沽空機構Blue Orca指康哲藥業(00867.HK)嚴重誇大財務表現 完全不值投資每股僅值3.95元
沽空機構殺人鯨資本(Blue Orca)發表長達41頁、針對康哲藥業(00867.HK)的報告,認為公司主要收入來自銷售授權藥品給分銷商,另外一部分收入則來自相關的推廣活動,儘管在價值鏈上的地位岌岌可危,且面臨中國打壓藥價政策的巨大壓力,康哲藥業的財務業績異常穩健且盈利能力不斷提升(2018年的毛利率逾70%),該行認為這樣的盈利能力是種假象。
報告指出,廣泛的調查表明,康哲藥業對中國A股證券監管者的披露顯示,公司的凈利潤嚴重低於對投資者披露的水平,認為為了掩蓋虛造的利潤,即便康哲藥業在馬來西亞幾乎沒有資產,也沒有通過馬來西亞進行藥物運輸,其依然杜撰出了巨額馬來西亞稅收優惠。
另外該行發現了一系列腐敗又隱秘的私人交易,中國食藥監記錄表明亦不同於公司所述,康哲藥業似乎在秘密地承擔主席私有公司的研究費用。證據表明,主席的私有公司佔用康哲藥業的場所,使用康哲藥業員工,用康哲藥業電子郵件作為註冊信息,並用上市公司的資源為其投資生物科技創業公司謀取私利。
該行認為,通過這些腐敗的私人交易,主席從正處困境的上市公司中吸走日漸萎縮的利潤,並認為證據顯示,公司嚴重誇大財務表現、虛增利潤,主席還盜取上市公司日漸萎縮的利潤來謀私利。如果根據康哲藥業披露給中國監管者的利潤進行估值,並且對市盈率打25%的企業治理折扣,該行對康哲藥業的估值為每股3.95元,對比現價有62%的下降空間。然而,該行所掌握的大量證據顯示,康哲藥業有嚴重誤導投資者的行為,該行認為康哲藥業完全不值得投資。 ~
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