Tuesday, January 19, 2010

小心抽水熱潮突冷卻

面對海地發生的大災難,先呼籲大家有錢出錢,大家同在地球村,伸出救助之手實非難事,況且小小金錢已可化為大用,何樂而不為?禤中怡首先謝過。

近日金魚缸最熱鬧的,同樣是要錢,大大小小的公司均出動抽水,單計上周四以來,最少有17間公司發行新股及可換股債券,昨日最新鮮熱辣的,就是傳西王糖業(2088)和嘉盛(729)「批盪」,各拿逾3億和2.67億元。

由於細價股熱炒,刺激這類股份趁勢搶錢,像通達集團(698)以每股0.24元批股,即使作價大折讓18.6%,依然不怕,更以每股0.008元配售1.92億份認股證,行使價0.3元,即總成本0.308元,較配股前收市價0.295元僅有溢價4.4%。該股昨開市抽高至0.335元,再現震倉,推落低見0.305元後才展現升空之旅,最後逆市大升18%至0.35元收市,更令批認股證由有溢價變成有折讓,認購認股證的投資者如行使換股,帳面反而賺13.6%,當然,接批新股的投資者更和味,皆因單日回報便高達45.8%之多。

即使隻亞洲能源物流(351)亦以折讓達19.7%,即每股0.159元配股,引致該股昨日狂挫14.6%,但收市報0.169元,代表認購新股的投資者依然有肉食。

由於市場追捧二三線股的氣氛不弱,加上有成功獲利離場的個案,又有股神上身的觸覺,配合愈來愈多消息供炒作,實行趁勢而行時,就要小心控制注碼,畢竟氣氛何時轉變,以及大戶派貨何時完結皆無人知,若突然冷卻,分分鐘被綁還好,跌個粉身碎骨便莫奈何!

講大隻的當然首推華能國際(902),除要在內地股市發行A股外,還要在本港按每股4.97元發行4億股新H股,合共要搶逾百億元,因去年9月負債總額達1,412.5億元人民幣,即使瘋狂搶錢後,資產負債率亦只能由去年9月底的74.96%,降至70.76%而已。未知市場是否也有擔憂,股價以全日最低位收市,報4.67元,跌逾1.2%。

其實,該公司剛於月初才話,將斥86億元人民幣於山東大力收購電力資產,若靠借錢解決的話,反映負債總額於交易完成後,肯定又會再度上升。話雖息口低,又要配合內地政府的政策,但如市況逆轉,息口掉頭向上,華能的財務負擔便加重,若果一味只是要「做大做強」,變成外強中乾,資產負債結構不健康,恐怕又愧對股東了。

有趣的是,曾獲龔耀輝擔任行政總裁而聲名大噪的中國金融租賃(2312)建議配售總值4,125萬元的可換股票據,兼且已獲股東通過,但估不到臨門一腳,昨遭港交所(388)拒絕批准讓批票據兌換為股份上市,代表集資夢碎。港交所話,基於配售未能遵守上市規則第2.03條的原則所致,而有關原則共有6點,包括是否適合上市、證券發行及銷售是以公平形式進行及董事本着整體股東的利益行事等,但究竟犯那條,甚至是否全部未過關就不得而知,且看今日股價表現。

(1月19日刊於《am730》)

4 Comments:

At 8:23 AM, Blogger oakleyses said...

air max, burberry outlet, true religion jeans, louboutin, louis vuitton outlet, louboutin, ray ban sunglasses, tiffany and co, coach outlet store online, oakley sunglasses cheap, christian louboutin shoes, longchamp outlet, louis vuitton, true religion jeans, tory burch outlet, kate spade outlet, kate spade handbags, oakley sunglasses, jordan shoes, polo ralph lauren outlet, louis vuitton outlet, louis vuitton handbags, coach outlet, prada outlet, ray ban sunglasses, chanel handbags, michael kors outlet, longchamp handbags, michael kors outlet, oakley sunglasses, nike shoes, air max, coach purses, michael kors outlet, longchamp handbags, louis vuitton outlet stores, nike free, prada handbags, coach factory outlet, gucci outlet, tiffany and co, louboutin outlet, michael kors outlet, polo ralph lauren outlet, michael kors outlet, burberry outlet, michael kors outlet

 
At 8:30 AM, Blogger oakleyses said...

abercrombie and fitch, hollister, sac burberry, sac hermes, nike free pas cher, michael kors, sac guess, timberland, nike free, lululemon, new balance pas cher, true religion outlet, sac louis vuitton, mulberry, louis vuitton uk, longchamp, nike roshe, vans pas cher, air max, louboutin, vanessa bruno, nike blazer, hollister, air force, ray ban pas cher, true religion outlet, north face, oakley pas cher, hogan outlet, nike trainers, nike tn, air jordan, sac louis vuitton, polo lacoste, louis vuitton, air max pas cher, michael kors pas cher, michael kors, polo ralph lauren, sac longchamp, converse pas cher, ralph lauren, nike roshe run, barbour, nike air max, air max, north face, ray ban sunglasses

 
At 8:37 AM, Blogger oakleyses said...

marc jacobs, soccer shoes, abercrombie and fitch, hollister, asics running shoes, canada goose, ugg boots, nfl jerseys, reebok outlet, herve leger, ugg, north face outlet, mont blanc, longchamp, insanity workout, canada goose uk, chi flat iron, babyliss pro, ugg pas cher, ugg australia, canada goose jackets, mcm handbags, canada goose, wedding dresses, new balance shoes, mac cosmetics, soccer jerseys, celine handbags, birkin bag, p90x, ferragamo shoes, valentino shoes, nike huarache, beats by dre, ghd, instyler, jimmy choo outlet, lululemon outlet, bottega veneta, canada goose, rolex watches, canada goose outlet, vans shoes, nike roshe run, moncler, ugg boots, north face jackets, uggs outlet, giuseppe zanotti

 
At 8:52 AM, Blogger oakleyses said...

louboutin, moncler outlet, juicy couture outlet, iphone 6 cases, hollister, moncler, karen millen, oakley, baseball bats, wedding dresses, ray ban, gucci, canada goose, ralph lauren, canada goose, swarovski crystal, hollister clothing store, moncler, air max, converse, pandora jewelry, juicy couture outlet, rolex watches, moncler, supra shoes, moncler, pandora charms, ugg, vans, toms shoes, links of london, pandora charms, air max, timberland boots, parajumpers, hollister, thomas sabo, louis vuitton, montre homme, coach outlet store online, lancel, ugg, swarovski, moncler, converse shoes

 

Post a Comment

<< Home