Wednesday, March 28, 2012

攞你啲錢嚟!

潮流果然變得快,之前人人講疊字,「唐唐」也!轉眼大家已改用英文字母表達,且看連曾特首也要稱呼候任那位做「CY」,凸顯其親密關係,果然是香港仔!

上周談到新股懂得走位,成功上市後,盈利可以立即走樣,同樣可視為但求掛牌,靈活多計,立即有網友Orchidee留言話:「未達標,仍在經營,也仍在掛牌,可能還有機會見家鄉,若是掛牌半年,便以極賤價賣盤或私有化,耶(那)更不知該找誰去了。」

禤中怡聽到這番說話,無可奈何的感受確實湧上心頭,更想起一隻於去年1月13日掛牌的友川國際(1323),其首份中期和全年業績盈利即倒退,然後又公布截至去年9月中期業績,純利更大挫84%,認真可悲,怎知大股東再於本月中以每股0.524元賣盤,以招股定價1.95元計,蒸發73%,即使昨日收報0.78元,亦錄帳面損失60%!

其實,這種情況在內地同樣發生,主角就是股神巴菲特入股的比亞迪(1211)也,雖然該股在港掛牌近10年,直至去年中才發A股登陸深圳交易所,豈知業績竟然大倒退!單是去年首三季純利大挫85%,傷透捧場的內地股東心,但剛公布的全年業績,盈利卻出奇地大幅收窄,僅跌45%,營業利潤只回落49%。

內地投資者相當醒目,立刻幫手解畫,話其實是幫推薦人瑞銀一把,原來根據內地《證券發行上市保薦業務管理辦法》第72條,如果公司上市當年營業利潤下滑逾50%,負責的保薦人可能要受罰,就是在之後3至12個月不受理其保薦項目,嚴重的話,甚至撤銷相關代表人資格,而比亞迪卻能夠在去年第四季「神奇」地多賺,足以抵銷有關影響,令保薦人避過一劫。

不過,望望該集團的帳目,應收帳款等在一年間增20%,令人驚訝的是,實質多了16億元人民幣,至97億元人民幣,而帳齡為4個月或以上的更暴漲1.3倍。此外,原來逾期少於1年、但未作減值的應收帳款等也高達9.2億元人民幣,集團解釋這些客戶有良好紀錄,故不用減值,更不用為此持抵押品,認真有信心。

其實,比亞迪也有英文簡稱「BYD」,就是「Build Your Dream」,代表成就夢想,可惜該股早已預警,今年首季盈利將跌逾五成,恐怕再一次令股東夢想幻滅,難怪內地暱稱其英文名字的真正意思是:「Break Your Dream」,幸好該股A股昨收報26.92元人民幣,仍比招股定價高近五成,最多只能說:「Bring Your Dollars」,「攞你啲錢嚟!」會更貼切。

(3月28日刊於《am730》)

10 Comments:

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I try to get the menaing

 
At 10:59 AM, Blogger wilson yu kwong said...

aa

 
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What will you say about CY? Cry yourself? Carry yield? Can you express?

 
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