Tuesday, January 13, 2009

又有細價股冚檔

上周初才提到科浪國際(2336)董事集體跳車,言猶在耳,第一天然食品(1076)又慘遭沒頂,終於要委任臨時清盤人,可見三四線股經金融海嘯衝擊後,終於要現形。

第一天然食品的臨時清盤人又是安永的廖耀強,計一計,他們單在去年下半年至今,已接了5單臨時清盤人的job做,除上述兩間公司外,還包括佑威(627)和中華藥業(8120)兩間上市公司,還有泰林,可見其曝光率之高外,肯定成為逆市好景的絕佳例子!

經營冷凍食品的第一天然食品,其經營業績同科浪頗為相似,就是仍然有錢賺,中期盈利更增長22%至1.1億元人民幣,而股東背景更是聲名顯赫,其中包括瑞銀(UBS) ,據港交所(388)資料顯示,UBS持有該股約7.83%股權,而Crosby Active Opportunities Feeder Fund Limited則持有6.69%股權,還有一間總部設於瑞典、專注投資新興市場的Dunross Investment Ltd亦於去年11月進一步增持該股至約7.03%股權。

有趣的是,再望一望以往股權變動資料,顯示在該股出事前,瑞銀自去年11月中起,已4次減持該股,而Crosby也加入減持行列,或許是信貸市場收緊,他們也要紛紛套現,以便改善資金流動性吧!

另一方面,德意志銀行於去年11月初,已向該股提出,要求提前終止一項名義金額達1億美元(約7.8億港元)的美元利率掉期合約,甚至要追收因合約平倉而應付的逾1,338萬美元(約1.04億港元),德意志銀行甚至要發出傳訊令狀追數。不過,據第一天然食品於去年6月底止,手持現金逾7.9億元人民幣,至於銀行負債2.25億元人民幣,還有總值1.16億元可換股票據,以及上述利率掉期合約,按理有能力還款,為何會輕易掉入臨時清盤的狀態呢?

或許又與科浪的另一相似之處,就是董事楊樂、倪朝鵬和陸則堅齊辭去董事職位,當然無交代啦!唯一不同的,就是他們曾聯絡主席楊宗龍,但無功而還,難怪公司自行向法院尋求安排臨時清盤人,希望能夠保護公司內的資產。

事件反映兩件事,有大行入股也不等於值得捧場,若果無法監察好這些細價股的管理層,甚至是大股東,分分鐘拖累上市公司,投資這類公司的大行,隨時連自己也會「揩嘢」。當然,市好時,大家相安無事,但有風浪冚來,就難以逃生,故此大家切記不要瞓身在一兩隻股份,否則隨時股票變晒牆紙。

此外,禤中怡一直認為做生意,簡簡單單,無謂亦無需沾手衍生金融工具,避免冒這些風險,且看去年油價急升急跌對航空股的影響,而且哪有人準確估到價格走勢,可惜第一天然食品更厲害,竟然走去做一份利率掉期合約,令人摸不著頭腦,究竟投資這些衍生工具,於業務有何需要?莫非要俾生意其他人做?讀者們還是速速查看自己的投資組合內,有哪些經營這類副業的上市公司吧!

(1月13日刊於《am730》)

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