Wednesday, April 11, 2012

私募基金撲水離場

復活節長假結束,港股未見有大動作,集資活動則似乎有加速趨勢,新秀麗(1910)和維達集團(3331)股東齊出擊搶錢,兩間公司冀獲共22億元。

新秀麗去年中才上市,但去年份業績認真麻麻,盈利倒退75.5%,股價反而造好,更浮上招股定價14.5元水面,昨日逆市向上彈3.5%,至15.64元收市,成交額1.6億元,公司股東CVC Funds和蘇皇(RBS)隨即在該股上市還未夠一年便賣股套現,配股價最低傳為14.9元,起碼高於招股定價。

其實,如果眼光放遠一點,便會發現另一間高檔旅行袋品牌Tumi計劃在美國IPO,搶3.1億美元(約24億港元),最厲害是叫價進取,市值或高見11.5億美元(約89.8億港元),即相等於其銷售額的3.5倍。那麼新秀麗呢?答案是1.8倍,或許成為大戶的炒作影子股藉口,畢竟Tumi產品售價比新秀麗更貴,若果再加入內地同胞捧場元素,故事便完美了。

其實,民企風暴嚇怕機構性投資者,大家套現走人後,自然要物色其他好對象,希望有回報外,更可追回之前損失的部分,否則全年投資表現跑輸大市,想讓投資者繼續幫襯你的基金便難度大矣!新秀麗和維達也算是具品牌的公司,前者更有零售成分,基金經理相信願將資金泊入這類相對安全的避風港。

當然,市場資金多也是利好因素之一,故私募基金頻出動,將手上投資出售變現,及分拆上市集資,同樣為套現鋪路,當中Tumi上市集資所得用途之一,便是向主要股東兼歐洲私募基金Doughty Hanson購回所持股份,若果以招股中間價16美元計,投資回報分分鐘高達14倍!

至於有番薯梁(梁伯韜)坐陣的CVC Capital Partners除減持新秀麗外,也準備湊熱鬧,又再吹風,傳將所持舉辦一級方程式賽事的Formula One安排於比賽賽站之一的新加坡上市,希望籌逾20億美元(約156億港元),趁機將投資變現,CVC現持該項項63.4%股權,若成功掛牌,一方面幫CVC償還因參與該項目而籌措的貸款,幫自己減磅,也可展開新一輪投資計劃。

當然,美國市場同樣蓬勃,Burger King也準備重回股市,2010年買入該漢堡包店的私募基金3G Capital有望在市場沽貨套現,提早完成原定於明年首季掛牌目標,僅在不足兩年間內便成功從改善Burger King盈利能力中得到回報。

這些基金獲得資金後,多向非上市項目埋手,希望湊大後再包裝上市,屆時估值聲價十倍,又再大有斬獲離場,但選擇此時出手,莫非看淡後市,走為上著?

(4月11日刊於《am730》)

6 Comments:

At 9:15 AM, Blogger oakleyses said...

air max, burberry outlet, true religion jeans, louboutin, louis vuitton outlet, louboutin, ray ban sunglasses, tiffany and co, coach outlet store online, oakley sunglasses cheap, christian louboutin shoes, longchamp outlet, louis vuitton, true religion jeans, tory burch outlet, kate spade outlet, kate spade handbags, oakley sunglasses, jordan shoes, polo ralph lauren outlet, louis vuitton outlet, louis vuitton handbags, coach outlet, prada outlet, ray ban sunglasses, chanel handbags, michael kors outlet, longchamp handbags, michael kors outlet, oakley sunglasses, nike shoes, air max, coach purses, michael kors outlet, longchamp handbags, louis vuitton outlet stores, nike free, prada handbags, coach factory outlet, gucci outlet, tiffany and co, louboutin outlet, michael kors outlet, polo ralph lauren outlet, michael kors outlet, burberry outlet, michael kors outlet

 
At 9:15 AM, Blogger oakleyses said...

abercrombie and fitch, hollister, sac burberry, sac hermes, nike free pas cher, michael kors, sac guess, timberland, nike free, lululemon, new balance pas cher, true religion outlet, sac louis vuitton, mulberry, louis vuitton uk, longchamp, nike roshe, vans pas cher, air max, louboutin, vanessa bruno, nike blazer, hollister, air force, ray ban pas cher, true religion outlet, north face, oakley pas cher, hogan outlet, nike trainers, nike tn, air jordan, sac louis vuitton, polo lacoste, louis vuitton, air max pas cher, michael kors pas cher, michael kors, polo ralph lauren, sac longchamp, converse pas cher, ralph lauren, nike roshe run, barbour, nike air max, air max, north face, ray ban sunglasses

 
At 9:24 AM, Blogger oakleyses said...

marc jacobs, soccer shoes, abercrombie and fitch, hollister, asics running shoes, canada goose, ugg boots, nfl jerseys, reebok outlet, herve leger, ugg, north face outlet, mont blanc, longchamp, insanity workout, canada goose uk, chi flat iron, babyliss pro, ugg pas cher, ugg australia, canada goose jackets, mcm handbags, canada goose, wedding dresses, new balance shoes, mac cosmetics, soccer jerseys, celine handbags, birkin bag, p90x, ferragamo shoes, valentino shoes, nike huarache, beats by dre, ghd, instyler, jimmy choo outlet, lululemon outlet, bottega veneta, canada goose, rolex watches, canada goose outlet, vans shoes, nike roshe run, moncler, ugg boots, north face jackets, uggs outlet, giuseppe zanotti

 
At 9:36 AM, Blogger oakleyses said...

louboutin, moncler outlet, juicy couture outlet, iphone 6 cases, hollister, moncler, karen millen, oakley, baseball bats, wedding dresses, ray ban, gucci, canada goose, ralph lauren, canada goose, swarovski crystal, hollister clothing store, moncler, air max, converse, pandora jewelry, juicy couture outlet, rolex watches, moncler, supra shoes, moncler, pandora charms, ugg, vans, toms shoes, links of london, pandora charms, air max, timberland boots, parajumpers, hollister, thomas sabo, louis vuitton, montre homme, coach outlet store online, lancel, ugg, swarovski, moncler, converse shoes

 
At 11:52 AM, Blogger mmjiaxin said...

celine outlet
oakley sunglasses
air jordan 11
michael kors outlet
ugg outlet
longchamp handbags outlet
ralph lauren outlet
jordan shoes 2015
toms outlet store
lacoste shirts
coach outlet store
oakley sunglasses wholesale
ralph lauren outlet
beats by dre
tory burch outlet
lebron shoes
cheap nfl jersey
true religion outlet
canada goose coats
nike trainers
mm1130

 
At 11:51 AM, Blogger chenmeinv0 said...

pandora jewelry
nike air max
louboutin
instyler ionic styler
air jordans
reebok
guess
adidas zx
cheap nfl jerseys
air max
2017.11.16xukaimin

 

Post a Comment

<< Home