植耀辉: 长假期大市变数多 新世界(00017.HK)合股料有後着
耀才证券研究部总监植耀辉称，近期从媒体看得最多的字眼，除了「油价」外，应该便是「史无前例」，皆因绝大部分经济体所公布之经济数据皆「差爆」，并创下「史上最差」情况；不过，观乎过去两个交易日恒指反弹近750点来看，似乎投资者认为只要「解封」，一切便可迎刃而解。只是经济状况要恢复恐怕仍是漫漫长路，加上长假期期间似乎又有颇多变数，所以即使大市已重上24,500点，但仍不宜掉以轻心。
过去数周谈过不少宏观大事，原先想再谈谈油价，但既然一向「淡友底」，而且再列举情况有几差亦意义不大，所以决定转转话题，拆解一下新世界(00017.HK)合股有何玄机。先旨声明，地产股一向不是笔者「杯茶」，但对於今次合股行动，笔者却颇感兴趣。公司合股并非新鲜事，不少四、五线股份合股供股更犹如指定动作，但蓝筹合股近年则十分少见。在笔者印象中，蓝筹合股最深刻的例子，便要数到2002年电盈(00008.HK)之「5合1」。反而拆细则偶见出现，皆因入场费降低，更有利吸引散户投资者进场。
至於公司合股可以有很多原因，但较常见的说法，就是可以吸引海外基金大户青睐，因有部分基金可能不能买入成交价低於1美元之股份，此外亦可「优化股东基础」，直接一点就是吸引更多长线投资之机构投资者。对於此观点，笔者亦有请教部分前辈，但绝大部分皆认为这只是坊间普遍之想法，因为基金选股仍有多种考虑，最重要是公司前景是否值得投资。
那为何新世界今次会有此反其道而行之举措?可能要从近年之发展说起。近年新世界系动作多多，较受关注便包括私有化新世界中国，以及新创建(00659.HK)斥资215亿元收购富通保险。虽然如此，然而相比其他蓝筹地产股，新世界估值一直相对落後，最大原因在於其一直存在「管理层折让」，所以当新管理层上场後，当务之急便是如何收窄此种差距。
事实上「第三代」管理层郑志刚调升为行政总裁前，已於集团身居要职，并主理多个重要项目，当中便包括以K11品牌定名之K11 Atelier及K11Musea。而且未来新世界仍有多个大型项目，包括200亿元之SKYCITY航天城项目以及300亿元之启德体育园，因此新管理层有意重振集团形象亦不难理解，笔者认为今次合股安排是小试牛刀之举，未来应会有更多後着；只是要令外界及股民改观并非一朝一夕的事，所以新班底是否能作出改变，现阶段还须拭目以待。
(笔者为证监会持牌人，并未持有相关股份)~
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