Wednesday, July 27, 2011

半新股嚇怕人

上周六不開心,皆因挪威首都發生炸彈襲擊,青年營又遭槍手屠殺,怎知晚上內地溫州又爆鐵路意外,當時更不清楚死傷情況,令人不安。面對如斯慘況,禤中怡只有禱告,亦希望大家珍惜現在。

內地鐵路出意外,大家好像早有共識,質疑工程之快,投入服務之速,軟硬件安全也令人憂慮。至於意外路段快速恢復通車,不能不驚歎其效率,但當中實在有太多問號,若果為一句「維穩」而放棄追查追問事故原因和責任,不知日後怎樣防止再發生同類意外。

正如港交所(388)CEO(行政總裁)李小加昨日再發表長文,力陳改革之需要,更提出可能研究縮小買賣價差、引進收市競價時段和隱名交易,為的是提高國際競爭力,但除改善交易買賣範疇外,也請研究提升上市公司質素問題。

過去兩周,最少3隻半新股發盈警。於去年11月1日才掛牌的雅士利(1230)上市還未夠一年便現形,這間做嬰兒和幼兒配方奶粉產品的公司表明中期盈利將大跌30%至40%,又歸咎原料成本升、廣告開支增和部分稅務優惠終止所影響。

該集團早已在招股文件的風險因素講明,原料漲價萬一無法轉嫁予客戶便遭殃,而今年起基本已不再獲稅務優惠,多少反映管理層當時要趕急上市,否則成本又增,盈利表現打折扣。

該股招股定價為4.2 元,而昨日收市報1.49元,一年未到已蒸發64.5%市值。

另一間就是於去年10月中掛牌的賽晶電力電子(580),去年全年成績表已經不升反跌,令人失望,怎知話口未完更要發盈警,營業額雖升,純利卻大跌,該股解釋話,銀根緊縮和瑞士法郎屢創新高,令行政開支大升,並已與瑞士分銷商傾日後來貨價以降低採購成本。不過,該股上市「骨水」約6億元,何來銀根緊縮?該股當時以每股1.93元上市,但昨日收報1.19元,又不見了38%市值,投資者真是百般滋味在心頭。

去年9月24日上市的暢豐車橋(1039)亦話,中型和重型卡車市場疲軟,令其銷量降低,使中期盈利下滑。望望內地上半年銷售商用車221.5萬輛,跌3.67%,再細看重型卡車銷售54.34萬輛,降7.04%,反映市場並非太差。更重要的是,期內中型卡車銷售15.34萬輛,反增2.33%,似乎不算疲軟吧!至於在中型卡車市場中,銷售第一的東風銷量雖降2.99%,但第二位的一汽集團增15.65%;排第三位的重慶力帆銷售增長更達2.43倍。有時市場差,並不代表間間公司生意跟隨回落,主要視乎公司管理層的應付能力。暢豐車橋上市每股定價4元,昨日只剩下2.06元,接近損失一半價值。

這些公司上市不足1年便出現盈利倒退,儘管各有「解釋」,但實在太快「變臉」,監管機構是否要望望保薦人,否則還未完成改革,我們這個講誠信的金融市場已先被「革」了。

(7月27日刊於《am730》)

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