郭思治:本月大市初呈先高後低之形態
致富證券市務總監郭思治稱,昨天(4日)大市仍略見反覆,但經過四連跌後,技術上略見回升,恆指早市先低開76點至24,431點,其後再稍跌至24,372點,由於沽壓並不明顯,加上維穩買盤又隨着涌現,故大市卒作技術性回升,恆指其後曾升至24,748點方漸受規限,從走勢上看,本月大市已初呈先高後低之形態,恆指暫是由1日之高位24,856點跌至4日之低位24,372點,即月內之波幅暫爲484點,但現時只是8月份之上旬,相信在本月餘下之交易日,技術上仍存在不少變數,恆指全日報收24,733點,較上日升225點,大市全日總成交金額爲2,346億元。
另力寶(00226.HK)剛於早前公佈由大股東提出的私有化計劃。公司股份沉寂多年,而且交投疏落。今次公佈私有化對小股東來說無疑是個喜訊。
力寶今次的私有化計劃,力寶小股東可選擇全現金代價或是收取部份現金,並通過力寶實物分派力寶華潤(00156.HK)股份,直接持有力寶華潤股份。
私有化之方案如下:
(1)力寶小股東可選擇收取現金每股0.704元,或
(2)先收取現金0.14元,然後按每1,000股力寶股份獲分派615元股力寶華潤股份
力寶基本上是一間控股公司,主要資產是香港華人(00655.HK)及力寶華潤,力寶旗下主要業務都是通過上述兩間上市公司經營,在經濟順境時,香港華人及力寶華潤維持穩定經常性收益,力寶可從上述兩間公司獲派息收入作營運資金,但在經濟逆境時,兩家公司派息減少甚至無法派息,將影響力寶資金來源。
力寶今年1月已將持有之大部份香港華人股份分派給力寶股東,換言之,未來即使香港華人可以派息,力寶所獲的派息收入亦將大幅減少。
力寶過去兩年一直都是通過借貸獲取營運資金,從其公佈的財務報表可見負債不斷攀升。力寶近年的業績亦受經營環境影響節節倒退,令財政壓力大增。
從小股東的角度來看,難以期望力寶股價於可見將來有顯着升幅,受業績影響,公司也難有慷慨派息。今次的私有化計劃讓小股東可以可觀溢價套現在力寶的投資。
私有化計劃需得到小股東投票贊成。力寶的獨董及就今次私有化委任的獨立財務顧問均推薦股東投票贊成私有化。按全現金代價0.704港元計算,較力寶股份於公佈私有化前半年的平均收市價溢價近八成,作價合理;而且股東亦可選擇收取部份現金和直接持有力寶華潤股份。
股東需要留意,私有化要約方已表明不會上調私有化代價;而若私有化失敗,於最少12個月內不會重提私有化。
大市年內之走勢雖呈續尋頂之格局,且成交金額亦再見暢旺,惟一衆細價股之表現卻差強人意,力寶今次私有化計劃可將公司資產價值釋放給小股東,並讓他們有機會將投資套現。
(筆者爲證監會持牌人)~
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