There is no urgency for Next Media to divest any further if the planned sale goes ahead.
Next Media’s print media business contributed roughly HK$500M in pretax earnings for FY11/12, and HK$600M for FY10/11. We could safely assume that it’s now trading at 4~5 times over perspective profit after cutting off the bleeding multimedia segments, which is lower than all HK peers.
If Next Media is to trade on 7 times over perspective earnings, as SCMP does, it would have carried a market capitalization of roughly HK$3.5B. The thing is most of the local media plays are backed by generous dividend payouts.
It all depends on what Fat Lai wants to do next. He is peerless when it comes to outrageous managerial decisions. After its failed TV venture, Next Media has to sit on a management discount for a while.
I guess Fat Lai will turn to less expensive internet ventures, such as the likes of House News, or even DBC. But it can hardly be as disastrous as its Taiwan TV move.
順叔覺得282應該值幾多..如果唔玩tv了..
回覆刪除Some quick thoughts.
刪除There is no urgency for Next Media to divest any further if the planned sale goes ahead.
Next Media’s print media business contributed roughly HK$500M in pretax earnings for FY11/12, and HK$600M for FY10/11. We could safely assume that it’s now trading at 4~5 times over perspective profit after cutting off the bleeding multimedia segments, which is lower than all HK peers.
If Next Media is to trade on 7 times over perspective earnings, as SCMP does, it would have carried a market capitalization of roughly HK$3.5B. The thing is most of the local media plays are backed by generous dividend payouts.
It all depends on what Fat Lai wants to do next. He is peerless when it comes to outrageous managerial decisions. After its failed TV venture, Next Media has to sit on a management discount for a while.
I guess Fat Lai will turn to less expensive internet ventures, such as the likes of House News, or even DBC. But it can hardly be as disastrous as its Taiwan TV move.
連報紙都賣..放棄台灣了?
回覆刪除之前黎在香港有搞個Video Next的網上平台，有啲做電視製作的舊同事走咗去做，今年7.31就結業了……
回覆刪除http://maintenance.vdonext.com/