2012年5月16日星期三

萬科在港買殼

這單新聞值得留意,在國內A股上市的萬科,可能把商用物業注入南聯。南聯在消息公佈後的市值86億,對比萬科的商用物業價值,應有倍升空間。當年中國海外(688)把三、四線城市的發展注入81,從而造成後者倍升的神話,有機會重現。



萬科港插旗 11億購南聯
日後擬注商用物業 套現回內地
2012年5月15日

【明報專訊】內地房地產龍頭萬科,現時在深圳上市,董事長王石早年曾積極尋求來港上市。萬科昨日突然公布,斥資10.79億元收購本地地產股南聯地產(1036)73.9%股權。萬科來港買殼,惹來市場揣測,市場消息透露,萬科計劃以南聯為融資平台,發展旗下寫字樓、商場等的商用物業,未來亦會注入超豪華住宅發展項目,以利用海外平錢及「友善」錢,拓展內地市場。



萬科現時在內地A股及B股上市,早年王石經常強調有意來港H股上市,不過一直未能遂意,昨日忽然公布收購南聯。萬科與南聯的公布顯示,萬科將斥資10.79億元買入現時由永泰亞洲(0369)持有的約74%南聯股權,之後永泰再以折讓價回購南聯的多項資產(見另稿)。表面上小股東在南聯重組及萬科收購中每股可收回34元,較上周五南聯收市價高出30.7%,但若相對於去年底南聯每股資產淨值則折讓達兩成,過程中,永泰將成為最大受益者。
年前撬走對手要員拓商用地產


市場消息透露,萬科之所以採用買殼方式進入香港資本市場,皆因整體來港上市之路漫長而艱巨,要經重重審批,因此終捨難取易。消息並稱,萬科已計劃將南聯作為商用物業發展的平台,未來將注入包括商場及寫字樓等在內的萬科商業物業資產,另一個發展方向則是與海外基金合作,以南聯的平台發展內地豪華住宅項目。
萬科在2009年,從新加坡凱德置地挖來在商業領域擁有15年經驗的毛大慶,並在其帶領下組建商業地產團隊。現時著名商業項目包括北京中心區的。據內地傳媒報道,萬科單在深圳,已打算在兩年內建立100萬平方米的商業物業,其中包括3個10萬平方米以上的購物中心,45萬平方米的寫字樓,以及30萬平方米的社區商業以及4家五星級酒店。
除了萬科外,近期內地多家內房龍頭都搶來港買殼,早前已有中國海外(0688)及遠洋地產,近日則有招商地產入主東力實業(0978)。有投資銀行家分析,內房龍頭來港買殼,主要是希望借海外平錢發展內地項目,「海外資金對內地房地產市場依然鍾情,尤其有品牌的龍頭地產商。」而且香港的融資平台主要作長線投資的商用物業,亦符合海外基金長線投資的興趣。


萬科:收購為進行國際化嘗試
萬科董事會秘書譚華傑昨日回應查詢時表示,此次收購的主要目的是進行國際化嘗試。國際化是萬科需要思考的長期發展方向之一,本次收購屬於鋪墊工作的一部分。
重組方案及有關交易事項需經香港證券監管機構的審核,並經過南聯地產和永泰地產的股東大會通過。收購完成後,萬科的全資子公司Wkland Investments Company Limited還需要對南聯小股東提出全面收購,經重組後每股5.6197元。
明報記者






18 則留言:

  1. 回覆
    1. it may be worth to wait until 5min before market close and see if vol > average to decide intra day cut loss is required as it's already trading at 50sma

      But I guess after the experience of 906, you want to sell quicker which also make sense

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    2. so far you're right, the painful lesson recently teaches me to sell decisively rather than to wait for more signals

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  2. 我諗依家都無乜懷疑, 熊市已來臨了, 又或者最初只是漫長熊市中的一個大型上落

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    1. 去年10月至今年3月初的升市原來好大機會是一個熊市的大型反彈浪

      平常心面對,只要保存到實力,跌至17000樓下又是一個買貨的好機會

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  3. 我先應付短線過左依一關先 ^^

    今天明顯開始係 panic, 要錢唔要貨, 如果明天又裂口低開二三百點, 我覺得已是一個短線買貨良機

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    1. 依家恒指市盈率幾倍?我覺得 8 倍開始下第一注可能 OK, 但預了最壞跌到 5-6 倍 ^^'''

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    2. 依家恒指市盈率幾倍?

      9.8x 2012 forecast PE

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    3. 哈哈, 我預最壞情況傘, 所以就算跌到 8 倍我都唔會用盡資金買貨。其實有無諗過金融海潚時中國有高增長, 依家反而增長低了, 甚至增長可能只是剛開始回落。

      或者下年增長預測更低, 真有可能今次中線估值可以跌得低過 08年?

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    4. Hi you sir and 達人 sir,
      Could you advise the rationale behind "很多具防守性的股票都開始大洗倉,看來短線真的離反彈不遠矣". I have seen you guys quoting this saying but am unsure if it's adequate for the current scenario

      Taking cup 20 in the last correction during march to April for instance, yes you may be right that rebound would commence when strong stocks are sold in panic but this actually relies on the assumption that we are still in bull market.

      In the last correction, HSI had maintained a upward trend while this time is a completely difference case.

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    5. Kan, I'm flattered you looked at CUP20 as an indicator :)

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    6. haha, I do closely monitor cup 20 from the very first day. It is a very good tool to analyse market sentiment. In fact, I have constructed a Kan10 for my own tracking lol

      cup sir,
      what's your view on 很多具防守性的股票都開始大洗倉,看來短線真的離反彈不遠矣 ??
      thx

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    7. I think, the market can be irrational longer than you get chopped. What you can do is only good risk control.

      With a market like today, stocks rise:fall ratio of 1:9 and many momentum/strong stocks suffered harsh sell off, either the market reached a bottom or it will be extremely bad. But no matter what, a short-term rebound could be expected with good odds.

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    8. sorry for replying you late, Kan. The rationale is that usually those "technically strong stocks" are least preferred by fund managers to cash in. So "technically strong stocks" beginning to fall indicates fund managers have nothing to sell at least in the short term.

      I am getting more bearish on the market outlook. Nonetheless, I believe defensive stocks beginning to melt down suggests the market is not far from bottoming out at least in short term, in particular given this the RSI of HSI is close lowest range

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