Translated by Andrew Vanburen from: 太古: 值得再入 (中文翻譯, 請閱讀下面)
AGE-OLD BRITISH behemoth Swire Group (HK: 19; HK: 87), also known in Hong Kong as Taikoo, is a true conglomerate, involved in property, aviation, engineering, transportation and logistics, deep-sea fishing and agriculture.
Sometimes the established stocks get overlooked because of long-standing familiarity.
But in Swire’s case, I believe it is definitely worthy of investor attention of late, especially after Swire Properties Ltd (HK: 1972) shares began trading on Jan 18.
Over the past two years, Swire has mobilized a spate of generally positive broker reports citing its strength in real estate so as to strike while the iron is hot in spinning off its new property unit on the Hong Kong main board.
The consensus of the brokerage coverage has been that the group has managed its property operations judiciously and maintained a healthy operating performance.
The Swire family has traditionally held high-percentage equity in the group, with heavy share ownership in affiliated firms Cathay Pacific (HK 293) and Hong Kong Aircraft Engineering (HK: 44), with the three assets having tremendous synergistic advantages at play.
This has helped solidify their collective management structure and operational efficiency.
And beginning these past two years, the group’s property division has been gathering steam – both in terms of market research and capital accumulation – in anticipation of a separate listing.
However, with the current market underperformance and overhanging external factors providing further drag on local bourse sentiment, the firm is unlikely to meet or surpass its capital raising expectations for the real estate spinoff in the near term.
Until recently, its Kowloon Tong Festival Walk has been a coveted asset of Swire Group, located in one of the most densely populated commercial sections of Hong Kong and site of the never idle subway and bus transportation interchange.
Therefore, Swire’s recent decision to sell the 18.8 bln hkd asset to Singapore’s Mapletree outfit caused more than a few waves in the industry.
Pursuant to the deal, existing leverage and recent profit totaled 4.5 bln hkd, translating into 3 hkd and 0.6 hkd for each held A share and B share, respectively.
As Festival Walk is a wholly-owned real estate asset of Swire Group, the latter conducted due diligence on the wisdom of paring off this coveted property with the stated intention of “shaping up” its organizational structure and financial condition prior to spinning off Swire Properties Ltd as a separate listing.
By this strategy, it hoped to get a better reception for the spinoff’s market debut in Hong Kong.
But this spinoff listing is unlike previous related exercises for Swire.
The biggest difference this time around is that Swire is attempting the spinoff prior to achieving its targeted capital raising threshold.
Swire’s shareholders did not enjoy the right of first subscription options for the spinoff listing, and also have no mandated minimum buy-in quotas.
So how did it all work out, considering it had shelved the original spinoff plan, hoping to raise nearly 21 bln hkd?
Trading in Swire Properties Ltd (HK: 1972) shares commenced on Jan 18.
The spinoff’s shares rose 7.6% in morning trade debut day, after opening at 16.80 hkd per share.
Parent group Swire did not raise any funds resulting from the spinoff listing, which came by way of introduction.
At the end of the day, shareholders of Swire Group’s A shares collected seven spinoff firm shares for every 10 Swire Pacific shares.
Meanwhile, those holding Swire Pacific B shares were granted seven shares for every 50 shares held.
Swire Group said that as part of the listing, Swire Properties' parent company -- Swire Pacific Ltd -- distributed in specie an aggregate of 1,053,234,165 shares, or approximately 18% of the issued share capital of Swire Properties, to qualifying Swire Pacific shareholders in proportion to their respective shareholdings on the record date (Jan 6, 2012).
The qualifying shareholders are entitled to seven shares for every 10 Swire Pacific 'A' shares held and seven shares for every 50 Swire Pacific 'B' shares held on the record date.
Following the listing, Swire Pacific holds approximately 82% of Swire Properties.
This performance should highlight the current state of the property market, and its long-term outlook, as analysts have held that Swire Group wanted to test the waters by spinning off the property unit, hoping to allow the dedicated real-estate listco to spread its wings and grow on its own away from the transport-logistics-engineering characteristics that for so long have defined Swire Group.
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太古: 值得再入
老牌香港英資公司太古股份A(019)及太古股份B(087)，近兩年積極部署分拆賺錢能力高的子公司太古地產上市，甚至罕有地以巨額出售資產套現，一改多年來保守經營的作風。
由英國施懷雅(Swire)家族持有的太古一系公司，一直保持太古,國泰航空(293)及港機工程(044)三間上市公司之結構。直到近兩年，太古更一度部署將太古地產分拆上市集資。不過適逢新股招股市場表現欠佳，致集資大計不成。
到近期，太古先罕有地將經營多年的九龍塘又一城，以總值188億元，出售予新加坡財團Mapletree，並且將部份套現部份溢利共45.14億元，按每股A股及B股，分別派3元及0.6元予股東。由於又一城本身屬於太古地產，最近太古建議以實物分派形式分拆上市的太古地產之前，已經透過出售又一城，變相稍為「瘦身」（即令太古地產的資產規模縮細），方便分派股份行動。
況且太古地產今次上市，與上次不同之處，在於今次完全沒有進行集資，太古的股東亦不會取得優先認購權，並且可以在無需付出任何分毫下，便能夠按每10股A股，及每50股B股，均會分得7股太古地產。雖然股東所得的太古地產股份，未必能夠足完整一手股票，但是亦因為分派行動，分享到部份太古地產的價值。最重要是，施懷雅家族為首的英國太古，亦因此可以直接持有約7%太古地產。
在短短兩個月，太古的股東在持有原有的股份之外，亦取得出售又一城所得的股息，再加上取得太地股份，兼無需付出分文便能夠將太地上市。
至於對太古方面，意義在於，太古在早於太古地產上市前，憑出售又一城套現所得充實財務狀況，變相等於太古集資。
更值得注意的是，太古的財務報表長期出現的淨流動負債狀態，有望因為出售又一城而加快扭轉，變成正數，令到其財務狀況得到強化。
這尤其在全球金融市場陷於不明朗，在爭取長期資金成本較高下，最為可貴。
事實上，根據太古截至6月底止中期業績顯示，其淨流動負債雖然由去年同期的88.1億元，減少至54.12億元，但是若無今次出售又一城的交易，其淨流動負債只會逐步遞減。
同時，由於太古是次分派太古地產予捧場的股東，亦將原有分拆太古地產上市集資，可能引發的股東權益被攤薄的問題，一併解決。
太古亦繼續持有82%太古地產股權，亦能夠維持控制權，並且取得上市地位。
這是近期上市公司處理資產及分拆行動時，罕見的一舉數得的交易。
至於太古地產方面，在中國、香港、英國及美國的物業組合總樓面面積2451.3萬平方呎，當中包括寫字樓、零售商場及酒店，涉及資產價值逾2000億元。雖然美國地產市道欠佳，但是只佔25.9萬平方呎樓面面積，影響不致太大，反而將來該集團位於內地的大型商業及零售物業陸續建成，提供收益，將會進一步狀大資產價值。該公司每年不計估值收益，每年營業溢利逾60億元，可得到的上市估值隨時以千億元計，有潛力成為新的恒生指數成份股。
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