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分析北控98年投资项目,编者认为:①北控在选择投资项目上决策不甚明智。北控作为大型上市公司,却选择投资每年纯利不过数百万或千多万的小型公司,每年可以提供的盈利,对北控来说微不足道。②北控旗下已有九家独立企业,现在再加上三、四家,令公司更难以控制业务,投资者更难了解公司业务,也不易准确预测公司业绩。③北控首次注资,公司未能整合业务,为新收购项目增加附加值,即使以最低的市盈率收购资产,却因缺乏附加值,兼并再多也枉然。况且北控新收购的格林柯尔及葡萄酒厂均刚开始营运,一般而言,新公司成功经营的机会率只有一成。同时目前国内葡萄酒市场混乱,竞争激烈,长城及张裕葡萄酒纷纷大规模扩产,市场前景存疑。④北控自行投资新项目无异于其它香港上市公司搞的直接投资,投资者自然会质疑北控的优势,及其持之已久的溢利是否还应继续存在。
Analysis of the 98 years of investment projects in Beijing, editors believe: ① Beijing Investment in the choice of investment decisions on the project is not wise. As a large public company, Beijing Investment Holdings Limited has chosen to invest in small companies with annual net profits of millions or tens of millions. The annual profits they can provide are insignificant for Beijing Enterprises. ② There are already nine independent enterprises under BEA and now add three or four to make it more difficult for the Company to control the business. Investors are having a harder time understanding the company’s business and failing to accurately predict the company’s performance. (3) For the first time, BAC injected capital, the Company failed to consolidate its business and added value to its newly acquired projects. Even if the assets were acquired at the lowest PE ratio, it would be in vain due to the lack of added value. Moreover, the newly acquired Greencool Winery and Beacon Holdings are just beginning to operate. In general, the success rate of operating a new company is only 10%. At the same time, the current domestic wine market chaos, fierce competition, the Great Wall and Changyu wine have large-scale expansion, the market outlook is questionable. ④ The new investment by Beijing Enterprises on its own is tantamount to direct investment by other listed companies in Hong Kong. Investors will naturally question the advantages of Beijing Enterprises and whether their long-held profits should continue to exist.