Tuesday, August 03, 2010

業績差有薪加

港股開市挾高192點至21,221點後,轉趨窄幅上落,直至午後再推高,淡友無啖好食,收市報21,412點,漲382點,全靠金融藍籌股帶動,並令收回價在21,300和21,400點共37隻恒指熊證被強制收回,而持有強制收回價屬21,500點的19隻恒指熊證投資者,僅有82點的差距,肯定擔驚受怕。

滙豐控股(005)派中期成績表,純利68億美元(約530.4億港元),較去年同期增1倍,主因債務重估由虧損23億美元(約179億港元),改善至錄得11.25億美元(約87.7億港元)盈餘所致,一加一減才顯示業績強勁。只要望望08年度上半年度賺77.2億美元(約602億港元),可見該股受惠基數低才產生顯著增長,但實際金額仍未重回08年度水平。

另一個有趣數字就是該股僱員報酬及福利方面,按半年期計,有關開支連降兩次後,由去年下半年開始又再回升,比去年上半年略增0.58%後,今年上半年有關支出達98.06億美元(約764.8億港元),較去年下半年的92.61億美元(約722.3億港元),增長5.8%,或許是增加人手配合業務發展,但會否在純利還未回復昔日表現前,僱員報酬及福利先再破百億美元,重回08年上半年的109億美元(約850億港元)呢?

誠然,公司賺錢,能夠派息之餘,員工獲得調高薪酬便皆大歡喜,但有些公司卻做法迴異。像雅天妮(789)這間從事時尚配飾、禮品的上市公司,09年度轉盈為虧,蝕了多達1.4億元,整個董事局的薪津連權益計算股份的總開支卻大幅增長1倍至1,228萬元。

估不到的是,該股於今年3月底止年度仍虧損1億元,營業額連跌兩年,較09年挫35%至3.66億元,當然派息無望,但看看主席兼創辦人之一的謝超群卻連續兩年獲加人工,升幅更是三級跳,單是薪酬、津貼及實物利益由09年度的271萬元,急增至2010年度的824.8萬元,漲幅為兩倍,只是購股權的估值開支回落61.5%,但一日未行使也只是估值罷了。至於其前執行董事兼首席營運官何沛賢,雖已於5月離職,但在2010年度依然拿了192.2萬元,亦較09年增37.3%。至於3名獨立非執行董事的董事袍金共為58.2萬元,亦增14%。

至於今年3月底止年度轉盈為虧,蝕了8,969萬元的中國衛生控股(673)亦出現類似情況。主席李重遠薪金及其他福利總額為204萬元,較09年度增13.9%,而另一執行董事周寶義的薪金亦升14%。話雖他們的薪津開支按公司營業額來說,並非大數目,但虧蝕之外,持續不派股息,令股東失望,為何薪酬委員會仍然批准加人工呢?雅天妮和中國衛生控股兩間公司的帳目均遭核數師提出意見。

森信紙業(731)去年多賺2.2倍至6,304萬元,派息增兩倍,但主席岑傑英的薪金反減19%,另外兩名董事亦少收薪金,究竟是有錢不識搵,還是照顧股東利益呢?

(8月3日刊於《am730》)

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