Thursday, August 12, 2010

你趕私有化我趕上市

中國人無處不在,無孔不入,禤中怡上周往南韓首爾走一趟,無論是光顧魚市場,抑或不同類別的食店,總有最少一名能操流利普通話的員工,不管是查詢菜式、點菜等絕對無難度,甚至走入樂天超市,更設有中文字的售貨架,還有掛上「您有甚麼需要幫忙嗎?」彩帶的服務員,隨時提供協助,從好處看,的確是消除了很多不必要的煩惱,但細心一想,其實走出香港只是想喘喘氣,而且語言不通,還可加點探險的成分,可惜處處講普通話,減弱出外旅遊的興致,變成像往另一個內地城市般。

另外,回程時,國泰航空(293)的仁川機場服務員要求用自助登機手續服務,之後才作行李寄艙的手續,但完成兩個手續所花時間長達逾25分鐘,與排隊直接由地勤做登機手續分別有多大?究竟是方便航空公司自己,抑或讓乘客做多一點,不致太沉悶呢?唯一開心的是機位太滿,同行其中3人獲升格坐商務客位,但禤中怡和其他同伴當然欠缺這個福氣了。

言歸正傳,港股連升6日後終斷纜,恒指開市後從21,764點不斷走低,午後更直穿21,500點,收市報21,473點,跌327點,回落1.5%,成交總額逾570億元,而現貨有逾6.5萬張,淡友偷步出擊力度未算強勁。不過,美國聯儲局議息,大家期望又推救市第二波,屆時如無「著數」,會否視為壞消息來炒,實行掉頭向下推低指數。面對這個市況,似乎市場存在好淡爭持局面,因為市好時,公司趁勢集資,像中國光大銀行在內地招股,最多籌217億元,至於耀才證券(1428)將在港發新股集資2至3億元,兩隻金融股齊搶灘。

市靜時,私有化亦是另一種投資途徑,像工商銀行(1398)一邊抽水逾450億元之際,卻提出以每股29.45元將工銀亞洲(349)私有化,作價較該股停牌前有27.77%溢價,更比該股於09年每股資產淨值13.73元溢價達1.14倍,而整個私有化需動用逾百億元資金。

工行是次私有化工銀亞洲市帳率(收購作價對比資產淨值,即price to book ratio)約2.14倍,與於08年5月,招商銀行(3968)斥逾193億元全面收購永隆銀行的市帳率2.9倍比較,溢價亦算不俗,可能工銀亞洲有甚麼寶藏是大家不知道的。出價亦算進取,其他中小型銀行股價今日或再瘋狂過,憧憬被收購,但需注意並非每間都有一個闊綽的「母親」的。

至於坐擁大筆資金供收購的利豐(494),不去物色買入其他競爭對手,轉而向母公司收購於04年12月底才上市的利和經銷(2387),並計劃將利和經銷私有化,結束不足6年的上市時間。但以停牌價計,利和經銷市盈率已經逾21倍,還未計及以溢價出價,究竟是利豐純粹想降低其41倍市盈率,還是真的沒有像以往那些市盈率僅單位數字、更吸引的收購目標,還是母公司想「骨水」落袋先?

(於8月11日刊於《am730》)

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