Wednesday, February 20, 2013

蝕極都有

新年伊始,敬祝大家身體健康,生活愉快,開心工作。

工作時間普遍8小時,甚至10小時,分分鐘比睡眠時間還長,若可開心上班,豈不快哉?當然,如果身體無法應付便要休養,且看教宗選擇退下,也是一種取捨。

談起年紀問題,香港也有不少上市公司老闆仍努力工作,在藍籌股中,長江實業(001)主席李嘉誠,和恒基地產(012)主席李兆基均已屆84歲,依然不言退,中電控股(002)主席米高嘉道理也逾70歲,東亞銀行(023)主席李國寶年逾73歲,78歲的百麗國際(1880)主席鄧耀仍留在董事局內。已屆79歲的金沙中國(1928)主席Sheldon Gary Adelson繼續處理業務。

他們的確有些共通點,就是身形沒有顯著膨脹,即使腰纏萬貫,從外形來看,相信經常保持健康,沒有暴飲暴食,值得借鏡。

不過,上市公司若果持續向股東伸手搶錢,但依然沒有膨脹的話便要小心。且看近期有最少4隻股份供股,當中創業板公司彩娛集團(8022)選擇大比例的每持1股供兩股,每股供股價0.5元,發行最多1.31億股新股,集資不多於6,580萬元。

有趣的是,每股供股價竟然還比公布供股建議前收市價0.335元溢價高達約49.2%!而按照股權架構,目前100%股份由公眾持有,代表沒有大股東,而包銷商華輝證券若果接貨,分分鐘成為66.67%股權的大股東,成功買入一隻殼,但未知是否需要遵守全面收購建議呢?

該公司話集資所得的其中6,000萬元用作還債,但望清楚,在過去12個月經已向市場抽水多達3次,包括兩次批盪和一次二供一,雖然只拿了1,900萬元,當時集資主要用作交租、還利息等,相當悽涼。該集團首三季虧損還大增逾3,000萬元,至4,800萬元,當中利息佔2,248萬元,反映靠借度日難長久,趁市旺抽水,實屬唯一之計。從經營狀況來看,認真悲壯,而09年改名以來,3年累積蝕逾5億元,連同去年首三季,更約6億元。不過,仍然有人願意做包銷,究竟有何值得投資之處呢?

另一隻經典股份非自02年起虧損至今的福方集團(885)話要二供一,每股0.25元,籌集最多約6,533萬元,用作營運等,而包銷商民豐證券若攬貨,又成33.3%股權的大股東了,而民豐證券母公司當然是民豐企業(279)。

福方在過去10年連續虧損,合共為股東蝕了逾15億元,未計2012年中期8,650萬元,而去年全年當然繼續蝕下去。

如投資者碰上一間虧損連連的公司,可能情願將錢拋入鹹水海,更勝供股度日供人家蝕掉,避免變成無底深潭,但為何仍有樂觀的投資者捧場呢?

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