Monday, April 07, 2014

莫名其妙的交易

科網股熱冷卻,大家又忙於做交易,但有些公司的deal令人費解,甚至有點莫名其妙。
康師傅(322)剛派完成績表,全年多賺10.9%,至4億美元(約31.2億港元)後,便斥高達24.8億人仔(約30.9億港元),即差不多整年利潤去收購上海金球名豪項目,而該項目原由其主要股東兼執行董事魏應交持有,故變相向母公司置業。
不過,康師傅亦要承擔該項目貸款最高不超過9億元人仔,即約11.2億港元,意味總代價約42.1億元,而收購一半代價由貸款解決。
該項目規模不小,提供4幢辦公及商業樓宇,及818個停車位,總建築面積約14萬方米,其中兩幢於年中前完成,其餘兩幢於明年3月才竣工。該集團話,用作於上海增設營運中心。
直至去年底,該集團負債44.9億美元(約350億港元),一年間增5.1億美元(約39億港元),當中要計息的借貸亦增至16.7億美元。總負債比率進一步升至53.39%。若再加上該項目的貸款承擔,自然要計計,究竟租或買抵之外,還要考慮當地地產市道是否繼續蓬勃,否則會買貴貨。
至於在江蘇省從事包裝材料製造的順泰控股(1335),突然用1.65億元向大股東兼主席郭玉民收購所持的江蘇省徐州市住宅物業項目,突然變成投資地產項目,與本業不符。
該項目目前更只是處於空置狀態,意味該集團還要「泵水」發展。單看交易,該集團只需發行與收購價相同金額的可換股債券便可,代表不用真金白銀拿地,只是每年付3厘息,可惜換股價每股才1.658元,竟較公布交易前收市價1.93元折讓約14%,與一般換股價有溢價有所分別,莫非看不好公司前景,或是想讓大股東低價增持?
此外,原來大股東及其配偶向該項目提供的4,600萬元人仔貸款也轉由順泰承擔,即總代價逾2.11億元。
看看該股截至去年底負債總額雖降至2.7億元,惟現金同樣降至6,120萬元,那麼未來單靠現有業務產生的現金流不易應付地產發展所需,除了靠借貸發展一個長線項目,那麼其餘資金從何而來?
有錢也煩惱,且看中國星(326)供完股,又於1月底批股,小股東股權攤薄完再攤薄,怎知該集團話,洽商在北京的置業計劃未達協議,更話中港物業投資市場不明朗,即短短兩個月間樓市變得如此快?
該股更將集資所得其中2億元,轉作貸款予經營澳門博彩中介業務的獨立第三者,收年息10厘,看似回報不俗,但只有該第三者個人擔保,未見有任何抵押品在手,又憑甚麼如此有信心?

(4月7日刊於《am730》)

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