Wednesday, November 02, 2011

另類潛逃時空

上月股市反彈多,可惜好消息盡出,壞消息又至,明富環球(MF Global)申請破產保護,市場傳因炒輸歐豬國債所致,其實債券這種東西並不代表沒有風險,若果過分進取,一樣會陷入危機。

根據其破產保護文件披露,摩根大通(JP Morgan Chase)及德意志銀行(Deutsche Bank)為其最大無抵押債權人之一,分涉12億美元(約93.6億港元)和10億美元(約78億港元),但主要是為明富環球發行的票據信託人,實際影響屬未知之數。至於持有明富環球8.4%股權的富達(Fidelity)恐怕最擔心,儘管明富環球總資產410億美元(約3,198億港元),負債近397億美元(約3,096億港元),若有甚麼撥備或因業務交易終止而有損失,相信結果仍是資不抵債,想收回些少也凍過水。

此外,明富在港業務是否暫停好像無人知,直至下午才有消息,而受影響客戶如何處理,也未見有公布,監管機構今次似乎慢半拍兼欠透明度,尊貴議員分分鐘開火。

金融股今年經營困難重重,面對低息環境,息差擴闊難,非利息收入如投資銀行和證券業務也不易做,坐盤失誤更是手尾長。證券界朋友話,今年IPO少,其公司更一隻也未發市,CorpFin(企業融資,corporate finance)部門同事壓力甚大。禤中怡相信這種情況普遍,大家只好落力找其他收入來源,另一證券集團主管話,同事多做財務諮詢、協助發債等幫補,幸好暫未有請同事起身的打算。

近期創業板反而有新股準備登場,重點卻非集資額,而是港交所(388)所謂的「創業」究竟應如何定義,因為正招股的先健科技(8122)早於1999年開始經營業務,從事研發及銷售心血管等微創醫療機械。如果經營12年才上創業板,認真得啖笑。

其實,創業板近年已經有點不明所以,如進業控股(8356)於去年8月以每股1.28元上市,惟這間公司早於1989年成立,減一減,也有22年歷史!至於今年2月底掛牌、從事報章發行及廣告代理業務的中國三三傳媒(8087)也有10年經營歷史了。

除了公司「歷史悠久」外,再望望他們經營的業務,進業控股從事向公營機構提供水務工程服務,另一隻鉦皓控股(8132)生產電源及數據線而已,其公司前身更追溯至1990年!更難得的是,5月才掛牌的鉦皓控股剛發盈利警告,話直至9月底半年純利大挫,保薦人博大資本應否解解畫?

真的不知這些股份的業務性質,與創業板成立目的之一:讓投資者參與「高增長、高風險」及促進高科技發展有何關係。

證券界朋友話,創業板交投雖非顯著,但現時一隻乾淨「殼」僅1.5億元,較主板叫價3億至4億元為低,他日執靚更可上主板,故有老牌公司以成功上市再賣盤,再買回檔生意,變相賺一筆賣殼收入,實行有錢齊齊搵。見到這種場面,想起新戲《潛逃時空》,出賣勞力賺時間延長壽命,這些公司卻賣時間賺錢!

(11月2日刊於《am730》)

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