5分鐘暴跌超90%!偉源控股市值蒸發近40億港元
今日港股又現一妖股閃崩,偉源控股午盤開市後大跳水,僅6分鐘左右股價就暴跌超92%。截至發稿,跌至94.2%報0.23港元,暫成交2.1億港元,最新總市值僅餘2.46億港元。在這波暴跌中,該公司市值瞬間蒸發了近40億港元。

數據來源:富途牛牛
偉源控股是一家新加坡承建商,最初主要從事電力電纜安裝,及道路修復工程承建業務,後來發展為專門提供土木工程公用事業工程,主營業務包括電力、電訊及下水道合約工程、道路銑刨及重鋪服務等。
從過往經驗來看,港股市場的莊股在突遭洗倉前,股價往往會暴漲。公司於2020年3月12日在港上市,截至9月23日,在不到6個多月的時間裏,漲幅已經高達近480%,牢牢佔據着主板次新股漲幅榜第一的位置。
並且,偉源控股存在着股權高度集中的問題,公司大股東WG International (BVI) Limited持股比例高達75%,導致市場上用於流通的股份非常少,這時候只要有投資者拋售少量持股,就會導致公司股價出現劇烈波動。

另外,偉源控股還具有莊股的一些典型特徵,比如現金流方面積累了較高風險。2019年,偉源控股經營現金由2018年的淨流入1250.7萬新元,轉為淨流出453.3萬新元。截止2019年年末,公司在手現金更為83.4萬新元負值。
業績方面,公司亦存在着較大的虧損問題。2020年上半年受公共衞生事件干擾,偉源控股錄得較大幅度的虧損。截至今年6月底公司實現收入2318.8萬新元,同比減少12.3%,股東應占虧損477.5萬新元,去年同期則為溢利139.1萬新元,基本每股虧損0.49新加坡分。
基本面方面,偉源控股雖位列土木工程公用事業工程行業第三,但新加坡有近1000名註冊承建商,行業競爭十分激烈。公司的市佔率並不高,僅有約5.7%。由於在大部分項目中擔任分包商,同時大客户依賴程度較高,偉源控股的議價能力也不高。資料顯示,公司主要客户是新加坡各類基礎設施開發項目的總承建商,2016-2018年,公司前五大客户幾乎都佔據總收益近80%,其中最大客户佔比在30%左右。
據悉,偉源控股並不是第一家股價暴跌的新加坡赴港上市公司。2020年6月5日,新加坡食品進口商及出口商COOL LINK午後暴跌90%;2018年9月3日,同為新加坡建築古的雙運控股也經歷了超過80%的暴跌。
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