Wednesday, June 01, 2011

新股坐陣大市先振

台灣刮起塑化劑風暴,禤中怡大感驚訝,皆因過往對當地食品十分有信心,可惜也跟隨陷入全球化趨勢,即食品安全問題。

無論台海兩岸也面對相同問題,偏偏香港卻逐步放棄自己的食物供應來源,像收回雞牌和豬牌後,又準備收回捕魚牌,完全符合全面依賴祖國供應糧食般,特區政府在監管上又可省卻不少功夫。不過,特區政府一直鼓勵發展成為區內的檢測和認證中心,食品安全的把關工作似乎亦未見有優勢,更處於被動位置,未能主動照顧港人健康,其實吞下肚的還有多少是有問題的呢?恐怕這個目標又成為下一個「中藥港」了。

至於塑化劑看似對香港影響不算嚴重,港股於5月最後一個交易日擺脫弱勢,大市升近500點,最重要是成交大漲至逾900億元,最慘烈的莫過於有29隻熊仔遭打靶了。即使是統一企業(220)由上周五的4.97元回落至周一的4.85元後,負面影響昨日已經全面消化,股價昨急漲11.5%至5.41元,收復失地有餘,而另一台資背景的康師傅(322)亦升1.4%至23.75元。

無他,重量級新股陸續登場,大行似乎要營造利好氣氛,難怪大市如此振奮,即使像源庫資源(394)這類無經營業績、正發展中的礦業股也要搶281億元,這亦難怪投行如此落力協助,單是廣告便鋪天蓋地,畢竟該股上市費用料高達15億元之巨,佔集資額才5.3%而已,惟對投行來說,實屬大茶飯也!至於新秀麗(1910)其實也是一間遭私募基金接手,並於09年重組而成的公司,由於今次籌逾百億元,若按源庫招股費用佔集資額的5%計,也接近6億元了,當然要加把勁推介。

新秀麗曾陷困境,靠行政總裁Tim Parker於09年加盟後手起刀落,大削成本,如北美裁減115名員工,並且在歐美一口氣大幅關掉115間門市、賣掉做手袋和鞋類生產線等非核心資產,業務總算能捱到市場好景來臨。該公司曾於美國納斯達克上市至02年,可惜市值低於要求而除牌,現今轉戰香江,相信投行又可大賣零售概念和發展內地市場兩個元素。

當然,其他新股也要跟隨這個浪,像龍翔(935)、華能新能源(958)和正業(3363)這3隻曾經夭折的新股也能翻生,實行齊齊再來一趟招股,希望獲得上市地位。始終一句,面對厚甸甸的招股書,以及那份「亮麗」的業績,根本難以在短時間(有些公司招股得4天)完全消化,投資時要注意。

面對厚厚的招股書,無疑有浪費之嫌,監管當局確應進一步減少印刷量了。不過,處理廢紙又似乎確是一盤好生意,且看世界華文媒體(685)份全年業績中,原來有一項舊報紙及雜誌廢料銷售收入,竟高達500.9萬美元,即約3,907萬港元,對中小企而言,金額絕對不俗,該業務收入較前一年急升53.9%,且比整體營業額增長18.5%的幅度還高。

(6月1日刊於《am730》)

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