Cable television industry, the New Capital Management and Case Analysis – Cable
First three questions: Why talk about "equity", cable industry, a few key words capital operation, in addition to operating outside of the capital should pay attention to what.
1, the New Capital Operation Income is of concern to all, Radio Industry is talking about, the 2008 Radio and Television Advertisement The total income is less than half as Lenovo and Haier, our total revenue with the cable network nearly Wanke. These two figures can be seen, there are several local radio and television we need to improve.
First, we model the entire industry over a single income, need for innovation.
Secondly, we need to improve the service we now offer the service, and certainly can not meet demand.
Third, radio and television clients in the growth surface, in fact, lost in silent. We lost a customer, looking back, probably need to input 2-year subscription.
Fourth, we market primarily to the neglect of the property market. Ownership clearly established, strict protection and smooth circulation of the modern property rights system is the foundation of modern enterprise system, improve corporate governance is a prerequisite. We now need to learn to face the two markets simultaneously.
Wanke, and following on Media Group to make a comparison, Wanke 2008 Sell The amount of 48 billion, net profit 4.0 billion, 11 yuan / share, the total share capital of 11 billion shares, worth 120 billion yuan; "externalities" strong media group 3.5 billion in 2008 revenue, net profit of 700 million, market value of 35 billion. From the sales for our media group is Vanke's 1 / 13, but the profit is Vanke 1 / 6, from the market, the only difference 3 to 4 times. This shows that our radio and television now have an advantage: one is dominant status in the industry; the other hand is our externalities, but our outside of the capital as long as there is no integration with the advantage of playing it out.
2, cable industry, capital operation of several key words
Administration to promote the "day" operation of the market to create, "and" competition is our "place." Now the country has 10 provinces and municipalities around the completion of the initial integration, most of the province is not yet complete, I feel inside in the complete integration of the province, 1 / 3 of the province of integrated high quality, in this case, we with particular attention to the following points.
1, administration to promote Administration to promote a prerequisite for the restructuring of assets in government hands, we must promote a timely manner. Especially the first round of integration. If the start of the integration of all provinces, there are three issues to be addressed: First, all major cities with the outside Cooperation Such as two-way transformation, Digital TV , Value-added services should be suspended a few months; second, the entire transfer speed and quality of the entire turn, if the first integration of network assets, and then to transfer the whole, we may be delayed for a few months, but the quality of the whole will be transferred much better; third is the integrated approach should be taken to "provincial shares, county net acquisition" approach, the county network to progressively implement the acquisition, I do not advocate rapid action, as do businesses know that there is an asset acquisition transformation process, values need to integrate, this integration will take time.
2, market In the market there are two issues need to be clear.
The first is to take stock, which is the core operation of the market because of characteristics of radio and television industry, many people do not understand the stock, the company is also understood to remain in state ownership, even stayed at the plant level. Let the Taiwan equivalent of the board, while the equivalent senior manager team, also representing the shareholders. Integration of high quality, need to use this means the second integration, the next time we can cross the sea development.
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