Friday, November 02, 2007

事先張揚的出價

伯老再出招,在一個多月間,一口氣減了共0.75厘息,可見當地經濟問題似乎非同小可,實在有出手拯救必要,可惜全球經濟一體化,苦了其他國家。


最受影響的莫過於香港,明明通脹有上升趨勢,卻不能利用加息來調控增長中的經濟,更要變相火上加油,讓大戶可以用負利率做理由,推動資產價值膨脹,實行趕錢出銀行,找尋更保值的投資,而其中一種反應最快的,自然包括流動性較大的股市,而「磚頭」也成為推高價值的目標,相信「無殼蝸牛」這個名詞又再重生。


談到保值,有上市公司已積極入貨,但喜歡事先張揚,就認真夠特別。曾被喻為「供股王」的永義國際(1218)上月初已話自己投資共44萬股港交所(388),每股平均價約152元,兼且動用逾6,700萬元買入57.2萬股中國移動(941)股份。為甚麼要披露?皆因公司規模非大,觸及《上市條例》規定,就要公布天下。


當然,見到這些投資,大家當然覺得管理層醒,因為股價升,帳面利潤可觀,而翻查資料,於3月底,該股的股東資金才逾13億元,話雖無負債,但單是兩隻股份,涉資便逾1.3億元,即代表用一成資金重注押落兩隻股票,這種投資策略應如何理解呢?


還不至此,該集團竟然話要競投物業,計劃要參與收購灣仔大生商業大厦。該幢大厦早前由仲量聯行安排於本月底作公開拍賣。


由於這個投資舉動對該集團來說,已屬於非常重大交易,所以要在月內先召開股東特別大會,找股東授權批准才可去做。原來威格斯曾做評估,話該幢大厦估值便已達9.5億元,再看看該集團的股東資金,所涉金額對該集團來說,的確屬大交易。


有趣的是,既然是大買賣,又要同人在拍賣場上爭奪,必然是對出價保持神秘的策略,否則人人知道底牌,這還算甚麼競投,但該公司卻「光明磊落」,再一次展現超高透明度,竟然話明以最高12億元競投該物業,即較估值多26.3%,事先向其他對手表明意向,要買就要出更高價錢,否則難以勝出。


先不理這個價格高與低,永義國際這種高透明度策略,實在已經為該物業的賣方增添宣傳之效,相信賣方高興得不得了。


回想起當年永義買入瑞興百貨,做零售,發展地產業務,之後債台高築,更曾陷入重組債務之困境,又要多番供股集資,到今日似乎恢復元氣,但估不到又大力進行證券投資和地產發展,可見「留得青山在,那怕無柴燒」,最重要是股東有錢,否則怎會有錢供股呀!


(11月2日刊於《am730》)

10 Comments:

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