Tuesday, September 18, 2012

世说新语 employees' share option scheme, shares buy back


不论公司甚麽动作,大多数都是对大股东董事有利罢了。

小股东只能乘股价高时卖,超低时买。

所以,少交易,多做功课,这样才能万保无一失。

你看看吧!好公司如 amway, 它的票数十年如一日,没有增加到,164,386,000.

它连雇员计划都没有。

雇员计划,美其名目的是公司挽留人才,

实际是公司高层(尤其是董事局里的董事)以低价买,高价公开市场出售。

如果没人要,他们还有一招,公司回购。

公司用市场价钱回购,回购后,它不拿来派红股,而是销毁。

销毁的名堂是减少票数,让股东手中的票增值。

很多投资专家,投资书籍媒体等都没反对雇员计划,股票回购后销毁,

难道他们不知公司董事利用这招周而复始的牟利?
(雇员计划,雇员没钱买,公司董事自己吃下,然后在公开市场卖,
没人买,公司回购,回购后销毁,再来雇员计划,年复年重复。。。。。)

所以看bursa网站布告时,公司如果有employees' share option schema, 也有share buy back的,就得注意。

当然,并不是所有employees' share option schema,  share buy back 的公司都这样。

但是我对雇员计划没好感,因为大多数二三线小资本公司的雇员计划票价比市场价低,几乎接近半价。

share buy back 如果不用来日后派息,而是销毁或等牛市时再卖出,这样的公司我也没兴趣。

所以,长期投资就得投资好股,我对好股的定义是股息有增无减,营业额盈利也平均逐年增加最少10%,有现金没借贷。

至于说甚麽有现金没借贷的公司是因为管理层不懂得利用借贷来周转/扩充生意等,这些论调我都没兴趣,而且也不考虑。

总结我这篇文章,我对好公司的定义:

1。股息有增无减,
2。营业额盈利也平均逐年增加最少10%
3。有现金没借贷。

这 10 年来,目前为止,有资格进入我好股名单的只有 amway,  pintaras jaya.

如果你觉得还有其它,希望你也能与我分享,谢谢。




备注:pintaras jaya


OTHERS Pintaras Jaya Berhad - Proposed Increase in Authorised Share Capital; and- Proposed Amendments to the Memorandum and Articles of Association of the Company
PINTARAS JAYA BHD
03/09/2012 05:36:44 PM

Type
Announcement
Subject
OTHERS
Description
Pintaras Jaya Berhad
- Proposed
Increase in Authorised Share Capital; and
- Proposed Amendments to the Memorandum and Articles of Association of the Company

The Board of Directors of Pintaras Jaya Berhad (“PJB” or “the Company”) is pleased to announce that the Company intends to seek its shareholders’ approval on the following proposals at its forthcoming 23rd Annual General Meeting, the date of which will be announced later :-
  1. To increase its Authorised Share Capital from RM100,000,000.00 comprising 100,000,000 ordinary shares of RM1.00 each to RM1,500,000,000.00 comprising 1,500,000,000 ordinary shares of RM1.00 each by creating an additional of 1,400,000,000 new ordinary shares of RM1.00 each;
  2. To amend the capital clause in the Memorandum of Association of the Company; and
  3. To amend the Articles of Association of the Company to streamline it with the recent amendments made to the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
The Annual Report which contains the details of the Proposed Increase in Authorised Share Capital and the Proposed Amendments to the Memorandum and Articles of Association of the Company will be dispatched to the shareholders of the Company in due course.
This announcement is dated 3rd September 2012.



 by creating an additional of 1,400,000,000 new ordinary shares of RM1.00 ,

how?

目前我暂时只想到有 5 种方法可增加法定股本(Authorised Share Capital):

1。发附加股(Rights Issue) ,
2。私下配售(private placement)
3。雇员计划(employees' share option scheme)
4。红股(Bonus Issue).
5。涡轮(warrants)

它的 retained earnings 有 RM153,896,000


它的总票数才 80,064,000
现金有 RM84,428,000, 没有借贷。

因此,每股现金高达  RM84,428,000 / 80,064,000 = RM1.055.


这十年来(2003 到 2012),它一张票都没增加到。
这次它突然要增加法定股本,只是不知会采取以上的那一种方式,
以它的健康财政状况及现金流等来看,派发红股免费涡轮的机会非常大。

如果也有雇员计划或私下配售,那么我就会打算出货,
因为爱人变心了,我只好先飞掉它,好过将来被它套住陷入不可自拔的地步。








1 comment:

MCCube said...

when they propose to increase in Authorised Share Capital, why dont they at the sametime disclose which approach they will apply so that let the sharehold can decide vote for Yes or No. unless they have bad intention in mind....