時隔半年中國飛鶴再遭做空,Blue Orca稱其虛報收入
uSMART友信智投7月8日消息,Blue Orca Capital﹙殺人鯨資本﹚於其官網上發佈一篇中國飛鶴的沽空報告。消息公佈後,中國飛鶴股價迅速跳水,一度跌超8%,但隨後快速反彈,截至午市收市,跌1.26%,報15.62港元。

報告聲稱飛鶴通過未公開的關聯方誇大了嬰幼兒奶粉收入。
飛鶴在將產品交給物流供應商時即確認收入,飛鶴一再堅持這些供應商為獨立協力廠商。但是Blue Orca的調查表明,飛鶴的主要物流公司是由飛鶴員工經營,並且屬於飛鶴的一部分。此外,尼爾森和商務部的資料都表明,飛鶴2018-2019年的實際收入較其披露的要少49%。
Blue Orca質疑飛鶴少報了數十億美元的運營費用,如廣告和人工費用,將員工人數少報了10倍之多,並且嚴重誇大了盈利能力。
如果將飛鶴未披露的人工和廣告費用加回去,調整收入後,Blue Orca甚至質疑飛鶴是否可以盈利。即使根據5倍EV /調整後收入來給飛鶴估值(其他中國嬰幼兒奶粉生產商的2倍),飛鶴的每股股價也只值5.67港元。
飛鶴於2019年11月13日在香港上市,上市後第7個交易日即遭到獨立會計研究機構GMT Research做空,當日飛鶴收跌6.5%。在飛鶴的強勢回應下,隨後一個交易日股價大升10%。
飛鶴稱其子公司在2018-2019年支付了數十億人民幣的稅款,以此回應GMT對其財務欺詐的質疑。
不過這一點也成為Blue Orca的做空論據之一,飛鶴此前聲稱的部分稅款是來自其子公司飛鶴泰來,該公司創造了數十億美元的收入,並支付了數億美元的稅收。但問題在於,泰來工廠仍在建設中,在往績記錄期間未生產任何產品。
附:Blue Orca做空報告全文
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