你其實可以去生意買賣網搵d平平哋自己又有興趣嘅生意頂嚟試吓先，如果有貨底有員工留任個d最好，你可以邊做邊學，搞唔掂都可以一兩年賣番出去。學識點做生意，出入帳基本紀錄，點賣廣告之後先諗創新。
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Member since 2017-07-15T03:50:57Z. Last seen 2025-03-18T19:45:31Z.
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你其實可以去生意買賣網搵d平平哋自己又有興趣嘅生意頂嚟試吓先，如果有貨底有員工留任個d最好，你可以邊做邊學，搞唔掂都可以一兩年賣番出去。學識點做生意，出入帳基本紀錄，點賣廣告之後先諗創新。
☘️ UniServe Language
Vocab System
Data Management / Data Input
Student Learning / Practice
Single Word/ Phrase Revision
Matching Games
Spelling Games
Writing Exercises
Automatic Pronounciations
Automatic Answer Checking
Student Scores (* to be enhanced)
Access Control
Printing Flashcards / 字條 / Game cards
魔擦擦 game
Dictation (with hints and repeating)
Sentence Practice (Fill in the blanks / 重組句子）
小老師 game tool
數字天王 (random display of 1 - 100)
Links to internet games
Potential Functions
Passage Reading
Student Recording
Online Dictionary
Example Sentence
Daily Revision
Word Bank for a specific student
Teacher Hints
Worksheets
Animations for specific Word Banks
請留意 ：
1）有關上課筆記，請見附件，以供準備
2）其他材料，例如 學生筆記，海報，圖卡等，請在中心索取
3）上課前需協助學生點名，下課前需派發筆記給每位學生
4）老師需在上課前10分鐘到達中心，並在接待處簽到
5) 中心設有升班制度，每期完畢需向中心匯報那些小朋友可以升班，具體情況可與Raymond 商討
6）老師需嚴格遵守中心各項守則（包括防疫守則），並注意小朋友的安全
346 charlysl 12 hrs 74
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2.印花稅 英國政府已落實徵收2%海外買家印花稅，如買家於2021 年4月1 日前完成整個買賣流程及收樓則可避免繳交此額外所花稅。購英國印花稅採用累進稅制，如果買家在全球包括英國，都沒有擁有物業，樓價首12.5萬鎊毋需徴收，而12.5萬至25萬鎊的稅率為2%，25萬至92.5萬鎊的稅率為5%，92.5萬至150萬鎊為10%，150萬鎊以上為12%。如果買家申報了在全球任何地方擁有物業，要加3%稅率。
3.律師費 在英國買樓涉及的法律問題，可以請事務律師處理。買家如買一手及新樓樓花項目均需使用買家代表律師，收費大約900至2500鎊。當中除了包括律師費外，亦有其他雜費，例如土地搜尋費、管理公司轉契費用、政府登記費用等。有些律師會以購買的樓價作收取律師費的基準，所以倫敦物業的律師費普遍較曼徹斯特的貴）
4.土地註冊費 在英格蘭和威爾斯的所有物業，產權易手後都要向土地註冊局(Land Registry)登記，律師會負責作登記，費用為90至140鎊。
5.評估費 買家可以委託專業人士作物業評估，最常見的建築評估及買家報告，費用與樓價掛勾，樓價愈高費用愈高，建築評估費用由500至1,300鎊，而買家報告則為350至950鎊不等。
每幾個月或幾年總有一些大熱投資產品，但當街市師奶都在討論某類複雜的投資時（例如早前的期油ETF），大家應要提高警覺。香港人在BNO平權後都在討論買英國樓，而不少阿sir教大家甚麼零首期買英國樓、三年用公司買十間樓這些名目迥異的財技，大家都需警惕及自行查證。
不少讀者在Facebook問我各類英國買樓問題，其中一個大熱問題是：「我應該用公司或是個人名義買英國樓？個個YouTuber都話用公司買抵啲喎！」
這個問題我不會亦不可能直接回答，通常我會反問兩個很基本的問題：
你的投資目的是？
你清楚公司買樓的按揭利率和恆常開支嗎？
當然普遍投資者有這個用公司名義買樓的念頭，是因為物業按揭利息可在公司稅制下可被完全用作抵銷利潤，用個人名義只可以將利息的20%用作扣稅。另外，物業賣出的利潤在公司名義下繳交19%，但在個人稅制下可能需繳更高的入息稅（如高稅階的納稅人需付40%）。
用公司買英國樓看似比較划算，但投資者需要把所有數目一併計算，除了公司每年亦有一定的開支，如會計核數及租用地址(如投資者不在英國)等，若只用公司買一至兩間樓，這些成本比例較高。在按揭方面，首先肯借給空殼公司的借貸人比借給個人的明顯地少，貸款價值比率（Loan-to-value）較低，申請費和按揭利息都較高。一般來說，以香港人開的公司申請英國樓宇 Buy-to-let按揭，利率較個人高至少約1.2厘，如果借120,000英鎊為例，只供息不供本，每月利息相差120鎊，令每月的淨現金流降低了不少。
在稅制方面，若投資者想從公司拿出部分租金收入，可以股息支付，但亦需要在個人稅制下付股息稅，如果是高稅階的納稅人該稅率亦超過30%。出售物業獲利方面，個人有每年的資本增值稅豁免額(2020/2021年度為12,300英鎊)，公司稅制下沒有該豁免額。投資者較難預算的是各項稅率及豁免額的改變，特別在本年度英國因肺炎而創下超過2,000億英鎊的巨額財政赤字，英國財相辛偉誠曾透露正考慮在下個財政年度提高資本增值稅和公司利得稅。
所以究竟用個人還是公司名義去買英國樓，這不是一個可以直接回答的問題，畢竟每個投資者的背景和收入不同，資金及投資目的也相差甚遠。但至少投資者應做足功課，將所有可以較準確預測的數字放進計算表內；若日後打算在英國生活，則以整個家庭收入及支出和長遠計劃作考量。
我們經常會勸告別人，一定要多喝水，多喝水有益身體健康。可是要喝什麼水才好？似乎沒有統一的說法，有的人注重養生，在喝水方面就考慮得比較多，而且現在可供選擇的水的種類也多起來了，反而出現了選擇困難。 現在市面上最常見的就是桶裝水，礦泉水和白開水了，有很多人都會認為自來水中加了氯，喝桶裝水，礦泉水更利於健康，那麼真的是這樣的嗎，長期喝哪種水才會更健康呢？下面就讓我們具體來看看。
桶裝水、礦泉水、燒開的自來水的真實情況： 桶裝水 桶裝水其實也是屬於包裝水的範疇，和我們經常在外購買的瓶裝礦泉水，純淨水實質是一樣的。現在市場所售桶裝水也會有純淨水和礦泉水之分。原材料也都是取自於自來水或是地下水，然後通過進一步技術加工處理後得到的可以飲用的水，最後被罐裝到PC桶中送入千家萬戶。 這樣的水安全性是毋庸置疑的，完全可以放心喝，容易出問題的地方就在於飲水機上。我們知道一般情況下，桶裝水都是倒置於飲水機上的，而飲水機體積比較大，很少人會對其進行清洗。在使用時間長後，就算是進行清洗也很難清洗乾淨，再加上桶裝水量也比較大，如果飲用的時間較長的話，就容易滋生細菌，污染到水質。
一般情況下，桶裝水如果開封后三天沒有喝完就容易變質，甚至還會產生異味，喝了這樣受了污染的水，就會影響身體健康。 所以如果喝桶裝水，就一定要定期讓專業人員進行清洗，而且平時開封的水最好在三天內喝完，桶裝水適宜人數多的情況下使用。
礦泉水 礦泉水從字面上就可以看出之所以叫礦泉水，就是因為含有礦物質，喝礦泉水可以為身體補充微量元素。而且小瓶裝的礦泉水很容易喝完，不存在放時間太長的問題。但是小瓶裝的礦泉水價格相對較高，如果用它來煮飯，做菜顯然不划算，也不是普通家庭能承受得了的。 雖然礦泉水裡含有多種礦物質，但是真正被人體吸收利用的卻不多，所以想要依靠喝礦泉水來補充礦物質也是不現實的。
燒開的自來水 所謂自來水就是自來水廠將水進行專門消毒和淨化後提供給人們使用的水。因為現在環境污染比較嚴重，有不少污水排放不達標，而進入到了自然水體中。自來水廠在對水進行消毒處理時，通常會在裡面加入氯，所以很多人就會覺得長期喝這種水會影響身體健康。 特別是燒過的水壺裡經常可以見一層白色的水垢，不少人就會覺得不安全，水質不乾淨，那麼長期喝燒開的白開水對身體健康好不好呢？
答案是，當然對身體好了，可以放心飲用。自來水經濟實惠，而且是經過水廠專業消毒處理過的，衛生質量是有保證的，只要充分燒開後就可以放心地喝。雖然自來水中會有一些雜質存在，但也是在國家飲用水標準範圍內的，不必擔心。
那麼燒水壺中的水垢又是什麼原因呢？這是因為水中含有鈣和鎂元素，與其他雜質混合一起時間長了就會形成水垢，這種水垢只要定期清理是對人體無害的。如果不放心，倒好的開水可以放置一段時間，等雜質沉澱到杯底後，再喝。
而自來水中添加的氯的問題也不用擔心，這些氯都是在安全標準範圍內添加的，不會對人體健康產生危害。如果不放心，可以在水燒開後，將蓋子打開靜置三分鐘左右，可以讓氯通過水分蒸發掉。實在擔心水質問題，可以加裝個淨水器就能完美解決。 總結 綜上所述，燒開的自來水，未必不健康，至少說燒開的白開水最經常實惠，也安全，適宜普通百姓飲用。當然如果想喝的水質更優質，口感更好，可以在家裡裝上淨水器，這樣可以將自來水中的雜質過濾掉，自然飲用起來更放心。 責任編輯： 宋雲 來源：慧雅堂話養生 轉載請註明作者、出處並保持完整。
Summary
Facebook's superior social media product offerings used by half the world's population — Facebook, Whatsapp, Instagram and Messenger — are unparalleled and provide a competitive moat. Facebook has elite fundamentals, high growth and a stellar balance sheet with experienced and heavily invested management at the helm. Also, the company's foray into India through its $5.7Bn investment in Jio Platforms in April 2020 is a game-changer and key to propelling faster topline growth internationally. Q2'2020 earnings showed the resiliency of an increasingly diversified ad business, which was up 10% YoY despite the COVID induced drastic cut in ad spend by companies. The street has been trading Facebook ahead of elections and has myopically underestimated the impact of the company's investment into India. Facebook (FB) is currently trading at a PE NTM of 27.6x, slightly above its 5 year historical average. Relative to its industry, Facebook trades at a PEG NTM of 0.8x. This valuation is perplexing for a company that has 3.1Bn monthly active users (or MAU) across all of its platforms and has generated a 10% growth in ad revenue YoY in Q2'2020 despite overall ad spending decreasing 30% due to COVID-19.
Facebook offers an attractive asymmetric risk-reward opportunity of 1:8; my equally-weighted DCF and CompCo model valuation implies that FB's fair value is $425 representing a 64% gap to target.
Investment Thesis 1) Facebook's superior social media offerings provide a strong competitive moat and the opportunity to cross-sell and integrate at lower costs.
Facebook has 4 primary social media platforms: Messenger, WhatsApp, Instagram and Facebook. 99% of FB's revenue is derived from advertising across these 4 platforms, of which Facebook accounts for the lion's share of revenue (Whatsapp and Messenger have slowly begun to monetize segments of their users).
Facebook, Instagram, Whatsapp and Messenger Source: New York Times
Facebook Source: Facebook's Q2'2020 Earnings Presentation
FB does not report MAUs, DAUs or Average Revenue per User (or ARPU) for its Whatsapp, Instagram and Messenger platforms. However, we can derive a collective DAU count for these platforms which FB classifies as its "Family" products. The DAU of WhatsApp, Instagram and Messenger is simply Facebook's DAU minus the Family DAU (which includes Facebook's DAU thus the subtraction). In Q2'2020, the Family DAU without Facebook, was 685Mn representing a 24% increase on a YoY basis. The Family products also highlight the increased user engagement with a much higher DAU/MAU ratio of 79%.
Facebook Family Products Source: Facebook Q2'2020 Earnings Presentation
For years FB has been hinting towards integrating its 4 primary platforms into a unified offering. It started with Mark Zuckerberg's 2019 letter: "A Privacy-Focused Vision for Social Networking". He stated the need for cross-integration:
Interoperability. People should be able to use any of our apps to reach their friends, and they should be able to communicate across networks easily and securely.
Now that some of the political pressure has started to wane, there is a renewed effort at FB to beta test key cross-integration between its products.
One such example is allowing Messenger and Instagram users to message from one app to another or see videos with friends during a video call (known as the "Watch Together" feature). Users will also be able to search for profiles across both platforms simultaneously.
Messenger and Instagram integration
Source: The Verge
Additionally, cross-integration should assuage the privacy concerns often raised with Facebook since all of its platforms are end-to-end encrypted. People who use Messenger to send and receive SMS cannot have their texts end-to-end encrypted because the SMS protocol is not encrypted. However, with the ability to message across FB's services, as planned by Zuckerberg, users will be able to send an encrypted message to someone’s phone number in WhatsApp from Messenger.
In terms of cross-selling, over 180Mn businesses operate across the FB family with over 9Mn advertisers. Note: the top 100 advertisers account for 16% of revenue, down from 20% a few years ago. This increased revenue diversification will be further boosted by the introduction and rapid adoption of Facebook Shops (May 2020) and WhatsApp business (January 2018). In the most recent Earnings call, Facebook reported 50Mn users for its WhatsApp business segment (for some context, the last reported number was 5Mn).
One way in which integration could help with user experience and convenience is on Facebook Marketplace you could just have someone WhatsApp message your messenger account without have to disclose your number. This could also help advertisers easily create and distribute ads seamlessly across platforms or have users post one story which reaches all their friends faster and more conveniently.
It is abundantly evident that Facebook's ability, even without integration, to engage and monetize users is not going away. This has led to revenue stickiness while, through Facebook Shops and WhatsApp business, simultaneously decreased revenue concentration risk. The basis for growth from these products is consistent, not to mention further drivers of topline growth: the Oculus or Portal products which grew 40% YoY to $366Mn, or Mixer (Facebook's gaming platform acquired from Microsoft (MSFT)) which has the 3rd largest market share after Amazon's (AMZN) Twitch and Google's (GOOGL) YouTube.
Note on COVID-19: Overall ad spending decreased 30% in Q2. Facebook's market share of U.S. ad totals increased from 10.7% to 12.7% while Instagram captured a 7.5% market share. This drove Facebook's advertising revenue up 10% YoY to $18.3Bn.This not only shows the dominance of Facebook as a preferred advertising medium, but also highlights the resiliency and adaptability of its products.
Ad spend in Q2 2) Facebook has elite fundamentals, high growth and a stellar balance sheet with experienced and heavily invested management at the helm.
FB's superior products have insulated its financial statements from exogenous shocks like the FTC fine or COVID-19 ad depression.
Over the past 5 years, Facebook has grown its revenue at an astonishing CAGR of 41.5%. This has led to a 2019 net income margin of 26.1% which is about 510bps more than that of its next closest competitor (by business model) GOOGL. Facebook has a robust gross margin of 82% (note: FB accounts for Depreciation in its COGs) while churning out a tremendous unlevered free cash flow equivalent to ~22.5% of revenue.
Facebook Growth SummaryMark Zuckerberg's leadership of Facebook, from its early days has shown the ability of FB to navigate tough times while still delivering on growth and earnings. It is also clear, that the strategy of Facebook is geared towards the future with focus on AR and VR and international expansion. Mr. Zuckerberg currently owns 15% of FB, and is personally heavily invested in the future of the company.
The company's growth prospects are insulated by a mountain of cash and short term investments, totaling ~$55Bn in 2019. Though Facebook has never paid dividends and does not intend to as per its 10k, it does have a share repurchase program that has $14.9Bn left in authorization.
Source: Created by Author using data from Capital IQ
3) Facebook's foray into India through its $5.7Bn investment in Reliance Jio Platforms is a game-changer and has been underpriced by the street.
Having used Facebook and Reliance products, and seen the impact Reliance (listed on NSE and BSE) has made in India over the past decade, I have an informational edge over the street in understanding the significance of FB's $5.7Bn investment.
What is Reliance Jio?
Reliance Jio is the telecommunications arm of the Indian petrochemical giant Reliance Industries. It operates a national LTE network and now offers optic-fiber based internet connection enabling speeds up to 1Gbps. Launched in 2016, Jio, through aggressive price cuts, became the leading telecom operator in India by 2019.
Jio now has a 32% market share in a telecom market of 1.15Bn Indians. That is, more customers than the entire population of the U.S.
Reliance Jio Facebook's $5.7Bn investment in Jio was brilliant. WhatsApp is used almost ubiquitously in India and virtually has no competition. In two years, Indian WhatsApp users doubled to 400Mn MAUs by 2019. India is now the largest market for WhatsApp. Jio Phones, over 100Mn shipped and accounting for 25% of the customer base for Jio, operate on KaiOS. WhatsApp expanded its presence so that KaiOS phones can download the app causing Indians to nearly break the internet. The Jio investment was simply an extension of the sturdy pre-existing relationship between Jio and Facebook.
WhatsApp and JioMart (Reliance Jio and Reliance Retail's join venture) want to consolidate a very fragmented retail market representing access to the e-commerce market of $84Bn (by 2021) growing in double-digits YoY.
Through the new partnership, WhatsApp will handle the payment system and JioMart will handle order fulfillment and dispatch. An initial test of WhatsApp pay for 1Mn users was already ongoing. Now, with the JioMart integration, the service is already available to tens of millions of users across the greater Mumbai area with more than 1,200 stores participating.
JioMart and WhatsApp Source: Tech Crunch
Here are 3 key reasons how the Jio investment can propel growth for FB:
"Phygital Strategy": Ambani's Jio is executing on the promise of a digital India on which investors and citizens have waited on for years. Under this partnership, Jio would offer consumers the ability to access over 30 million kiranas (or small merchants) and 60 million SMEs which can deliver products and services, after transactions on JioMart using WhatsApp. Made simpler, active Whatsapp business accounts will sky-rocket. Direct access to data: Jio with its 390Mn subscribers (growing at a 35% 3 year CAGR) is sitting on a goldmine of data. There is a lot of potential synergy for Facebook and Jio, through WhatsApp, being able to direct highly targeted advertising on JioMart and collecting consumption pattern data on its Indian customers. Perhaps Facebook can send WhatsApp users suggestions on what they may want to purchase based on historical purchase patterns on JioMart thus driving revenue growth. Jio offers political and regulatory safety: Reliance Industries (up 86% in the last months) accounts for 9% of Indian exports and 4.6% of total tax revenues. Reliance has historically been able to navigate political and regulatory concerns efficiently. WhatsApp pays initial regulatory hurdles will not be an issue with Asia's richest man, Mr. Ambani's clout backing FB. Facebook's investment genius was soon recognized by others across the globe. In the 84 days after FB's investment, Jio raised ~$20.7Bn at a ~$70Bn valuation from 14 investments with companies like Intel (INTC), Qualcomm (QCOM), Google (GOOGL) and KKR (KKR) taking part. If Jio's fund-raiser alone was a country it would be the 110th largest country in the world ranking above Afghanistan and Laos (based on nominal GDP 2019).
Jio fundraising Source: Moneycontrol
Valuation Facebook's social media dominance has been clouded by regulatory and political fears in the U.S. While its foray into India has been myopically underpriced by the street. With positive effects on revenue from COVID-19 along with a stellar balance sheet and management, Facebook's NTM PE of 26.9x (slightly above its 5 year average) is confounding.
Football Field Valuation FB
Source: Created using the Author's DCF and CompCo model
Facebook's implied fair value by an equally-weighted DCF and CompCo model is $425, representing a 64% upside from the CMP of $260. With the range of valuations possible with my bear case indicating $234 to the bull case indicating $468, FB's investment risk-return is asymmetric.
The upside is 8x higher than the downside based on the CMP of $260.
Key Assumptions Assumptions used to build DCF model and financial projections across multiple scenarios:
assumptions Source: Created by the Author
Assumptions used for the CompCo and weighted average cost of capital:
wacc and compco Catalysts and Risks to the Investment Thesis Catalysts:
Better than expected Q4'2020 results (which account for about 30% of total revenue) due to faster than estimated recovery in ad spending. Utilization of share repurchase program, returning over $14.9Bn back to shareholders. Increased traction in WhatsApp and JioMart integration in India driving WhatsApp business account growth. Increased integration between FB's family of products which will lead to higher DAU/MAU ratios, revenue stickiness and security. Risks:
U.S. political pressure with fast-approaching elections (though historically ad revenue spikes for FB closer to elections) and previous reputational damage regarding fake accounts and interference. Regulatory action such as anti-trust which may break Facebook up into its individual businesses. Slower than expected economic recovery will hurt SME — the backbone of FB's revenue and growth. Increased competition from Microsoft through LinkedIn (just introduced LinkedIn stories) or Oracle & WalMart (acquisition of Tik Tok which FB identifies as a competitor in its 10K). Summary In conclusion, Facebook is an undoubted leader in social media platform offerings with over 3.1Bn users monthly. FB's stellar balance sheet and management, along with forays into India, has not only ensured that it has come out of the COVID-19 crisis relatively unscathed but also positioned it optimally for future growth.
share price performancw With the recent tech sell-off, FB's share price has fallen 10.7% offering a good chance for prospective investors. Facebook currently trades at $260 and a PE NTM of 27.6x, slightly above its 5 year historical average. Relative to its industry, Facebook trades at a PEG NTM of 0.8x.
This does not make sense. Facebook will be a $1Tn+ company soon enough.
My DCF and CompCo model, equally weighted, imply a 64% upside to a fair value of $425.
Disclosure: I am/we are long FB. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Salesforce在亞洲區聲名鵲起，是近年才積極開拓亞洲生意之故。Salesforce相比對手SAP和Oracle在功能上更有優勢，亞洲商業發展使Salesforce作為客戶關係管理（CRM, Customer Relationship Management）最大經營者首先受惠，加上目前巿場佔有率依然有限，作為CRM平台的龍頭，筆者抱「唔買都睇吓」的心態，研究一下Salesforce。
俄裔美國人Marc Benioff是Salesforce創辦人，曾任職Oracle並一直得到賞識，進入公司時即獲得最佳新人獎，又改寫Oracle最年輕副總裁紀錄（26歲），年僅37歲已晉升為高級副總裁，風頭一時無兩。但淺水豈可困蛟龍？1999年，Benioff聯同Parker Harris、Dave Moellenhoff、Frank Dominguez等創立Salesforce。Benioff早已認定共享經濟的機遇，在雲端尚未興起時，於2000年致力激活salesforce.com網站作為客戶數據平台的威力。
Benioff把Salesforce定位為「軟件終結者」，既是因為他作為銷售行業的人明白標籤對相應巿場（addressable market）的重要性，明顯是扒這行飯的人，也因為他對潛藏安裝軟件將不合時宜的深刻信念：作為沒有軟件的主要提倡者，Salesforce內用上了No Software的圖案，連公司熱線都用上了1-800-NO-SOFTWARE（即1-800-667-6389，電話按鍵數字上對應的英文字母），本身甚至穿上No Software字樣的T-shirt。
前瞻軟件面臨末日
在20年前，當Microsoft Word、Adobe Photoshop軟件動輒索價百美元始能安裝的年代，Benioff已經超前預言軟件即將沒落，可知Benioff的驚人前瞻性（「軟件末日」言簡意賅，Salesforce股票代號英文簡寫不用，乾脆用上了CRM）。在Benioff積極耕耘下，先後發展出SaaS（Software As A Service，軟體即服務）和PaaS（Platform As A Service，平台即服務方案），成為Salesforce主力提供的服務。
試問一間巿值千億美元級數的公司專注於CRM方案，焉能不獨步於天下？根據Salesforce網站介紹，Salesforce是全球首屈一指的CRM平台，雲端型CRM應用程式適用於銷售、服務、行銷等眾多用途，毋須IT專家協助就能輕鬆設定和管理；只要登入，就能立即開始以嶄新方式聯繫客戶。
Salesforce明白客戶能夠提供龐大的內容貢獻，而且客戶反饋有效，其產品方案透過Trailhead，Salesforce客戶可以認識更多行家，最大化Salesforce的功效；造訪Salesforce Trailhead網站，使Salesforce用家學習平台的新知識，如AI為本的CRM智能助理「愛因斯坦」、社群溝通及提供新世代介面設計（User Interface, UI）、客戶體驗（User Experience, UX），可以促進營銷生產力的Lightning等內容。Salesforce App Exchange則幫助客戶在任何一個部門和行業都可因Salesforce而化繁為簡，5000個即裝即用方案、80000個同行點評和850萬個下載，使再複雜的流程也難不到有Salesforce強力支持的機構客戶。
目前，Salesforce在全球CRM應用上以18.4%巿場佔有率領導全行，遠超SAP、Oracle、Microsoft和Adobe的5.3%、5.2%、3.7%和3.6%，甚至多於尾隨對手巿佔率的總和，公司希望大好形勢能夠藉具有戰略意義的收購而得以強化。
藉併購完善服務
為了加強CRM方案的吸引力，Salesforce在2018年3月以65億美元收購軟體整合平台業者Mulesoft，2019年3月斥157億美元購入數據分析平台Tableau Software Inc.，2019年8月13.5億美元買下解決方案軟件公司ClickSoftware等，使服務範圍更為完備，名副其實成為了當代千億美元巿值級數的名片盒（Rolodex，記載客戶資料用的滾動式索引）。深度分析往往要用上不少篇幅，下周將談併購對Salesforce的好處和協同效應，以及該雲端公司的估值是否已達雲霄。
CFA、FCPA、財務總監
幾個月前，獲一私人財經研究平台邀請，提供關於ESG的學術意見。ESG是指環境（Environmental）、社會（Social）和管治（Governance）。全球投資者及企業越來越重視ESG表現，尤其歐美等地。以2018年為例，全球便有超過25萬篇有關ESG的英語文章。外國投資界最常用的ESG數據，應該是基金分析工具供應商MCSI提供的ESG指數，這指數背後的資料，包括綠色建築、可再生能源等等投資活動。至於我有份提供學術意見的財經研究平台，主要涵蓋與ESG表現高度相關的香港上市公司，而這ESG表現是集中於對香港環境、社會、管治三方面的承擔。本土ESG表現好，良心企業是也。
疫情之下，人人都盡量留在家中，令網購大行其道。「創業快綫」2020優勝初創之一Return Helper，看準網購愈幟熱、退貨率愈高的商機，創立一站式跨境電商退貨平台，成立至今不但是eBay官方推薦服務供應商之一，每月退貨處理量更達一萬件，每件盈利逾80港元。
斥50萬創業搞一站式平台
Return Helper聯合創辦人及行政總裁溫俊偉（Roy）在香港城市大學修讀商務資訊系統，2009年畢業後曾先後効力eBay、Continental Global Service等跨境網購物流公司。據他了解，近年跨境電商業務急速增長，同時退貨率亦高，「歐美市場較保障消費者，網購退貨率達二至三成，若然遇上節日減價，退貨率就更高。」
Roy解釋，香港及內地有不少廠商出口歐美國家，供貨予大型電商如Walmart及eBay等，「它們遇到退貨，通常依賴傳統物流 （例如以DHL、FedEx等速遞回港），貨件退回來再處理，中小型廠商難有資源處理，亦有額外成本 （單次速遞費可達100至200港元）。」他舉例說，退貨涉及物流、檢測、保養維修、廢物回收及循環再造等問題，「Return Helper希望提供一個端到端解決方案（end-to-end solution），一站式處理所有問題，還可整合數據，向電商建議最符合成本效益的方案。」
Roy遂與香港大學計算機工程畢業的中學同學黃俊鵬合資約50萬元，於2018年底創辦Return Helper，並順利成為香港科技園培育公司，獲得初創補助資金。他介紹該一站式退貨解決方案，可以讓電商按退貨物品的狀況，例如貨品並無損壞，可選擇在當地重新配送商品（re-distribute）；如屬次貨亦可在二手市場轉售、循環再造，或直接棄置，以省卻跨國運費及其他營運開支：「就如把整個退貨程序外判給我們般，我們亦相信退貨在源頭處理更cost effective（具成本效益）。」
每件退貨盈利約80元
Roy表示，當日透過過往工作的人脈，先跟海外物流公司及第三方倉庫提出合作，「美國是最大的電商退貨市場，所以我們選擇先與美國郵政洽談，因為外國人更能體驗退貨的重要性，所以洽談相當順利。」與此同時，他主力跟香港及內地的中小型電商介紹此跨境退貨方案，所以在2019年6月正式推出Return Helper時，已經與超過7家來自不同國家的物流公司，包括美國聯邦快遞、美國郵政、英國皇家郵政、澳洲郵政、德國DHL、法國郵政、西班牙郵政等合作，並在3個月間成為eBay官方推薦的服務供應商之一。
他透露，Return Helper推出時，合作的電商已有約500家，主要來自香港、內地及東南亞，每月處理量由最初約幾十件，至今已增至超過1萬件，每件退貨盈利逾10美元（約78港元）：「若然每月沒有這個處理量，大型物流公司未必願意合作，提供快遞折扣優惠。」目前，要求退貨的網購買家主要來自美國、英國等，逾半退貨涉及電子產品、手機及服飾等。
論及發展方向時，Roy提到，Return Helper最初主要客戶為中小型電商，現時則拓展至大企業市場。近期先後與手機殼網店CASETiFY及化妝品網店香港草莓網 StrawberryNET簽約，並擬拓展內地營銷團隊：「內地出口歐美市場達1000億元人民幣，退貨每件盈利約10至15美元（約78至117港元），希望可以增加相關服務，把盈利推高至20美元（約156港元）。」該公司亦積極在美國尋找循環回收相關夥伴，並與大企業洽談合作，有利把次貨在二手市場轉售。
Return Helper今年參與了由香港貿發局主辦、策略夥伴尚乘集團支持的第三屆初創企業培育計劃「創業快綫」，並成為優勝初創之一。Roy明言，香港貿發局不但安排媒體訪問，亦為他們聯絡廣州及台灣的辦事處，「創業快綫安排了我們跟廣州及台灣辦事處對接，並根據我們對於不同市場的需要，提供不同的意見及建議，以及介紹適當的合作夥伴以助我們拓展當地市場。」
香港貿易發展局
大學時有位教授的課堂非常受歡迎，每堂都座無虛席，不是因為他的學問特別高，也不是課堂有趣，而是有考試貼士。上課期間，會突然在筆袋裏拿出小抄朗讀，竟然就是考試的選擇題題目！
近年內地網購興起直播，主要有兩種形式，第一種就是這樣的突然「優惠」模式。例如你喜歡水晶，兩小時的直播，可能就在某個時刻說這批貨半價，然後人們趕緊留言下單。人們不願錯過優惠，當然兩小時都聚精會神。這樣直播主就能輕易有兩小時的流量（和當年的教授一樣）和不少生意。
另一種則是帶貨模式，邀請一些名人名主播做直播。今天賣什麼不知道，兩小時直播可能賣十樣八樣東西，但價錢會比平時平許多，也是同樣限賣幾多份，先到先得。商家最重要是賣貨，便宜一點冇關係。賣的大部分都是公價貨品，消費者當然樂意有折扣，於是直播專場大受歡迎。
上周談論零售會往何處去？技術創新前，以上的直播模式根本不可行。但技術改善了，過往的不可行，現在就變成可行。
同樣創新的不只廣播模式。香港人喜歡吃泰國米，湖南有幾條深山僻壤，原是在清朝出產貢米的，從前資訊和物流不發達，沒有人知道。現在當地縣長上網做直播，讓全中國人都知道。物流又發達，貢米便能輕易運到全國各地（其他產品亦然）。你說新零售能玩出多少花樣來？
有朋友住在郊區，整個小區原來只有一間超市，但小區近日多了一家非常有趣的零售店。營運模式是貼出店主的WhatApps號碼，入群後每晚會發「菜單」，可能是日本帶子、波士頓龍蝦、馬來西亞榴槤，各適其適，喜歡的就下單，第二天4時後去實體店取貨，聽說這樣的店舖在香港已開了好多家。
新鮮食品的網購在內地更是花樣百出，許多城市人已開始在網上買水果和農產品，而不是再去街市和超市。因為這種產地直送的方式，往往更便宜也更方便，聽說產品質素較在超市的更佳。
惟直播和生鮮食品已經是零售業的終點嗎？零售業的核心是連接貨物和消費者，傳統零售不管是超市還是搜尋引擎，都是人找貨，未來可不可以是人工智能推薦的貨找人？
傳統是品牌生產後，再通過零售商賣給消費者。但人工智能出現後，可否從消費者過去購買紀錄，歸納出喜好後，再反向訂製？這樣的產品能更合乎消費者喜好，變成滯銷產品的機會也更低。
從前的網頁順序是按廣告費多少排列，未來會不會出現純以消費者喜好排列？這樣的網站會否更得消費者喜好？網購大概仍會有許多有趣故事，投資者應多關注零售行業的變化。
筆者為證監會9號業務持牌人