Wednesday, May 13, 2009

核數師意見你要睇

企業公布業績高峰已過,普遍表現麻麻,大家唯有努力改善,但有些上市公司份業績認真嚇人,禤中怡粗略一計,單在過去兩周,最少有多達22間上市公司份業績問題多多,連核數師也提出「保留意見」、「不表示意見」或特別需注意的地方等,值得大家注意。

例如停牌的奇峰國際(1228),前身為德信科技,加入木材業務後,08年度竟蝕6.3億元,又是帳面公平值累事,但核數師無法核證一筆總值約3.25億元應收少數權益股東款項的收回程度,因收回與否對業績影響重大,若全數撇帳,分分鐘蝕近10億元。此外,該集團間接持有47.39%股權的「綠之嘉木制品」註冊資本在一年間增9倍至1,280萬美元(約9,984萬港元),但銀行貸款竟達約4.06億元。貸款原由一名第三方擔保,但奇峰國際另一附屬卻就該貸款向該第三方作反擔保,實行孭上身,最大問題是,原來已拖欠三期共8,135萬元還款,而首兩期只付利息而已,難怪核數師對財務報表無法表示意見。

至於資金流動性也惹起核數師注意,像佳邦環球(471)亦被核數師德勤.關黃陳方會計師行在其08年度業績中,提出保留意見,指若干設施於年內中止生產活動,應該要為物業、廠房及設備作減值,但最終無做確認減值虧損,兼且流動負債超過其流動資產達7,249.8萬美元(約5.6億港元)。

不過,該股昨日竟能大漲27.7%至0.084元,成交額僅366萬元,收市後才通知,與一間電子消費品及流動通訊產品業務的公司簽諒解備忘錄,對方可能購入其內地部分業務的大多數股權。需注意的是,諒解備忘錄並非正式交易協議,你信核數師定公司管理層?

即使賺錢的也得小心,如浙江玻璃(739)賺逾1.7億元人民幣,核數師話,其流動負債超逾流動資產24.78億元人民幣之多!該集團更於08年墊付1億元人民幣予兩間實體,然後要撥備4,430萬元人民幣,而今年3個月間,又向上述一間實體和第三間實體墊付合共高達2.67億元人民幣,但卻沒有收到任何貨物作結算,那麼錢往哪裡去呢?再望到份業績內的應收帳竟大增1.29倍至2.23億元人民幣,認真心寒!不過,有投資機會就會有人冒險,浙玻股價昨日升3.7%至1.67元,相信只要自己不是最後一個接火棒,又怕甚麼呢?

另一間叫人「肅然起敬」的公司,就是盈轉虧的遠東控股(036),08年蝕6,624萬元,港交所網站內更貼有標題,指附帶「保留意見」或「修訂意見」的核數師報告,但細看之下,在整份業績報告中,也看不到核數師的報告寫在哪裡,如果有發現的,請告之。

其實,該集團企業管治也有改善空間,如每年最少要開4次董事會會議,但各董事忙出差,只開了兩次會,意味董事監察公司的能力被削弱,更隨時令人有遊埠感覺,可惜年報無披露董事出差詳情,莫非股東要請私家偵探監察?

(5月13日刊於《am730》)

9 Comments:

At 1:47 PM, Blogger keith said...

Have found the annual report (with the auditors' report) for FEH (HKEX: 00036) for FY 2008. Please refer to the link below for the report:

http://202.66.146.82/listco/hk/fareastholdings/annual/2008/ar2008.pdf

Anyway, the auditors gave them a clean report (true and fair opinion). However, there is an emphasis of matters on the contingent purchase consideration.

if you want the annual report for other years, please refer to the link below:

http://www.irasia.com/listco/hk/fareastholdings/annual/index.htm

 
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