Wednesday, January 30, 2008

回購奇景 (1月29日中環博客)

之前話要綁好安全帶,港股昨日即再重挫千點,總成交額略近1,100億元,但藍籌股成交只有490億元,未算洶湧,但已夠大戶舞弄。即月期指則在轉倉盤帶動下,就有逾13萬張成交,相信昨日未平倉合約將跌至少於10萬張。至於下月期指交投亦增至逾6.6萬張,準備再戰江湖。

恒生指數公司(前身就是恒指服務公司)已落實於2月15日,檢討恒指成分股,又要開始玩尋寶遊戲,相信稍後財經專家們又有預測。由於恒指去年底一口氣加3隻新貴後,數目才43隻,距離50隻仍有位子,相信已回歸A股的H股又要爭崩頭入圍。見到隻中煤能源(1898)完成A股招股程序,會否步中國神華(1088)後塵,增添多隻資源股呢?

恒指再加入的,相信定必是高速增長的內地股份,雖然佔恒指比重不會太重,但後市可能也要計計數,究竟對恒指的影響有多大。

講計數,禤中怡看到上周一個奇景,就是上市公司落力在市場回購股份,粗略數一數,起碼逾20間,當中有藍籌股,以中信泰富(267)在上周初現身兩次,信和置業(083)也見一次回購,而其他踏入業績公布期的,像李超人的長實(001)及和黃(013)則受規則所限,難作任何舉動了。

有些公司則相當積極,如有線寬頻(1097)自去年11月中公布第三季業績後,差不多有39個交易日也出來回購,未知是市場「唔識寶」,抑或做回購才是真正業務。

不過,禤中怡一直不明白,回購股份作用有多大,因為只要業務夠實在,兼有前途的話,實不應動用股東資金在市場回購,因為甚麼作價才算對股東有利呢?此外,目前回購股份需註銷,即代表發行股本縮小,與部分外國交易所准許上市公司買入自己公司的股份後,可暫存一段時間,然後再在市場沽售的做法不同。

國美電器(493)自本月22日連續4日回購股份,由最低每股14.04元開始回購,買到最高股價見16.8元,而該股昨日逆市升0.3%至16.98元,做股東的,相信會很開心,因為股價獲支持,但知不知道公司有日以15.2至15.84元股價,回購1,105.3萬股,涉資高達1.73億元,而在該4日買貨行動,總代價已是超過3億元!

能夠支撐股價還好,像宏安集團(1222),單計上周一至昨日為止,合共在市場回購7,620萬股,但作價就不同了,由周一的0.13元起,之後見0.122元,跌至0.116元又買,直至昨日曾以0.11元入市,昨日收市報0.113元,挫4.2%,是否意味之前買貴貨,股東資金白白流走呢?

其實,公司有多餘資金,對業務現金流又有信心,只要多派股息給股東,就更能讓他們直接受惠,又不會被人話回購股份縮細股本,變相讓大股東股權比例上升嘛!

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