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3M – 護城河

學習價值投資時,都一定會提到3個M,分別是Moat「護城河」、Management「企業管治」和Margin of safety「安全邊際」,今次大叔想講關於「護城河」,怎樣才算是一間有「護城河」的公司。

假設有一個城堡,城外被一條護城河包圍。可以想像到當護城河越闊時,敵人想攻入城堡就會越困難,如果河裏面有鱷魚的話,城堡就會更加安全。如果用公司角度來看,強勁的「護城河」可以有很多方面:

  • 政府核准的特許經營權:例如港交所,暫時全港唯一股票交易平台,其有獨特的巿場地位。賭股,需要發牌才可以經營,較高門檻。
  • 專利權:例如醫藥,確保了公司在一段時間內獨家生產某種藥物,防止其他公司複製。
  • 規模效應及低成本優勢:是一個經濟上的「護城河」。公司可以通過大規模生產降低成本,並以更低的價格提供產品或服務,使其他公司難以進入市場。
  • 品牌:是一個情感上的「護城河」。例如Apple,代表著高品質和潮流,價格偏高都會有忠實的消費群體。
  • 轉換成本:例如ERP System,當公司使用了SAP,如要轉用其他系統如Oracle、金碟時,轉換成本頗高,過程亦會牽涉到很多部門。

「護城河」能夠令公司在市場上保持競爭優勢,而這種競爭優勢可以幫助公司長期維持穩定的盈利能力,從而有更多資本繼續創造價值。

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