Monday, May 27, 2013

股壇長毛又發功

近來政治風雲密布,一個行政會議成員話休假屬合適決定,怎知轉頭話辭職,甚至連其他行會成員均說影響不大,那麼一早便不用花這麼多公帑。唉,這就是政治。

話起政治,相信不少讀者也讀過《島耕作》這本集合經濟和辦公室政治的漫畫。這本書在日本影響深遠,並且助作者弘兼憲史發展出很多周邊產品,將島耕作化身成教飲紅酒、計財務等等,而最近更變成電視節目主持。

弘兼憲史同日本NHK電視合作,製作一系列亞洲經濟動畫紀錄片,名為《島耕作亞洲立志傳》,了解亞洲知名企業家的創新與突圍之道,但與一般財經節目不同,就是將人物卡通化(現今稱動畫),主角被畫成動畫出現。首集已介紹正大集團與謝國民,或許大家有點陌生,其實他就是斥約727億元向滙豐控股(005)購入平安保險(2318)股權的富豪。

至於預計下周四播出的第二集則介紹晶圓代工龍頭台積電與張忠謀,主題名稱「改變世界的代工」,張忠謀在訪問中說,「晶圓代工是business model(商業模式)的一種創新。」台積電有多大?其實是全球第三大半導體企業,僅次於美國的英特爾與韓國三星而已。那麼,香港有否具分量的企業家呢?(網址http://www.nhk.or.jp/asianleaders/index.html)
該節目播出翌日,亦有好戲上演,就是股壇長毛(David Webb)發起否決精熙國際(2788)與主要股東所訂關連交易的股東特別大會舉行日期。

股壇長毛話,精熙國際向主要股東亞洲光學集團供貨的貸款期最長達120天,比一般65天數期為長,變相免息讓主要股東更多資金周轉。長毛指,偏偏精熙於去年底坐擁8.7億元現金,兼零負債,即每股手持現金高達1.06元,而該股上周收市才報0.65元,反映現金比股價還高,反過來就是股價有折讓,故建議倒不如向股東派息0.81元更佳。

不過,幫精熙做獨立財務顧問的廣發融資認為,對比給予EVER PINE及佳能集團的60和90天數期而言確實較長,但考慮交易額比重,該兩間公司僅佔總收入不足0.1%,而亞洲光學集團則佔14.9%,故計及長期合作歷史等,數期較長仍合理。

至於毛利率方面,向亞洲光學銷售所得介乎19.4%至20.9%,而其他獨立客戶則介乎17.3%至20.9%。看似無偏頗,但想一想,如果數期縮短至60天,同獨立客戶做夠兩轉生意,即使毛利率相若,豈不是營業額和毛利也可增多呢?

最後提提,股壇長毛持有該股逾4%,且看屆時他會否聯絡其他股東,如鄧普頓等,現身大會反對,上演大騷。

(5月27日刊於《am730》)

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