Tuesday, September 02, 2008

浪費股東資金

上周中國移動(941)和思捷(330)中期業績不算太差,甚至比預期為佳,依然要被洗倉,皆因前景看淡喎!不過,中移動接手母公司個3G網絡,看淡似乎不足為奇,而美元兌歐元於過去1個月回升,上月累計已漲6.3%,思捷受惠歐元強勁的利好因素被減弱,實在是意料之內,但證券商齊心合力,一致唱淡,大戶便有藉口出貨,兼可以重挫後再玩過,而思捷跌極未完,昨日又不見了6%至61.1元收市,成為最大跌幅藍籌股,可見洗倉未停。

思捷管理層於7月曾三度入市,展開回購股份行動,計一計,用了2億元買了約逾261萬股,回購股價最高見86元,未知是否為業績未如人意而作準備,可惜與昨日收市價一比,足足高40%,代表買貴貨。

香港的股份回購制度,是將所回購的股份註銷,即已發行股份數目將因此而減少,優點是提升每股盈利,缺點是股本縮小。至於美國則容許上市公司回購股份後,可以保留起來,成為庫存股,然後在規定範圍內再流回市場,藉此控制股份供應量。禤中怡一直認為股價應由市場決定,管理層如何計算,怎也不及那些金融大鱷,甚麼叫好價去回購呢?與其如此費神,倒不如集中精力,將業務經營好,自然會受投資者垂青,因為大戶一旦拋貨,必有伯樂支持。

見到中信泰富(267)同樣要嘆口氣,中期業績雖受航空和電力表現差而倒退12%,中期股息卻大減25%之多,由40仙回復至以往的30仙水平,本來無可厚非,但實情是,減派股息,因管理層想保留多些資金供回購股份之用。

以去年底發行股本計,若每股多派0.1元股息,僅需額外多付約2.2億元。但該集團上半年寧願動用逾6億元,回購逾1,800萬股。最重要的是,回購股份的股價,曾高見37.9元,與該股昨日收市價27.3元比較,足足高了38.8%!即使回購最低價為28.5元,仍比現價高。

最令人不解的是,管理層在這段期間卻拋售所持證券投資組合,套現20億元,相信可理解為對後市看淡的睇法,但對自己隻股份如此有信心,頻頻回購,最後當然是浪費寶貴的股東資金。無疑,市場總有回升時,管理層屆時可慶祝自己的決定有多英明,但有誰望一望,究竟過去半年的市況是否適合入市,回購股份根本無補於事,倒不如多派股息,讓股東自行決定如何運用資金更佳。

中信泰富管理層看市眼光實不差,且看去年分拆中信1616(1883)和大昌行(1828),當時定價2.58元和5.88元,與昨日收市價1.78元和2.13元計,分別已潛水31%和63%,代表懂得趁高位上市集資,難怪主席榮總都話要等市好才在內地A股上市,但內地股民見到這種情況,又會否肯落疊呢?

(9月2日刊於《am730》)

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