南部供電到爲倫敦地鐵配電等。但更聰明的問題是：爲什麼是現在？Mr Li is creating a business trust for between 51 and 70 per cent of HK Electric, one of just two utilities supplying the territory. PAH shareholders vote today, but since 39 per cent of the votes belong to Mr Li’s empire, it would seem a done deal. PAH should reap between $2.7bn and $4.8bn, after taking out $2.7bn in loan repayments. That is a decent sum for shopping.
港燈是香港僅有的兩家電力公司之一。李嘉誠將以建立商業信託的形式，出售港燈51%-70%的權益。電能實業將於今天召集股東投票，但鑑於李氏帝國握有電能實業39%的股權，投票結果幾無懸念。在拿出27億美元償還貸款之後，電能實業的收益應在27億至48億美元之間，這筆錢應能買到很多東西。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.
選在此時出售港燈，理由也許很簡單：可能因爲李嘉誠已經瞄準了一個價格低廉的收購對象，或是因爲電能實業的國際業務如今超過了其本土業務。也可能是出於監管方面的考慮：香港公衆直接擁有港燈的股權（而不通過電能實業），使李嘉誠在再議價臨近時面臨更大的政治阻力，難以降低港燈目前9.9%的受監管回報率。人們或許不反對限制李嘉誠的收入，但損害勤勞的香港民衆則是另一回事。
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?
利率上升也是需要考慮的因素。目前，世界各國電力公司的平均股息收益率爲4%，在此情況下，港燈5.5%-7.3%的預期股息收益率頗具吸引力。但如果利率上升到一定程度，就連收益最高的股票也會蒙受損失。自去年5月以來，香港五年期債券的收益率已升高兩倍。李嘉誠沒有在投資回報率最高的時候出售，但他現在出售的時機仍然不錯。這使投資者不得不思考任何李氏交易都會牽涉的下一個問題：他會把這筆錢用在何處？
