Wednesday, March 27, 2013

走樣新股


面對這種場面,肯定被批評吹毛求疵。於年初由猛人組成的金融發展局,由重量級人馬史美倫出任主席,連政府新聞處也用此姓名。不過,回想於2001年,曾在香港證監會任高職的她轉為中國證監會副主席時,當時名稱為查史美倫,即冠以夫姓,那麼今日究竟「查」定唔「查」呢?

再望望政府網站英文版本,她的英文姓名為Laura Cha,即用夫姓也。中英文不相同,又是否出錯,抑或策略上有變?像恒生(011)前總裁梁高美懿也稱Margaret Leung,那麼為何不以查史美倫為中文姓名呢?同公關界好友聊起,她估計或與其夫家有關,畢竟查家的中方色彩濃厚。禤中怡聽完當趣聞一側,畢竟今時今日靠向祖國實屬正常。可能她不想傳媒寫姓名字數太多,理由可能簡單得多吧!

言歸正傳,半新股見真章,有些確嚇怕人,順泰控股(1335)於去年7月13日上市,但去年純利經已倒退14%,或可賴上市費用這項特殊開支所拖累,但見到尚未減值的應收帳中,逾期1至3個月的金額大漲5.5倍。

此外,該集團雖然部分長期貸款已欠奉,一年內或應要求償還的銀行貸款卻急增近80%,情況認真令人憂慮。

至於去年2月23日上市、在內地經營糕餅連鎖店的克莉絲汀(1210)繼中期業績竟然盈轉虧後,去年全年份成績表亦令人怕怕,儘管已恢復盈利2,000萬元人仔,但仍倒退近八成,最恐怖的是,不但派末期息0.5分人仔,再加派2.96分人仔特別股息,合共3.46分,即派息金額逾3,000萬元人仔,而每股盈利才2.1分人仔,即比盈利還多,確實豪氣,或許想藉此推一推正潛水的股價吧!皆因昨收報1.37元,較上市定價1.6元仍輸了14%。

至於超額認購約425倍的迅捷(540)上市兩個多月,估不到去年份業績便立即走樣,純利竟挫34%,只有5,500萬元,但慷慨地大派股息,每股4.58仙,看似濕濕碎,但合共要2,748萬元,即所賺約五成瓜分給股東,而最有趣的是,負債比率卻由2011年約24.2%,急升至約76.2%,那麼豈不是好像借錢派股息?

上市集資的好處可能尚未反映,便可能先要吃苦頭,且看做床上用品的卡撒天嬌(2223)趕在2012年11月上市,怎知去年純利竟挫30%之多,原來又是上市費用逾2,000萬元所拖累,而財務狀況方面,該集團負債比率看似維持35.3%的相若水平,銀行借貸總額其實增加了67%之多,至9,585萬元,只是憑著上市擴大股本,得以令基數也受惠而已。當然,該集團去年資本支出逾1億元,單靠上市招股集資僅約4,750萬元來看,相信不夠用。

(3月27日刊於《am730》)

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