Wednesday, June 06, 2012

新股逆市扒水


數月前和朋友在深圳發現一張小型摺椅,大家不約而同決定抬回香港,以便在六四悼念晚會大派用場,可惜禤中怡工作纏身,最終只能默默為死難者和其家屬禱告,而朋友在維園亦擠得肩並肩,遑論坐摺椅,但見到港人和內地人的支持,也樂於成為十八萬分一。

但對比李志成來說,禤中怡肯定屬閒人,因他身兼4間上市公司董事會成員,但其中擔任執行董事的友川(1323),剛被揭發公司主要營業地址在另一間上市公司恒鼎(1393)「掛單」後,友川股價連跌兩日,累積蒸發7%。禤中怡早前亦提過友川上市後首份中期和全年業績盈利即倒退,之後中期業績更大走樣的嚇怕人事件。

有趣的是,相信他可以略為減輕工作負擔,因擔任執行董事的另一間創業板公司彩娛集團(8022)於周一開股東周年大會,於去年10月才加入的李志成竟然同另外兩名執行董事張晚有和鄭詩敏齊齊被股東投票,擯出董事會,因為贊成股份僅5,400股,而反對他們連任的股份數目竟高達1.16億股之多,佔發行股本達35%之高,認真奇怪,莫非嫌年薪僅12萬元太低,叫股東幫幫手脫身?

相對近期新股來說,一分一毫也相當重要,且看市況疲弱,連一級方程式營辦商F1在新加坡上市又推遲,而曼聯在亞洲掛牌更遙遙無期之際,香港反而有東吳水泥(695)和協眾(3663)扒逆水招股,或許是細細粒容易食的關係,而兩間公司的保薦人亦不約而同是國泰君安,何其巧合!更重要的是,友川上市時,國泰君安同樣擔任獨家全球協調人職位。

能夠在逆市中招股,自然要有付出,且看協眾發2億股,以中間價1.13元計,拿2.26億元而已,但原來上市各項使費,左計右算,估計也盛惠約2,500萬元,即佔集資額的11%。同樣,東吳水泥上市費用約2,040萬元,表面上比協眾便宜,但望一望,以中間價1.14元計,發行新股僅7,500萬股,籌約8,550萬元,豈不是收費佔集資額近24%!差不多每獲10元新錢便要付2.4元支出,若果最終招股為1元最低價,即只能籌7,500萬元,但扣除上市費用,公司實質落袋的只有5,460萬元而已。

將資本如此虛耗是否值得呢?值得!原來該集團在招股書內已披露,因產品平均售價下跌,該集團預計今年純利將受重大不利影響!接貨的投資者要有未來業績受挫的心理準備,那麼市盈率還可作參考嗎?而訊息披露為本的做法還是否合用,只要一早提醒你,仍然落疊就是你自己的決定了。順帶一提,東吳上市前,去年底曾向股東派息4,293萬元人民幣。

(6月6日刊於《am730》)

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