Wednesday, May 30, 2012

上市公司做債主


各位月薪兩萬元或以上的打工仔,恭喜!恭喜!因為由6月起,強積金(MPF)每月繳付的供款額將有所提高,意味可供使用的糧又再減少,如搵2.1萬元,供款率維持5%,月供款卻由原來上限的1,000元,增至1,050元,全年多供600元了。至於月入高於2.5萬元,月供MPF便由1,000元增多達25%,至1,250元了。

難得的是,上周香港保險業聯會、香港投資基金公會及香港信託人公會組成的「業界聯合小組」,齊齊公布MPF制度研究結果,當然是賣花讚花香,又話發展好,收費又有下調空間,總之像游說團隊般,當大家要從腰包掏更多錢供MPF之際,先幫大家消消氣,並提供憧憬,日後份MPF可能還有些回報。

儘管MPF基金平均開支比率為1.74%,但按個別看,有些保證基金,即主要投資債券和存款的,其開支比率可達3%,混合資產基金的開支比率更高見4.62%,反映MPF供款分分鐘被蠶食,故要望清楚自己份退休保障。

有上市公司卻找另一項回報更高的生意,就是借錢出去,好像一直做物業投資和在內蒙開採礦務的中國置業投資(736)已獲發本港放債人牌照,可以做貸款生意。該公司認為,香港放債需求旺盛,故將發展為主要業務之一,認真多元化,但同本業似乎無甚關係。有趣的是,該集團原來已於4月初獲發該牌照,但直至上周二才作披露,「透明度」認真高!

禤中怡早前同金融界朋友談起,他早年已走入內地做放債,佢話內地需求大,年息輕輕鬆鬆可以收20厘!無錯,是20厘,即使有些客戶走數,亦可藉其他生意填補,況且其壞帳比率非高,聽落確像是一盤不俗的生意,難怪大家如此有興趣做債主。當然,在香港所收利息可能沒有內地般高,但若果能提供貸款予內地企業,也可能成為另一條路。

所謂高風險可能有高回報,且看做電影發行、又做放債的永恒策略(764)話,向一名菲律賓商人提供1,500萬元貸款,為期一年,年息就收8厘,但只憑該商人的個人擔保便借出該筆款項,難怪有市場,因為銀行很難在無抵押品情況下提供巨額貸款,而所承擔的風險亦難作評估。至於創業板股份第一信貸(8215)更厲害,借350萬元予主要股東兼主席冼國林旗下國藝娛樂,年息更收12厘,即一年後如期還錢便賺42萬元了,未知這位《葉問》出品人是否有更高回報的投資而借錢呢?

當然,銀行拆借市場息口低,放債公司有方法找到「平錢」借出街,但若市況逆轉,及壞帳惡化時,風險便相對提高,值得大家留意。

(5月30日刊於《am730》)

18 Comments:

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說到MPF,去年又loss了10%。我懷疑等我退休,結餘額還有多少。

 
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