阿爺亂來...國企安徽海螺(914)不務正業, 將集資所得部分(40億元人民幣) 投資做金融信托服務?!

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阿爺亂來...國企安徽海螺(914)不務正業, 將集資所得部分(40億元人民幣) 投資做金融信托服務?!

文章ezone2k » 週五 6月 17日, 2011年 12:32 am

P.S. 阿爺亂來... 國企安徽海螺(914)不務正業, 將集資所得部分(40億元人民幣) 投資做金融信托服務?!

http://www.hkexnews.hk/listedco/listcon ... 4210_C.pdf

國企安徽海螺(914)大玩CDS

http://hk.news.yahoo.com/%E5%AE%89%E5%B ... 00481.html

圖檔

安徽海螺大玩CDS
商業電台 – 2011年6月16日星期四下午4:59

水泥龍頭股安徽海螺(00914.HK)開始轉玩投資產品,該公司宣布將集資所得部分(40億元人民幣)用於投資理財產品,而非早前說的償還債務。對於此不務正業的行為,骷髏會不敢苟同,原因是這猶如在玩CDS,風險奇大。

不過,海螺管理層稱,此安排是在「無風險情況下」為股東節省額外1.2-1.3億財務成本。可以肯定的是,玩理財產品絕對有風險,說沒有風險反映了管理層對相關理財產品不熟悉,或許是聽了某些投資機構的推銷而草率下了決定。

這次投資涉及40億元人民幣,海螺一方面會設立兩個投資信托計劃,資金分別達25億和7.5億元,一年預期收益分別為5.85%和8.5%。公司會將投資回籠的資金於償債。同時,海螺亦會購買7.5億理財產品,185天的預期收益為4.8%。

海螺這樣做是因為毋須即時還債,但既然資金已到手,又不想放諸空板凳上,故此用作他途。而由於市場利率趨升,投資高息產品正好是將錢用得其所。不過,在骷髏會眼中,這次投資已超越了海螺的業務範圍,實屬不智的決定。

信托投資做的就是金融服務,例如是向企業放貸和投資金融產品等。海螺稱無風險,是因為他們認為已買了保險,出了事有保險公司賠,而若收益不及預期,亦有保險公司賠償差額。這表面上是穩賺不賠的生意,但內裏暗藏風險。

說穿了,這是一個信貸違約掉期(CDS)遊戲,買家(海螺)買了高息高風險投資產品,希望將違約風險轉嫁出去,就付予保險公司保險金。當然,若沒有信貸事件發生,保險公司所收的保險金便袋袋平安,而買家亦減少了風險之餘又賺錢,雙方都是贏家。
問題是,誰都不知道未來一年金融形勢會是怎樣,尤其是目前全球危機處處的時候。誰都不能保證沒有下一間雷曼的出現,以為毫無風險簡直是天荒夜譚。

而且,海螺做的是水泥生意,管理層都不是金融投資的專才,又怎能讓投資者信服去搞這盤「大耳窿」生意呢?

既然有了閒錢,海螺為何不做有益股東的事呢?例如是增加產能應付保障房需求或者是派息予股東。雖然40億並不算大數目,但以往很多企業都受了大行唆擺,玩高風險投資產品而折翼而回,最終苦了自己,亦害了股東。
可惜,歷史容易被人遺忘,直至重複的一刻。

撰文:黑企鵝
(本人早前持有安徽海螺)
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ezone2k
 
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Re: 阿爺亂來...國企安徽海螺(914)不務正業, 將集資所得部分(40億元人民幣) 投資做金融信托服務?!

文章cqb » 週五 6月 17日, 2011年 1:52 am

呢d唔係不務正業而係企業責任,而家咁水緊,邊間國企有現錢會唔駛借俾d同系公司周轉先得嫁.
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Re: 阿爺亂來...國企安徽海螺(914)不務正業, 將集資所得部分(40億元人民幣) 投資做金融信托服務?!

文章gaubinfor » 週五 6月 17日, 2011年 3:18 pm

無睇通告。就咁睇個圖,上市的海螺 914.hk 似係一位買左 5.85% pa 息率的雷曼迷債師奶,而呢位師奶買迷債既錢都係借番黎!信托理財公司則似 "易借易還" 那類放數佬。
國進民退無牛市,套股換樓迎支爆
gaubinfor
 
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Re: 阿爺亂來...國企安徽海螺(914)不務正業, 將集資所得部分(40億元人民幣) 投資做金融信托服務?!

文章gaubinfor » 週六 6月 18日, 2011年 12:02 pm

SCMP Money Matters
Shirley Yam
2011-6-18


Anhui Conch Cement's recent investment may not be the dumb move everyone thinks it is

In China, something that appears to make no business sense usually makes a lot of sense, a red-chip company chairman once told this columnist.

In a country where business interests are deeply intertwined with local governments and banks, he could not be more correct.

This Tuesday Anhui Conch Cement said it had invested 4 billion yuan (HK$4.8 billion) in two trust schemes and a financial product to make "more efficient use of its operating cash". The total sum represents 11.43 per cent of its net assets.

Shareholders were so upset that they sent Conch's share price down more than 3 per cent. The frustration isn't hard to understand.

First, the company has just raised 9.5 billion yuan by issuing corporate bonds on the mainland to repay bank loans and to improve its operating cash position. A day after the money arrived in its bank account, its board agreed to put 42 per cent of it into the so-called investment revealed on Tuesday.

Second, compared to the funding cost, the return from the investment is minimal (even before counting in the mainland's inflation rate of more than 5 per cent). Conch is paying 5.08 to 5.2 per cent a year for the bond. A 2 billion yuan shareholder loan made in March is costing the firm an interest rate of 5.78 per cent.

The trust scheme into which Conch is sinking 2.5 billion yuan promises an annual return of only 5.85 per cent. Another trust scheme and a financial product, into each of which the company has put 750 million yuan, will pay 8.5 per cent and 4.8 per cent a year respectively.

That humble return is difficult for shareholders to swallow given the liquidity crunch has driven rates for private loans sky high, benefiting trust companies, which raise money from the "haves" and lend it to desperate companies in return for an asset pledge and handsome returns.

According to a local survey, the average return for a trust scheme is between 7 per cent (for infrastructure projects) and 14 per cent (for real estate). Mind you, that was in March when the crunch was less severe.

In fact, these are the sort of returns being paid by the two trustees into which Conch has just put money, as revealed by their trust schemes posted on their company websites.

Why would a company brave shareholder criticism to invest borrowed money for a below average return? It doesn't appear to make much business sense.

The company has so far remained silent. Nor did it answer questions from this columnist on where the trust money would be lent.

However, the company announcement on the deals did offer some clues. Among them, the 2.5 billion yuan one-year trust scheme was most telling.

First, who did the money go to? The money was put into Anhui Guoyuan Trust (安徽國元信托有限責任公司), which is controlled by Guoyuan Group, a state-asset manager of the Anhui provincial government. Anhui is where Conch is based.

Second, where is the money going? The announcement offers no specifics. However, of the 33 trust schemes managed by Guoyuan Trust in the past 12 months, 20 were for infrastructure projects in the province. The rest were for properties and financial companies controlled by local governments, according to its website.

Let's pick one of the schemes as an illustration. Investors give 80 million yuan to Guoyuan Trust, which then injects the money into the state-asset-management arm of Huangshan - famous for its picturesque mountains. The Huangshan company issues a stake to Guoyuan Trust and uses the money to build a road and pay bills.

The Huangshan government promises to buy back the stake from Guoyuan Trust a year later at an 8 per cent premium. The premium becomes the return for trust holders. A guarantee company owed by the provincial government backed the deal. It would be fair to call Guoyuan Trust an agent specialising in pooling loans for assorted local governments in Anhui.

[ The author is referring to :
黄山市黄山区国有资产运营有限公司股权投资集合资金 信托计划推介书
http://www.gyxt.com.cn/gyxt/front/news_ ... id=1011204 ]


We don't know how much, if any, of the money is to be lent to various governments. All we do know is that Guoyuan Trust has launched trust schemes totalling 2.44 billion yuan in the past 12 months. Conch's investment is already higher than that figure.

Third, what kind of protection is Conch getting? Its announcement said: "Upon the establishment of the trust scheme, Conch entered into a co-operative agreement with the Anhui branch of the China Construction Bank. Six months from the establishment, the branch will become the beneficiary of the trust. The branch will pay Conch its investment in the trust and the related return."

Translation: the Anhui branch will take over the trust investment, or should we call it "loan", from Conch after six months.

That's interesting. If Conch finds it a good deal, why would it want to exit in six months? If the bank finds it a good deal, why didn't it jump in with both feet now?

If the projects targeted by Guoyuan Trust are so good, why didn't the bank lend the money directly instead of doing it through a trust company?

There is no answer to these questions. All we know is that Beijing is tightening its grip on banks to combat inflation, banks have to satisfy various lending criteria on a monthly basis or face penalties and Beijing is proudly telling the public that loan growth has slowed in the past five months.

Disregarding the bank's motive, let's focus on the justification for Conch's investment.

Anhui-based Conch is to give 2.5 billion yuan to an Anhui government firm that specialises in funding government projects in the province, and the Anhui branch of a state bank has agreed to repay it within six months plus a 5.85 per cent annual return - which is double the bank deposit rate.

[ The author implies that the credit risk of the aforesaid 2.5 billion yuan will be borne by the Anhui branch of CCB]

Conch is funding this "investment" with money it raised from domestic bonds. No mainland company can issue bonds on the mainland without the support of the local government and central authorities.[/color]

So who says Conch's investment makes little commercial sense?
國進民退無牛市,套股換樓迎支爆
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