Tuesday, October 21, 2008

藍籌股任你蝕

即使是藍籌股也會闖禍,甚至是大禍。中信泰富(267)竟然炒燶槓桿外匯合約,損手高達近155億元,每持有1股中信泰富的股東,損失約7.06元,即一手1,000股就不見了7,060元,相等於停牌時股價約48%。

企業管治良好一向是能夠成為藍籌股的基本條件,並非單純地寫在年報內,但料不到財務董事有如此大的權力,兼且無人可制衡這類交易才最驚人。該集團旗下審核委員會話財務董事在事前未獲主席批准,超越職權限度,但為甚麼最終仍然能夠簽下這些止賺而不止蝕的合約呢?莫非有關人士如此為公司著想,抑或另有內情呢?
還有一個令人百思不得其解的疑問是,公司指,於上月發現問題,為何不早作披露,即使調查未見最終答案,也可讓市場知道,再決定持貨與否。

再看該集團的半年業績報告,原來一直透過訂立外匯遠期合約及結構性遠期合約,對沖或減低外匯風險,直至6月底,未到期外匯遠期合約及結構性遠期合約金額為39億元,代表並非新鮮事,只是今次所買合約是否有所不同呢?

再望望該股又通過訂立外匯遠期合約減低美元債項及一項日圓債券之外匯風險,該等合約之金額為79.1億元,比07年底大增35%,究竟這些合約又是否存在問題呢?

見到藍籌也闖大禍,也不好意思再批評比那些缺乏資源的二三線股,甚至欠貨款、欠員工薪酬就一走了之的公司管理層了。不過,禤中怡回想起曾呼籲上市公司,還提到中信泰富做例子,叫他們不要浪費寶貴的資源去回購股份,保留多點資金,或者將資金派送予股東為佳。

好了,中信泰富今次要找母公司幫手提供15億美元(約117億港元)的備用信貸,證明現金短缺,故今年上半年斥6.3億元作回購股份的資金就確實是白費了,最慘是對支持股價無補於事,恐怕今日遭基金洗倉屬意料中事。
其實,美國通用電氣(GE)過去亦曾取得股東批准,執行一項總值150億美元(約1,170億港元)的股份回購行動,大家童叟無欺。結果是甚麼,今次次按危機再加金融海嘯,股價跌到未見底,由1年前的41.22美元,回落至19.52美元,蒸發了52%市值,這還未算,月初更要集資,讓股神巴菲特執平貨,而配股價格亦僅為22.25美元,代表高價回購,低價配股,這是甚麼財技呢?

(10月21日刊於《am730》)

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