Thursday, February 19, 2009

小心供到你氣咳

細價股自飛天神仙股香港資源(2882)股價表演火箭升空後,揭開了「資源」兩字相關股份向上的旅程,齊齊搭了一趟順風車,甚至連香港資源進行第二次配股時,每股作價1.3元配售股份,比恒基地產(012)主席李兆基每股入股價0.5元,足足升了1.6倍,成功以更高股價向市場抽水。

自去年下半年爆發金融海嘯後,資金完全乾塘,企業所需現金周轉難免陷入困境,若果不早作準備,大浪冚過來便遭沒頂,幸好去年底開始略見甘露,雖未致於回復以往風光的日子,但上市公司已急不及待地湧出來,齊齊搶錢去也,像輝影國際(630)和中國農產品交易(149)便透過配售新股,集資逾2,400萬和逾3,800萬元。

另一種時間較長的集資方法,自然是向股東打主意,實行人人有份,永不落空,就是齊齊供股也。禤中怡粗略一計,原來在過去3個月間,已經有多達10間上市公司向股東伸手,提出供股建議,計計數,所涉集資額差不多39億元吧!

供股可以讓股東有機會參與投資,對一般投資者而言,即使不供股,所謂攤薄效應的影響相對有限,皆因所持股份不會太多,加上供股權可放在交易所買賣,或許可出售供股權套現賺餐茶飲!

不過,供股也有其缺點,首先供股價定必較市價有折讓,方可吸引投資者供股,肯定對股價構成壓力。最慘烈的,還有那些將股份合併再大比例供股的場面,如宏安(1222)要將25股合併為1股,然後再1股合併後股份供3股,變相供原來的75股!若果未夠喉,可以看廣益(530)的40合1,跟著1股合併股份供9股,代表未合併前的360股,認真不得了。為何要合併股份?皆因股價太低,像宏安昨日收市才0.018元,故要合併股份,才能用最低入場費的0.1元做供股價。

這還不止,華脈通信(499)最近一次的股份合併建議,就是將20合1,之後再1股合併後股份供7股,即合併前的140股!但需留意,該股於去年7月才進行5股合併為1股,然後再2供1方式供股集資。假設於去年7月掃入10萬股,股份首次合併兼不供股,仍有2萬股剩,但連同今次20合1,只剩下1,000股合併後股份!分分鐘連一手股份也欠奉,隨時變碎股,認真無奈。

至於集資用途就更令禤中怡為之氣結,華脈、皇朝傢俬(1198)、恒寶利(3989)、中國星投資(764)和中國植物開發(2349)都話,供股所得款項,主要用作一般營運資金,代表佢知你唔知,究竟這些寶貴的資金拿到手後,是否真的為股東帶來增值機會,始終是一個謎。

細價股炒到大家興奮,自然不會管這些情況,更相信自己有能力做到,並非是最後一個接火棒的投資者,實行富貴險中求,像華脈股價昨急彈16%,收報0.172元,成功營造好氣氛,成交股數卻僅22萬股,但又有多少人留意。為免成抽水機,離場或許是最佳答案。

(2月19日刊於《am730》)

6 Comments:

At 10:18 PM, Anonymous Anonymous said...

褟先生,我很欣賞你的文章,但是宏安供股其實是一個很周密的佈局。
http://realblog.zkiz.com/viewpage.php?tid=5807
當中,這次供股是極大地肥了最終母公司宏安。

還有這次供股不是1供3每股1毛錢,是1供3,再供3股送2紅股,即1供5,每股6仙。大股東亦有加供股。

另外廣益的供股是為收購作鋪路,之前都有大比例供股:
http://realblog.zkiz.com/viewpage.php?tid=4089

華脈無線通訊則有所不同,之前的供股如下述:
http://realblog.zkiz.com/viewpage.php?tid=4035

但今次的供股,兩位先生都要供股,其中呢兩位先生都想盡辦法籌錢:

http://realblog.zkiz.com/viewpage.php?tid=5509

http://www.hkexnews.hk/listedco/listconews/sehk/20090203/LTN20090203180_C.pdf

請明鑒,每一家公司供股的情況都不同,不可一概而論。

 
At 10:25 PM, Anonymous Anonymous said...

仲左香港資源,是有管理層之前上下其手的:

http://realblog.zkiz.com/viewpage.php?tid=5690

 
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