引用:

原帖由 nonhuman 於 2007-9-22 11:46 AM 發表
德昌電機的大部份都是零件和半成品, 而富士康有自己的品牌和直接面對顧客, 除了工業般的一般困境之外, 兩間公司所面對的客戶和衍生的問題, 最少有50%係不同 ...... 同是工業股, 有最終產品和品牌, 我個人認為, 始 ...

Johnson Electirc's customers are currently in the bad sector - eg. the American car industry.  But one never knows when they will pick up again.

I was a shareholder of Johnson Electric many years ago and the dispoal of my holdings was the first and one of the major setbacks in my investment life.

On 30 Dec 1995, I went to my friend's house for dinner and he's from the Wang family.  During a discussion, his view was that they were too expensive, PE was too high, and didn't recommend holding it.  It was not meant to be insider information.  He had substantial holding but had no involvement in the running of the company.  I sold my 6,000 shares on 2 Jan 1996, the next trading day @ $7.05, at a small loss.   The dinner might have cost me nearly a million dollars.

History may repeat itself.  Who knows?

引用:

原帖由 nonhuman 於 2007-9-22 12:38 PM 發表


It depends on the moral standard of the management

Do you have a problem with the moral standard of the management?

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原帖由 nonhuman 於 2007-9-22 12:49 PM 發表
公司賺錢的野, 好視乎管理層做得好唔好; 公司賺左的錢, 是否去到股民的手, 就好視乎管理層的操守; 特別是大股東就是管理層喎!

大股東就是管理層 happens to nearly all HK listed company.  The few exceptions may be HSBC, ... ( I can't think of another one).

So you have no specific issue with Johnson Electirc's 管理層的操守 but rather it's a general statement which applies to all listed companies in HK.

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原帖由 nonhuman 於 2007-9-22 01:01 PM 發表


有道理 ..... Give you other examples: Hang Sang Bank, HKEX, Manulife can't think more ... and is not a good example ...... Poor HK

That's why we have INEDs.  

If you look at Johnson Electirc's INEDs, they are all highly respected people, luminaries, ..  I feel comfortable with these INEDs.  

I don't regard having major shareholder running the company as a negative, after all, they have major vested interest in the company.   Look at Bill Gates, Warren Buffet, the Kadoorie family, William Fung, the Kwok family,....