又是現金流的遊戲

太古A(19)剛公佈1H08業績，大體上是滿意的。簡而言之，強勁的租金收入和「Marine(海洋)」盈利部份抵消令人失望的航空業務。

經常核心純利(Recurring Core Net Profit)按年下降20.2%至HK$3,215M，但經營現金流(Operating Cash Flow)則按年上升35.6%至HK$4,247M，各主要業務的表現如下:

1) Property: Ex-valuation gain & asset sales core profit rose 14% yoy to HK$1,909M (1H07: HK$1,672M) on strong rental rate & lower vacancy; China property started to have contribution.

2) Aviation: Core profit from Associates (CX; Air China; Haeco) plunged to HK$10M amid loss from Cathay Pacific (293) (1H07 profit: HK$1,283M)

3) Beverage: Core profit dropped 10.5% yoy to HK$196M (1H07: HK$219M) on hiking cost despite moderate revenue growth.

4) Marine: Ex-asset sales core profit surged 32% yoy to HK$878M (1H07: HK$661M) on strong demand for offshore support service under hiking oil price.

5) Trading & Industrials: Core profit rose 14.4% yoy to HK$222M (1H07: HK$194M) given strong retail operation, offsetting weak Taiwanese auto-sales operation.

強勁的現金流和穩健的財務策略是太古的優勢，未來中國租金收入會大增，另外不排除於可見將來於平價吸納中國靚地。油價回落可能有利航空業務，即使期望落空「Marine」業務可能有助抵消高油價對航空業務的不利影響。

講住咁多先.......