Monday, June 17, 2013

新股「個別事件」

斯諾登選擇登陸香港,相信新加坡恨得牙癢癢,畢竟成為國際新聞,可惜我們的特首實在太老實,偏偏外訪美國時,就此事以不作評論回應,即使回港時也貫徹相同答案,失去大賣香港優勝之道。

但這位特首在兩日後,卻發聲明作評論,儘管只是「官話」,但有內容總比不評論佳,但為何要遲兩天?若果施政採取後知不覺,不評論又要發聲,肯定令人難以理解。

最令人憂慮的,還是那句「個別事件」,在任何事情上,都成為答案的最佳詞語。以往證監會、金管局都已經如此,若果像病毒般蔓延開去,恐怕甚麼也不用披露,哪有不是「個別」的?

於2011年12月13日掛牌、做OTO按摩產品的豪特保健(6880)一上市份中期業績已走樣,隨後全年業績隨即發盈警,純利又無一半。

直至去年9月底中期再斬六成,只得483萬元,相信大家萬料不到,截至今年3月底全年更只剩204.6萬元純利,不單重創86%,兼且粗略一計,代表下半年度實際虧損200萬元,蠶蝕上半年度盈利。

一間上市才一年多的公司,業績走樣之快,相信無出其右,與2011年帳目「靚靚」時所賺3,717萬元比較,更只得兩年前的5%盈利表現,足足失去95%利潤!最諷刺的是,該集團今年度營業額較2011年度增長23%,反映愈做愈蝕。其中員工成本佔營業額比重由2010年度的13.9%,大增至2013年度的20%,實際金額升幅亦較2011年漲達78%。

最令人費解的是,一邊話今年初以來,內地消費市場情緒普遍低迷,但原來自去年9月底起,已在內地淨增設16個銷售點,而去年全年更實質淨增30個銷售點,更表明要續擴充,那麼消費低迷又不怕,究竟是何種投資策略?

轉頭已有承繼者。去年4月2日掛牌的鉅大國際(1329)份2012年3月底止度業績已倒退,隨後份中期又話,要計入上市費用490萬元,盈利又「失去」44%。

好了,截至今年3月底全年埋單僅賺1,006萬元,跌幅擴大至50%,無他,下半年度純利又削減了高達54%,又歸咎行政開支大漲97%,及要多繳稅項,總之是經營悲壯,再望望營業額,其實也下降了14%。

新股業績表現差情況好像沒完沒了,投資者認購或在市場買入股份的話,實在要面對巨大風險,保薦人好像已失去作用。但官方監管機構相信不會就個別事件作評論,即使有兩間新上市公司出現這種情況,恐怕又是以「個別例子」作答案。

禤中怡亦無可奈何,只有繼續按「個別」事件來和大家分享。

(6月17日刊於《am730》)

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