Tuesday, December 11, 2012

马星公布附加股+凭单

马星最近公布,透过附加股和凭单来达到增加4亿马币的现金流以供营运资本。这对于小股东来说不是个好消息,原因在于你需要再掏腰包来购买马星的附加股来使你的股权的百分比相等。这也意味着,你需要再投资来得到相同的利润。

举个例子,本来EPS是10仙,但因为附加股而变成8仙。所以,你需要再购买2成半的附加股才能够在盈利上变回之前的10仙。那么,这项举措的目的何在?

马星在好几年前透过附加股而把营业额从二亿增加到目前的二十多亿的水平。以一个中小型的公司来说,这是个了不起的成就。而在4,5年前透过发行可转换债券的消息,使到它的股价不能够增长太多,这对我来说也是蛮好的消息(若我站在大老板或者长期投资的立场来看的话)。

而这次,马星再次推出凭单。我觉得我应该会再次购买凭单。而时机,不是现在。

3 comments:

Xyzz said...

you said the timing is now??

Xyzz said...

Do you know details of right issue? Saw that they are give a 5 to 1 bonus after it, for my thought it is really good for long term investor, it reduce your average price for a share.

JACK PHANG said...

I am waiting for market crash to come. But it seems that I have to be waiting for longer period. :P Anyway, some investors do really earn a lot of money just by focusing on long term investment in a few good counters. I believe Mah Sing is 1 of them.