Wednesday, September 07, 2011

長實借完坡元想歐元

歐債危機和美國經濟衰退陰影始終揮之不去,金價創新高。雖然美股周一假期休市,歐洲股市卻先大挫,港股昨日開低238點,淡友又食胡,午後更低見19,290點,之後便上演單日轉向,雖然將軍澳地皮低於預期下限賣出,但歐洲開市反彈,幫恒指於3時後抽上19,600點,收市更反升94點至19,710點,可惜主板成交額才逾689億元,未算踴躍,買盤未見熾熱。

奪得將軍澳地皮的新鴻基地產(016)股價於101.8元,衝上104.2元收市,反升0.1%,莫非新地買平地,憧憬回報不俗,故於104元有買盤支持。

至於空手而回的長江實業(001)卻跌0.7%至102元。該集團卻繼續搵錢大計,昨日公布實施一項中期歐元票據計劃,涉及20億美元(約156億港元),該類計劃可能採取不定期發行一定金額的票據,而最終金額或不會達到上限數目。

其實,長實近期在海外舉債,如本月1日剛在新加坡發行高級永久債券(senior perpetual bond),涉及5億坡元(約32億港元),息率僅5.125厘。最特別之處是長實又創亞洲先河,為區內首發高級永久債券,其他公司發行的只是次級債,亦是新加坡首間離岸機構發坡元高級永久債券。聽聞該批債券認購額更達7億坡元(約45億港元),認真踴躍。當地融資成本雖低,但如此落力部署彈藥,相信有後著。

不過,借錢也要看用途。禤中怡最近看看鉻陽鉬業(3993),驚覺管理層的樂觀程度絕對令人喜出望外,原來該集團於截至去年底派末期息0.404元人民幣,比每股盈利0.2元人民幣還高1倍,較09年度末期息大增4倍,做股東當然開心,但末期息涉約19.69億元人民幣,而當時現金等值物才28.3億元人民幣,怎樣不影響公司發展的同時,又可如此慷慨呢?

好了,中期業績解答謎團,業務繼續增長,純利升40%至5.8億元人民幣,但見到該集團竟於上半年發行一項總值20億元人民幣的短期融資券,集資用作派息!至於從經營活動流入的現金其實只有5,210萬元人民幣而已,叫人摸不著頭腦,若果不發行該融資券,加上還債和投資所需,恐怕現金消耗殆盡。該集團又披露,將推動回內地發A股上市,但若果想向內地股民伸手,為何要如此派高息呢?

對思捷環球(330)股東而言,則難憧憬有高股息了,皆因這間將公布全年純利的零售股預警話要做重組,盈利肯定受影響。有趣的是,該股董事會於9月1日才批准策略性計劃,為何會影響截至6月底全年業績,而不是應反映在直至今年底的中期業績呢?豈不是9月的決定有長達3個月追溯權?此外,若果早有重組意圖,是不是在6月底截數前預先公布,而不是在公布業績前兩周才公布這個重大影響股價消息?以其公司管理層的質素來說,相信不會急急作出這個重大策略吧!還記得雅天妮(789)董事會新舊成員因未有及時發出盈利警告而遭港交所(388)上市委員會譴責,違反《上市規則》嗎?

(9月7日刊於《am730》)

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