买澳大利亚的没有。2电信公司为新加坡电信，东南亚最大公司首席执行官李金仁杨建了意外问题。现在，当他和他的家人在澳大利亚珀斯的第二家家中访问他们的第二个家时，李某发现他在公共场合被认可。“我忘记了匿名，”他荣幸。“我必须穿太阳镜和一顶帽子。”
李某可能会考虑在新加坡戴上伪装回家 - 至少在与Singtel股东的会面时。2001年3月26日，他出价了160亿澳元（87亿美元）的电缆和无线optus，或完全五次亏损悉尼电信的账面价值。在随后的一周内，令人行道的投资者脱掉了45亿新加坡元（25亿美元） - 或25％ - Singtel的市场价值。自宣布Optus交易以来的18个月，Singtel已看到其股价进一步降低了57％;10月下旬，股票以1.45元或81美元的交易交易。
At the company's annual meeting in late August, shareholder Lim Cheng spoke for many present when he lamented that "from a blue chip, SingTel has become a penny stock." One Singapore telecom analyst, who wishes to remain anonymous, says that the fund managers he deals with are "once bitten, twice shy: At the extreme end, some investors say they won't touch SingTel again."
幸运的是，Singtel的主导股东 - 在67.5％ - 是新加坡政府，它似乎具有显着的耐心。但该公司的少数股东还应该使李为此疑问吗？
A former brigadier general with an honors degree in engineering from Cambridge University and a master's in management from Stanford University, Lee boasts a pedigree as sparkling as his résumé. He is the son of Singapore's founding father, Lee Kuan Yew, and the brother of Finance Minister and Deputy Prime Minister Lee Hsien Loong, and he shares one Lee family trait in abundance: self-confidence. SingTel's bright red annual report and ubiquitous advertisements proclaim it "Asia's leading communications company."
Lee defends the Optus deal as "significantly transforming SingTel" and dismisses analysts and portfolio managers fixated on next quarter's profits as shortsighted. "It is very easy if you want to show a short-term number just to cut some of these longer-term projects," he told亚博赞助欧冠在Singtel令人印象深刻的总部的27楼办公室的采访中（见盒子）。“我不确定股东真的希望管理层以这种方式行事。”
当然，Singtel的主导股东不对远程关注。投资者怀疑optus收购和一系列电信收购，最终源于政府在正在进行的竞选活动中争取Singtel，通过建立一个外部翼进入该国日益收缩的经济，将新加坡公司转变为新加坡国际。政府官员否认Singtel是一个公共政策的代理人。此外，李指出，曾经是一段时间，Singtel立即得出结论，它需要突破其微小的家庭市场，其中增长的人口仅仅是400万和电信市场的虚拟饱和度。
Singtel的外国扩张政策是李某的指导，要求在南亚和东南亚建立电信业务，其中手机和电缆等市场渗透等较为舒缓。例如，印度的手机渗透率为0.7％;在泰国，20％;在菲律宾，15％。
自1993年以来，Singtel在海外投资了120亿美元，主要是在亚洲。它于1993年在菲律宾购买了29％的地球电信。六年后，泰国的21.5％的先进信息服务达到8.7亿美元。两者都是有前途的手机网络运营商，Singtel认为它可以帮助进入市场领导者。2000年，Singtel在印度购买了28.5％的Bharti Tele-Ventures，该国顶级的手机运营商，市场份额为22％，以11亿美元。当然，在去年的春天，Singtel支付或过度付费，为Optus为140亿美元。而在2001年底，Singtel占印度尼西亚的35.4％的Telecom，Telekomunikasi Selular，Selular，以90亿美元。
在一个场合的单唱片也在亚洲以外购买。1996年，公司在比利时比利时的49％股权上支付了9.3亿美元，该款人有480万条固定行线和22,296名员工，2001年净利润为4.39亿美元。
并不是所有的新加坡电信的外交尝试成功。在early 2000 it lost out to Pacific Century CyberWorks in an attempt to buy Hong Kong's dominant telecom, Cable & Wireless HKT. Pacific Century played on SingTel's government ownership to turn public opinion against the bid. And later in the year SingTel pulled out of an agreement to acquire a stake in Malaysia's Time Engineering, a mobile phone operator and owner of a fiber-optic cable network, because of a dispute over the price.
“新加坡电信是新加坡公司ems to feel a need to move out of its domestic market, and this has been done in rather an aggressive fashion," observes Devan Kaloo, a portfolio manager with Aberdeen Asset Management in Singapore. "Certainly, though, they have paid over the odds for a number of acquisitions, particularly Optus."
李先生已经忍受了严厉的批评。当新加坡彻底放松电信放松管苏渠发生在1997年时，怀疑论者想知道是否缓慢，Stodgy Singtel可以在乘坐速度竞争对手的竞争中幸存下来。Singtel对其家庭草皮的强大防御惊讶于所有人，但李会惊讶。两年前，“查看分析师的报告以及他们认为会发生的事情，”他说。“你找不到一个被看涨的分析师足够接近我们今天的数字。”
在deed, SingTel holds an impressive 50 percent share of Singapore's mobile phone market postderegulation, despite stiff new competition from StarHub, a local company, and M1, a consortium that includes the U.K.'s Cable & Wireless and Hong Kong's Pacific Century CyberWorks (a 30 percent share) as well as Keppel Telecommunications & Transportation (35 percent) and Singapore Press Holdings (35 percent), both owned by the Singapore government. Most impressive, SingTel's margin on domestic earnings before interest, taxes, depreciation and amortization is an astounding 54 percent.
LEE IS SURPRISINGLY SHY, NOT AT ALL LIKE HIScharismatic, headmasterly father. Nor has he as forceful a personality as his brother. He is uncomfortable being photographed and dislikes talking about his private life. Lee is married with three children. After Cambridge (class of '79), Lee joined the army, taking a year off to earn his MS in management science at Stanford in '89. Lee spent 15 years in the military; his last post before joining SingTel in 1994 was as director of the joint operations and planning directorate.
Lee在Singtel的第一份工作是当地服务执行副总裁;一年后，他被命名为CEO。李波烨写在他的回忆录中，From Third World to First: The Singapore Story 19652000, that Hsien Yang had "the potential to be head of the civil service but preferred the challenge of the private sector."
The younger Lee has found challenges in profusion: the deregulation of Singapore's telecom market five years ago, the Asian financial crisis starting that same year, the dot-com implosion beginning in 2000, the surge of negative sentiment toward telecom companies generally and, now, the battle to make Optus pay off.
SingTel is not unscathed, as its battered share price attests. But it appears to have emerged in better shape than many of its global peers. For one thing, SingTel resisted getting caught up in the bidding frenzy for 3G telecom licenses in Europe, which has left other telecoms buried in debt. Lee reasoned that he needed to keep SingTel tightly focused on its Asian expansion strategy.
就像几乎每个主要的电信一样，Singtel在全球经济衰退中看到其盈利急剧侵蚀。分析师对目前财政年度的每股收益的共识预测是一年前的一半，主要是因为从奥波杜相关费用拖累。在Singtel的第一季度，截至6月份的第一季度，盈利下跌37.3％，达到3.77亿新元，因为购买澳大利亚电信的利息成本和善意的收费推动了绩效。尽管如此，Singtel仍然可以轻松地击败了3.31亿新元的共识预测，因为核心行动的收入仍然存在稳定，而费用受到严格控制和来自海外关联公司的收入飙升。亚洲，Singtel的脚踏实地，继续反弹。随着李快速注明，虽然MSCI电信指数在今年10月下旬下跌超过三分之一，但Singtel的股价跌幅不到20％。
它可能没有资格作为发光的认可，但即使是持怀疑态度的电信分析师现在允许Singtel的股票在过去五年中跌至迄今为止（从1997年10月的270元到上个月的1.45美元），下行风险有限。在8月份报告中，摩根斯坦利＆Co.，它在opptus购买时表示，结论是“坏消息似乎是胜利的，露天乐观。”
Singtel为财政第一季度的最佳金融资金促使其他分析师至少娱乐改进前景的可能性。“结束失望？”要求瑞银瑞银的新加坡电信分析师Keith Neruda在8月适度的正面报告中。“林达写道，”辛特尔的核心电话收入“截止了我们对平坦或下跌的期望的预期。”“这些结果证实，Singtel的运营稳定，仔细的成本控制可以减轻收入增长的任何弱点。”Salomon Smith Barney分析师Anand Ramachandran赞扬Singtel的结果，并给予了一个优秀的评级。
“看看Singtel有什么，”在一个主要的国际投资公司敦促一个逆态基金经理。“它拥有现金生成的国内业务，以及一个非常有吸引力的高增长实体组合以及具有较为增长实体的有吸引力的投资组合。这是经典的投资组合理论。”他指的高增长实体是Telekomunikasi Selular和Bharti;那些谦虚的增长是Optus，Belgacom和Singtel自己的国内行动。
Lee regards Optus as the key to building SingTel into a regional telecom powerhouse with diversified, and sustainable, growth. Australia is the company's "second hub," he says. Eighteen months after the merger, Lee notes, SingTel's revenues from mobile and data services -- activities where Optus is strong -- account for 51 percent of SingTel's total sales, up from 27 percent four years ago. Buying the struggling Optus was also a rare opportunity, Lee says, for SingTel to gain control of a major telecom in a country that limits foreign participation.
但是如果李某要避免在投资者周围伪装伪装，他将需要获得Optus，开始对其潜力进行更大的分期付款。对于那些声音疑惑的人，他认为Singtel一直在其投资中始终如一地争辩。李某注意到，在第一季度，Singtel的海外附属公司认为其盈利火箭88％，达到1.62亿新元，或者近一半的公司总数。J.P. Morgan香港电信分析师Edison Lee估计，Singtel今年将超过其海外收入的三倍，超过7.36亿新元，并在未来两年内以两位数的速度在国外生长。
少数分析师或投资组合管理人员争论Singtel需要扩大新加坡以继续发展。他们的首席投诉是，该公司似乎选择通过成为电信中的最近山区的最后一员来实现这一战略。
然而，Singtel的收购记录迄今为止，事实上比许多批评者假设好。在菲律宾拍摄地球电信。Singtel在这一国家在一个7500万潜力客户九年前的国家购买了它几乎三分之一的股份，前五年，全球遇到了无情的损失。欺诈性订阅的丑闻导致了1996年灾难性的4080万美元亏损。但是李某下的Singtel，挖掘，提供全球技术和基础设施专业知识，并帮助它提高其营销和客户服务。Globe于1996年底膨胀的移动电话用户的排名从1996年底膨胀到6月底的540万，市场份额为42％。该公司于1998年沿着黑人展成了黑色，今年上半年存入了唐吉利的5830万美元进入Singtel的现金箱。“就市场上限而言，在利润和信用评级机构的评级方面[AA通过标准差和穷人]而言，除了全球成功之外，你会努力得出结论，”吹嘘。
SingTel chief financial officer Chua Sock Koong recalls that when the company bought about one fifth of Thai mobile phone operator AIS three years ago, "people said we were mad" because Thailand's economy was still so deep in the doldrums. But SingTel provided AIS with management, technical and infrastructure expertise and helped it sharpen marketing and customer service. AIS has boosted subscribers from 970,000 in 1999 to 7.8 million today and controls 62 percent of the Thai mobile market. The company's net profits in the first six months of this year were up 3.2 percent, to 4.73 billion baht ($108.5 million), compared with the same period a year earlier.
Singtel购买了大约三分之一的Telekomunikasi Selular - 在Antigry 8.5倍的收益 - 赢得了分析师的几乎普遍批准。印度尼西亚移动电信市场增长潜力巨大：渗透率仅为3.7％。和远程宣传Selular已经为所有移动电话用户提供一半。“这将是亚洲在这十年中取得的最大收购，”在optus收购后购买了Singtel的基金经理说。“这是一个金矿。”
相比之下，许多批评者认为optus购买，只有一个黑洞。普遍的观点是它的增长太高了，价格过高：澳大利亚移动市场的渗透率为60％，怀疑论人士表示，电信中的易于资金已经下降。吸引李的增长变得迟钝。Singtel-Optus Ceo Christopher Anderson最近在接下来的三个季度警告了澳大利亚更适中的增长。
“Optus作为2号球员非常困难，特别是在地理位置上像澳大利亚的市场，以产生有吸引力的回报。他们没有现任Telstra的规模，”瑞银沃斯堡的新纳说，澳大利亚的占主导地位电信播放机。
在收购之后，Singtel重述了Optus的偿还，将他们的收益增加到批评者的疑虑，以使他们与其保守的会计程序融为一体。结果：4.31亿美元的利润蒸发，留下了3460万美元的损失。
Lee nevertheless promises that Optus will achieve breakeven in free cash flow by fiscal 2004. And the Australian telecom has made a good start: Its cash flow for SingTel's fiscal first quarter was negative A$28 million, down from negative A$991 million in the preceding quarter. Under SingTel's prodding, Optus reduced its capital expenditures from A$630 million in the fourth quarter to A$236 million in the first quarter.
Optus的底线抓住了卫队的分析师。在第一季度，公司将其后疲劳减少到4200万美元，从第四季度的7500万美元下降。Optus的运营EBITDA利润率上升了2个百分点，达到22％。
“周转开始令人惊讶，”Singtel-Optus Ceo Anderson宣布。“对于最后11个季度来说，我们已经从我们的主要竞争对手占据了市场份额，我们仍然仍在增长行业平均水平。”
Optus's 34 percent share of Australia's mobile market (versus Telstra's 48 percent and Vodafone Group's 18 percent) contributes 51 percent of its revenues; corporate voice, data and wholesale businesses account for 27 percent; and pay television and multimedia represent the remaining 22 percent.
A drag on Optus's near-term performance has been its loss-making pay television operation. The company is awaiting a decision from the Australian Competition and Consumer Commission on a proposed alliance with rival Foxtel (owned 50 percent by Telstra and 25 percent by Rupert Murdoch's News Corp.) that would enable it to transfer liability for A$619 million in movie contracts to Foxtel, Australia's leading subscription television provider. This would add about A$30 million to Optus's annual ebitda. In turn, Optus would buy back content from Foxtel. SingTel has warned that if the commission blocks the deal, it will pull out of pay television, which would mean significant exit costs and a psychological blow to Lee's master plan. But most analysts expect the ACCC to approve the alliance.
Optus may be making progress. But did Lee nevertheless pay too much for the company? That impression lingers, and it's one of the biggest hurdles that the CEO must clear to reassure investors that SingTel is committed to building shareholder value, not carrying out government policy. As Aberdeen Asset Management's Kaloo puts it, there's an absence "of comfort levels that they're not going to go out and do something silly."
李对象到首先是唱歌的想法。“批评20-20后可以很容易批评，”他说，争论收购应该根据当时提供的信息进行评估。他指出，在Singtel的出价之后，Optus的股价交易分数下来，不起作用。
"Is that consistent with the hypothesis that we massively overpaid to acquire Optus?" he asks. "If I did pay a massive control premium, would not the share price have traded up 20 to 30 percent in line with that control premium? What I suggest is that rather than look at what analysts say, look at where the share price traded in Optus."
李增加了一个意想不到的讽刺，在投标时，投资者现在如此批评的辛特尔以上是“价格从我们支付的价格而不是不同的价格，而且它是一个相当广泛持有的股票在机构中。“
Nor is Lee content to rest his defense there. He charges that analysts who faulted SingTel for paying more than five times book for Optus fail to understand the telecommunications business. Telecoms aren't commonly valued by assets, Lee notes, because their value lies in their franchise, their customer base and their brand. He says SingTel judged Optus on a discounted cash flow analysis.
在Singtel初次出价1亿美元的现金和股票后，Optus的独立董事委托了一份总部位于悉尼的精品投资银行拨款的报告，得出结论，该报价仅仅是“合理的，”不足。由于两家公司的股价下降，但Singtel实际上最终为Optus（约140亿美元）支付了少。“有优势和机遇来源，你在那个时间点决定是否是你去的机会，”李说。
当然，机会并不总是很便宜，而且Singtel在外国推动中积累了公平的债务。8月份标准和穷人将公司的信用前景降至负降低。标准普林分析师Yasmin Wirjawan表示，与有线电视公司新加坡电缆愿景的StarHub合并将在其国内移动和数据业务中提高Singtel的竞争压力，该企业在2002财年产生了29％的公司收入。和澳大利亚不确定的经济，她看到Optus利润率的销量越来越慢的销售增长卷曲，并推迟了电信的转变。
But S&P's most ominous criticism was that SingTel's consolidated financial profile had significantly weakened following the Optus acquisition. "With consolidated net debt of S$10.1 billion at the end of fiscal year 2002, SingTel's adjusted net debt to ebitda has increased to 3.1 times from a net cash position," the rating agency warned.
Singtel致力于保持其AA债券评级，它具有一些经济灵活性。例如，李正在考虑新加坡邮政，全国邮政服务和Singtel黄页，一起的业务价值10亿美元。但有些投资者担心Singtel可能需要削减4％的股息并使用现金来支付债务。
李，特征地，将评级机构视为“几乎完全是学术”的意见。他指出，Singtel的债务平均成熟度为八年，而该公司不必在不久的将来筹集大量资金。“请记住，一些股权投资者告诉我们，我们被解压缩，”李说。“市场将自有判断，并在最近的标准普尔下调，市场移动了1或2个基点，这是市场上的日常波动。”
实际上，如果Singtel将被降级另一个陷波，那就不会是一个致命的打击。“我相信债券持有人不想看到它，但如果Singtel从AA到A +或+到A，那么今天的行业中最好的资产负债表之一，”新加坡 -基于摩根士丹利的总部投资银行家。“在我的脑海里，它对他们可以继续运行业务的方式并没有任何重大影响，以及他们部署自由现金流的方式。可以说，很多人会说一个单一的电信是一个更优秀的[财务]在任何情况下都比双AA额定电信的结构。“
投资者may take some persuading to accept this thesis. "In an environment where fear is ruling, it is harder for an investor to make a decision to buy SingTel, which has taken on more debt than it would like," says Scott Maddock, a fund manager with Sydney's Sagitta Wealth Management. "We need to see them first work through some of the issues with Optus."
One investor who is unabashedly bullish on SingTel is Lee. In April he increased his personal stake in the company from a nominal holding by buying 200,000 shares at S$1.595 each. He won't comment directly on the purchase but notes that he believes in "value." He might have added "long-term value." Says Lee, "Many investors tell you that they are long-term investors, but I guess not so many of them really have the stomach to actually put that into effect."
One investor that would appear to practice forbearance toward SingTel is Temasek Holdings, the giant government holding company that is the telecom's largest shareholder (and is headed by Lee's sister-in-law, Ho Ching). Temasek has a substantial say in selecting CEOs and board members but otherwise professes to keep out of the day-to-day management of companies it owns. Still, it recently hired a former banker, Chris Matten, to, as he puts it, "get Temasek group companies to understand that they exist to create long-term wealth for their shareholders." The issue for SingTel's minority shareholders is how long a term it is likely to be before they see that wealth in a share price recovery.
When Lee Hsien Yang became CEO of Singapore Telecommunications in 1995, it was a stodgy, ultraconservative government telephone and cable monopoly that knew little about competing at home, much less in the wider world. Lee transformed it into a sophisticated multinational telecom operation with an unparalleled franchise in Asia and well-honed commercial instincts.
虽然Singtel于1993年在Lee抵达之前戳了菲律宾，但在他的管理下，公司已经扩展到比利时，印度，印度尼西亚，泰国和最有争议的澳大利亚（故事）。
然而，即使是现在，Singtel也陷入困境，既是可收购者，也是政府所有权的投资。当它试图在2000年初在香港获得有线电视和无线HKT然后在2001年在澳大利亚的奥斯利亚，竞争竞标者使用新加坡公司的大多数人对粉丝公众反对（在Optus的情况下失败）。
As the son of Singapore founding father Lee Kuan Yew and brother of Deputy Prime Minister and Finance Minister Lee Hsien Loong, Lee can't help but reinforce the perception that SingTel is an arm of the government simply by his presence in the CEO's seat. Nonetheless, he has been able to fashion the company into an entity capable of holding its own with the world's best telecoms outside of Singapore, where his home connections don't count for much.
新加坡武装部队的前一支前沿武装部队 - 李告诉同事去年将他称为“BG”，而是通过他所说的名字叫他 - 李在军队中享受跳伞，但随着一个平民，据众议院潜水潜水。
He recently discussed SingTel's government ownership and other issues with亚博赞助欧冠Hong Kong Bureau Chief Kevin Hamlin.
亚博赞助欧冠机构投资者：由政府拥有妨碍你在国外扩张的努力？
李：通过感知障碍的结果来判断。今天，我们在亚洲拥有最成功的区域存在。即使[英国] Vodafone想要在德国收购Mannesman，德国人也会对德国公司的外国入侵巨大兴起。沃达丰是一家私人拥有的公司。由于各种原因，人们在收购战斗过程中调用各种兴隆。
那么你不应该对你的政府所有权更敏感，而且没有这样的人作为新加坡武装部队的酋长队在你的董事会上？
But it is not inappropriate for a majority shareholder in a company to have some representation on the board, and all our directors are very conscious of their fiduciary duties to act in the best interests of the company. Lim Chuan Poh is a senior government official. Yes, he's chief of the armed forces. But he has an MBA from Cornell University. He has a degree from Cambridge University. I mean, he's not exactly a career soldier who understands how to plan military strategy and nothing else.
Ho Ching，您的控股公司父母，淡马锡持股[和Lee的嫂子]，最近表示，没有表演的集团公司将成为“午餐”。Singtel的份额表现将使淡马锡稳定的最糟糕的公司中的绩效。你担心以何的午餐菜单结尾吗？
我们所有人必须考虑性能。有米any measures for performance. Share price is just one of them; share price vis-à-vis our peers in the industry and in the local market would be another. [SingTel's stock price was down less than 20 percent for the year through late October, while the MSCI world telecommunication services index was off 34.5 percent and Singapore's Straits Times industrial index had fallen 23 percent.] Certainly, the operating performance has to be a factor. You have to be reasonably prejudiced not to acknowledge that our operating performance in the Singapore market has been sterling and that overall we remain the most profitable company in the whole Singapore stock exchange.
您是否在电信行业隧道尽头看到了光线？
It's very hard to tell. Crystal ball gazing is a hazardous exercise, and I really don't want to speculate on it. But I'd say if any of the players in the industry today are well positioned to benefit from the turbulence, SingTel is one of them. We have the balance sheet to do it with, and we have diversified our business mix so that we are much less risky than we were three, four, five years ago.