Sunday, July 14, 2013

淡马锡连 续第二年利润疲弱

Basically what they have been doing was to sell off their American banks holdings around 2009 when they were about to stage one of the most dramatic recovery of the century and add on to the Chinese banks which most funds were selling. Talking about bad timing. Talk about not too bright strategy :-

新加坡政府投资机构淡马锡(Temasek)昨日 在年度业绩评估中第二次报出较低的净利润,并预测短期内“多个市场的增长均会放缓”。

截至今年3月底,淡马锡投资组合(其中逾70%为上市资产)净值增至创纪录的2150亿新元(合1690亿美元),上一年则为1980亿新 元。但净利润从上一年的107亿新元下滑至106亿新元,原因在于“投资组合内企业的贡献有所减少”。

一个令人担忧的问题是淡马锡对几家中资银行的大举押注。单是所持中国建设银行(CCB)的股 份,就占到淡马锡全部股票资产的8%,而淡马锡在该财年还增持中国工商银行(ICBC)和平安保险 (Pin An)的股份。

这反映出淡马锡对中国市场的投入——中国资产占其总资产的23%,几乎两倍于其北美与欧洲资产比重的总和(12%)。


这样的敞口反映出,过去十年间淡马锡的资产配置战略发生了巨变。

10前,淡马锡85%的敞口位于本国或经合组织(OECD)经济体。

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