Thursday, May 22, 2014

游击战: IRETEX-LR

小陈乘闭市前少量买了一些IRETEX-LR,纯粹只是投机打游击战,因此公司的基本面就不必多看了。

IRETEX目前正在进行着一项企业活动,配售不可赎回可转换无担保债券(Irredeemable Convertible Unsecure Loan Stock)给股东们。每股IRETEX获得配售4股债券,每股债券售价RM0.075。每认购8股债券将获赠1股凭单。


持有IRETEX 52.86%的几位大股东已经保证会认购他们所赋予的债权权利。如以下截图:


是不是觉得这三个人的名字很熟悉?尤其是Tey Por YeeOoi Kock Aun。呵呵,没错,都是专业的炒家。你可以在这几家公司的董事局里看到他们的名字,如:R&A, WINTONI, NEXGRAM, ASDION, PROSTACO等等~ 被他们相中的公司好像都死去活来似的,被他们炒得都快焦烂了,哈哈~ NEXGRAM终究是他们的大本营。

投机焦点:
1)与一般的企业活动一样,免费凭单咯~ 但得认购8股债券才能获得1股凭单,不是很吸引哦!凭单的行驶价RM0.80,属于价外凭单,没什么好康头。或许凭单会在RM0.15左右交易吧~

2)债券的转换方式,这个就是吸引人之处!!!


转换价为RM0.60,可以用两种方式把债券转换成母股。

方式1:用8股债券换成1IRETEX。债券发售价格改为每股RM0.075。这没什么,如果母股在RM0.60,债券应该差不多在RM0.075交易。

方式2:用任何债券+现金的搭配,只要凑足RM0.60就行!这就是吸引人之出!比如说我可以用1股价值RM0.075的债券,再搭上现金RM0.525,凑足RM0.60,就可以获得一股IRETEX。注意,每股债券的发售价是RM0.075,也就是说无论债券以任何价格交易,统统都是以RM0.075发售价为参考。

你应该看不出什么吸引人之出,对吧?万一母股“不小心”被炒到RM0.70,那债券会在什么价格交易呢?以以上两个方式计算:

方式1RM0.70除与8 = RM0.0875。也就是说母股RM0.70时,债券的内在价格为RM0.0875,比RM0.075的发售价高了一些些,还好,没什么特别之处。

方式2:我们知道1股债券参考价格为RM 0.075,我只需付现金RM0.525,就获得1股母股。如果母股RM0.70,债券会被炒到RM0.70 - RM0.525 = RM0.175!!!

因为债券交易价得要在RM0.175 +现金RM0.525 = RM0.70!!!如果债券低于RM0.175,应该到时会有很多人愿意购买债券,然后用现金搭配1股债券来转换母股!

这就是债券用现金来进行转换的厉害之处!此股债券的杠杠比率(Gearing)很劲。如果你以1股债券配现金RM0.525来转换的话,公司会笑到最后,因为可以筹到好多额外的现金哦,呵呵~

3)公司近期收购了两家公司,并建议把业务多元化至自动化解决方案及服务供应。脱售槟城的地皮,用现金购买这两家公司,不懂是不是好事一桩。

不过这两家公司给予2年的税后盈利担保(Guaranteed Profit After Tax),总担保数额为RM5百万。公司2013财政年的税后盈利才RM1百万。希望收购这两间公司后,再加上税后盈利的担保,公司在来临的20142015年的业绩应该不会太难看。


风险:
1)万一母股低于RM0.60交易,那债券也没有什么戏好唱了。凭单的行使价RM0.80,比目前母股的价格高了许多~ 公司把新的凭单行使价放这么高,有这么看好公司的前景咩?

2)公司的基本面不太吸引,虽然有20142015的税后盈利担保,但每股所获得的盈利不多。

风险很高,不熟悉附加股/债券或公司企业活动的朋友,千万别盲目跟从咯,买卖自负!

3 comments:

  1. The countdown to this week’s Protasco EGM continues, here are some interesting points to ponder for shareholders who may want to consider why Tey Por Yee should be kicked out from Protasco’s board.

    Actually all those who have dealings with the Tey Por Yee syndicate and also the public at large should take note of this cautionary tale.

    Read more here https://bursasyndicate.wordpress.com/

    ReplyDelete
  2. Beware of spammer syndicate hired by Chong Ket Pen to cover up his mistakes by putting a blame to his victims. This is not Chong first time he put blame on others - from many of his co workers in JKR, later his partner Hasnur, and his boss Tun Daim, and latest his two investors Tey and Ooi.

    Chong own cover up in siphoning public money with cronies in public services is ill sickening. Public should know the truth.

    Just to keep the balance, few interesting facts contributed from his old co workers public should know:

    http://www.rockybru.com.my/2014/11/the-hadenan-poser.html

    https://bigdogdotcom.wordpress.com/2014/11/16/the-mad-hatter/

    http://bursashame.blogspot.com/2015/04/chong-ket-pen-cheating-investors-to.html

    https://protascosue.wordpress.com/2014/11/19/precedence-advantage-protasco-version/

    http://anotherbrickinwall.blogspot.com/2014/11/pursue-right-culprit-on-protasco-fiasco.html

    ReplyDelete
  3. The International case study of modern commercial and criminal law, would count this small company (Protasco) senior officer's attempted crime as an important text book material. One Chong Ket Pen, male, public servant, where Malaysian business community calls him con man of the year (2014), bankers name him scammer of all time, or police forces crown him "Crook", is a joke to this young country legal system, yet a good material for
    International case studies. Chong reportedly involves in criminal scam similar to ponzi scheme, as he repeatedly induced and cheated his business partners over the last 30 years.

    Other investors and reporters are covering Chong Ket Pen, the Malaysian turn Australian refugee who stolen billion dollars from his country and public money. Some of the coverage could be found here:

    http://protascopolicescam.blogspot.co.uk/2015/09/case-study-how-chong-ket-pen-grand-scam.html

    http://syndicatedscam.blogspot.ae/

    http://protascohusseinchoong.blogspot.co.uk/

    ReplyDelete