Friday, August 31, 2007

資產放大鏡

看「多啦A夢」(禤中怡較喜歡以前叫「叮噹」這個名稱)卡通,最開心是他拿出來的法寶,外表平庸,偏又是大家渴望擁有的。在現實中,原來也有一種叫「資產放大鏡」的法寶在運作,值得看看,正如叮噹舊主題曲的歌詞「離奇神化、不可思議、心中一想就得到」。


禤中怡近日見到瑞源國際(476)大舉出動,同樣參與潮興的「資源」俱樂部,擬向集團主席張韌和副主席陳重振兩人所持公司購入一個可能有銅資源的項目,並且準備持有其60%股權,即有權話事。交易完成後,張、陳二人仍持有20%股權,而他們與另一第三者另持20%股權。該項目在哪裏呢?原來在南美洲的智利,究竟有否直航機前往當地,相信要向航空公司查查,相信董事日後去視察項目所花時間和金錢,絕對是「大投資」。


這個項目作價更不嘢少,估值78億元,瑞源便要拿46.8億元買60%股權。看看張陳二人的公司原本投入資金,竟然是30萬大元,即是只須在「資產放大鏡」一照,資產估值即時膨脹,倍數之高恐怕連最厲害的放大鏡也望塵莫及,多啦A夢的百寶袋有沒有這件厲害的傢伙呢?


不過,瑞源管理層不知是何種原因,自03年以來,集團業績年年「見紅」,起碼蝕足5年,股東心灰意冷外,更要面對資產淨值日益縮水,從03年的9,809.7萬元,「陰乾」至07年3月底,只剩下2,154.4萬元,認真悲壯!


無問題,上市公司的第二項法寶就是「強力印製股票機」,可以用每股3.6元作價,發行13億股新股便OK,股份數目盡歸大股東手上,而新股數目佔現有股本1.25倍!其他股東攤薄了權益又如何,反正有大生意嘛!


好了,這個項目有多驚天動地泣鬼神?經過現由天津市政府管轄的華北地勘局所作估計,有銅資源500萬噸,但為甚麼由一間內地公司跑到老遠去做評估?原來是第三方股東委聘華北地勘局進行的。需注意的是,今次他們利用多啦A夢也有的「時光機」,因為那次估計已是2000至2001年的事了。


公司當然要回到現在,話董事曾往當地視察,不見有大型機器和大規模開採,亦不認為小規模開採會對銅資源有嚴重影響。仲話會再做盡職審查兼獨立評估和鑽探工作後才作實交易,但審查開支最多達3,500萬元,比整間集團資產淨值還高!話雖已發可換股票據籌了2.22億元,應付有關投資,不過,倘若不見到有銅存在,認購可換股票據的投資者又可要錢唔要股,到時便要還錢,豈不是將整間公司押上注嗎?大家做股民,真金白銀拿出來做投資,當然希望有回報,否則努力工作,辛苦賺回來的血汗錢,若最終石沉大海,豈不無法做到「人人期望可達到」嗎?
(8月31日刊於《am730》)

18 Comments:

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真是「匪夷所思」!
記得以前曾教授曾提出過,在大牛市時,不妨「投機」買入一些「仙股」,搏它變成「毫子」股,而#476 就是最佳「投機」對象。不經不覺,今日,它竟然是Dollar stock.

 
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