Monday, June 24, 2013

鉅大14勇士

見到施永青先生話《am730》員工分紅制度由每半年改為每季度派發,值得可喜可賀,但每季要計業績,方可獲知分紅情況,反映《am730》有能力編製季度業績,分分鐘比每半年才公布一次業績的上市公司為快。

不過,業績好方有分紅,況且做免費報紙似乎不容易,有傳媒集團想併購其他免費報紙以擴大版圖,而上周經濟日報集團(423)公布3月底全年業績,純利逾6,199萬元,比中期僅賺115萬元大幅改善,但計及一項出售物業收益6,840萬元,若果扣除這項非經常收益的話,可能見紅,反映免費報章業務影響非淺。

上周提及半新股鉅大國際(1329)業績持續走樣,但股價於上周五收市報2.33元,較上市定價1.1元竟然仍累漲1.1倍,再望望其股價走勢圖,自4月3日才1.61元,於4月5日急彈至2.15元,再於4月9日升至2.6元,即短短數日間暴升61%。

直至本月中,證監會調查才發現,於5月28日,除了大股東蔡念慈持75%股權外,原來有15名股東持有23.07%股權,代表其他街貨僅佔1.93%而已。更恐怖的是,在這批15名股東,竟然其中14名股東所佔21.67%股權全部從當時招股時獲配售所得,按當時配售股份計,這14位股東已佔當時配售比重達95.6%之多。

當然,長情股東如美國股神巴菲特的大有人在,況且這14位股東無懼公司盈利持續倒退,長情投資換來現在每股帳面獲利,證明「眼光獨到」,但以一間發行股份2億股的公司來看,扣除大股東和14位高手的貨計,街貨碩果僅存666.4萬股。

一間股權集中的公司,加上業務簡單,況且市值才約4.6億元,細細粒容易食,實在是成為「靚殼」的條件,會否因此分心而不專注業務呢?

另一隻被證監公開的股份,是由兩名主要股東於4月30日時,已持有多達81.31%股權的瑞東集團(376),還有12名股東共持15.74%股權,即其他股東手上的股份數目才2.95%,即逾1,133萬股而已。

該集團於月初配售2,700萬股新股予不少於6名投資者,每股3.05元,抽水8,235萬元,但之後成交股數仍僅數萬股,該集團股價上周五更逆市升0.3%,至3.15元,僅得8,000股成交,但接貨者帳面仍有賺。

過去4年,有50間次的上市公司出現股權集中情況,而所謂間次,乃因部分上市公司如新洲印刷(377)和超越集團(147)等出現不止一次股權集中情況。這類公司貨源歸邊,易炒與否見仁見智,但像南華早報集團(583)因兩名股東不願攤薄而令公眾持股量不符25%規定,即使委任財務顧問幫手仍不得要領,由2月底停牌至今來看,就對其他股東相當慘烈。

(6月24日刊於《am730》)

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