Wednesday, November 21, 2012

有爆棚哥 賓架笑呵呵


銀行頻頻賣所持金融股投資,早在金融海嘯後大家已司空見慣,特別是美資行沽得最狠,畢竟要套現回朝救駕。見到滙豐控股(005)洽商出售所持平安保險(2318)股權,實屬理所當然。一來反映銀行面對資本需求提高,生意愈來愈難做,需物色補充資本和賺錢方法,況且所持股份對生意的策略性作用不大。

銀行經營未來肯定難捱,且看瑞信也要重組,集中財富管理和投資銀行業務,難再多元化,特別是後者正處寒冬,歐洲諮詢公司Roland Berger Strategy Consultants一份報告更預測,全球投資銀行在未來幾年仍需要裁員高達40,000人,至少三分一的投資銀行放棄以全球化作為發展目標。該公司數據顯示,自2011年中以來,在50萬名投行從業員中,1.5萬人已失去飯碗,而宣布將裁員所涉共2.5萬人。

幸好,見到爆棚哥,即陳國強出現在公仔箱後,終於又在投資市場發揮創意,投資賓架又有飯開。他本身持有27.7%股權的保華集團(498)出手,幫旗下持約62%股權的保華建業(577)大變身,做博彩股。收購涉20億元,主要買澳門路氹金光大道一幅65,000方呎地皮建酒店加賭場等,總預算65億元。

精彩之處是搵里昂,以每股0.68元配售最少11.76億新股,及最多24億元額外新股或可換股債券,有權加碼至最多達48億元,更委任3個可能做配售代理,配售最多達16億元可換股債券,規模龐大。

保華建業又慷慨派特別息每股0.26元,即母公司收回逾9,700萬元,而核心的土木工程及物業相關業務49%股權又分派給股東,為免散戶拿著該非上市業務莫奈何,保華集團又願意用近7,000萬元向散戶買入,即所收股息扣除買回業務成本後,仍有錢落袋,況且未來基建增多,建屋需求也不會弱,爆棚哥買回本業,仍可受惠行業好景來臨。技術上,交易未算賣殼,全身而退可能已是後話。

為何投資賓架會歡迎他出手?因為單是配新股和可換股債券便抽4%佣,如真的集資64億元,投資賓架們可袋2.56億元佣金,臨尾還有巨獎,如表現佳,兼有獎金1球美金(約780萬港元),怎不落力。

談起佣金,的確要看公司實力,如近日華建控股(479)批盪拿2,000萬元,成本僅30萬元,即收1.5%佣,對比合一投資(913)同樣做配售新股,集資1,779萬元,卻只袋1,650萬元計,成本便達約53.4萬元,已佔集資額的3.2%,比華建配售的成本多78%,集資額反而較少。

不過,同爆棚哥做大交易,市場追捧程度不可作比較,相信日後可能還有其他後著,加上今次收費亦算得上和味,投資賓架當然樂於參與其中。

(11月21日刊於《am730》)

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