Wednesday, October 14, 2009

選錯配偶冇覺好瞓

禤中怡雖然難與溫總相比,但睇錯市就要認,向廣大讀者致歉,皆因前日期指尾市突抽上,擔心大戶做樣,怎知回頭期指淡友慘遭挾倉,如果不止蝕,分分鐘被挾300多點,傷亡慘重,因為未等到指數掉頭高位回落,已經被斬倉了。

不過,股市始終有一定吸引力,故近期私募基金(private equity)愈來愈喜歡直接走上台前,參與上市公司的投資,莫非市場欠缺具成長空間的好項目,抑或轉走短線獲利呢?

私募基金一向物色非上市項目,透過注入資金和專業知識等,協助那些投資項目成熟,然後安排上市,將其價值體現出來,最後當然是沽貨套現,然後物色其他投資。可惜,信貸緊縮,可以等待的時間不能太長,好像大如百仕通(Blackstone)創辦人早前同投資者講要出售部分公司,或安排投資的公司獨立上市,無非是套現而已。

獲私募基金投資的,包括有國美電器(493)得到貝恩資本支持,中國糧油夥私募基金厚樸入股蒙牛(2319)也是一例。至於專注投資內地市場的方源資本,亦於8月斥資逾7億元認購建業地產(832)可換股債券及認股權證,可換股債券換股價3.1元,而認股權證則為4.1元,如悉數換股,將佔最多12.48%股權。

即使是以北京為基地,嚴守資本運用規定,主力投資非上市科技公司的青雲創投,也動用2.3億元入股真明麗(1868)約11.3%股權。那麼獲得這些私募基金的「祝福」又會否有好處呢?若從股價看則有不同表現。建業地產股價從8月消息公布前的2.39元起步,確曾彈上2.6元,昨日收報2.19元,累挫15.7%,皆因用可換股債券支付代價,多少構成折讓。真明麗相對厲害,股價從7月中的2.3元開始,以昨收報4.2元計,累升82.6%之多。

不過,並非每間獲私募基金垂青的公司也會遇上好配偶的,像美國家傳戶曉的床上用品生產商蓆夢思(Simmons)也要準備將美國業務申請破產保護,以配合重組計劃,包括股東出售股權,而今次已經是過去20多年來第七度易主了。

一間年營業額逾10億美元(約78億港元)的企業,產品連美國總統的空軍一號也選用,為何走上崎嶇路?大多歸咎於經濟太差,且看看《紐約時報》便發覺是另一回事,就是私募基金作怪,他們靠借便宜錢來以槓桿方式買入蓆夢思,然後又要蓆夢思發債券集資,再以更高價將其賣出,單是應付收購交易和發債活動已令華爾街的投資銀行袋了7.5億美元(約58.5億港元)。

更大問題是,新股東入主就要求蓆夢思派股息,如股東THL透過蓆夢思集資所得,讓蓆夢思向該私募基金派息2.38億美元(約18.56億港元),難怪在近20年間,債項滾存至13億美元(約101億港元)之巨。

除了蓆夢思債券持有人損手外,經此摧殘,該公司去年已裁減美國一個廠房1,000名員工,儘管他們努力工作,偏要承受惡果,卻肥了那些私募基金!

(10月14日刊於《am730》)

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