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西山股庄
从Share buyback活动中寻找便宜股 ?
2017年初期大马股市牛气冲天，大部分的公司皆上涨，无奈KLCI 指数还是无法突破1800点大关，9月中达到1790点的高点后，指数开始下滑，而且大部分的公司皆股价下滑，一些还呈现得相当便宜，让人好心动~~
这个时候，大马股市就出现了一种现象，就是公司执行share buyback的次数变得异常多了。什么是share buyback? 本篇文章主要分享的是从Share buyback活动中寻找便宜股，至于什么叫share buyback啊，这些事情就留给google大神或investopedia兄来替大家解答吧。
What is share buyback? = share repurchase
Share buyback其中最大的原因就是公司认为其股价被低估了，因此在市场买入这些便宜的股票。（这会拉高earnings per share）
2017年一月到九月，大马股市总共有1572个share buyback相关的公告，换言之一个月平均才有175个左右而已。至于2017年十月到十一月，大马股市总共有517个share buyback相关的公告，这代表平均一个月有259个，比之前的平均数多出48%！！这也暗示市场现在有不少公司认为自家公司的股价被低估了，因而执行share buyback。
**share buyback相关的公告不代表share buyback的次数，详情要细读该公司公告的内容。
不过，这也可能是公司一厢情愿认为自家公司股价遭低估了，投资者未必如此认为。那到底有没有很便宜呢，我们又可否在这些执行share buyback的公司当中找寻到股价被低估的公司呢?让笔者快速地为大家探讨。
笔者整理了十月份至昨天的share buyback公告，发表share buyback相关公告最多的公司包括了DAIBOCHI, E&O, FFHB, UNIMECH等。（短短二个多月的时间发表多达39至52次share buyback相关公告）
仔细看了这些公司后，有点巅反笔者对执行share buyback公司的印象。笔者以为大多数是有一点多余现金的公司才会拿钱出来回购自家公司的股份，怎知道负债比例不低的公司也爱撒钱回购自家公司的股份。
1. DAIBOCHI – 市值RM 731million, 净负债RM 75million
2. E&O – 市值RM 1871million, 净负债RM 1078million
3. FFHB – 市值RM65million, 净负债RM 1million
4. UNIMECH – 市值 RM 134million, 净负债RM 83million
总结来说这些多次执行share buyback的公司反倒没有吸引到笔者，可能物极必反吧。一些近几个月有几次执行share buyback的公司反而吸引到我的注意。
对于share buyback，笔者的看法是:
1. 公司有多余的钱（最好是净现金）才执行share buyback吧，因为大量负债的话，笔者认为把钱还债还好过用来执行share buyback。
2. 公司应该更专注于自己的业务发展，而不是时时留意股价的波动。当公司业绩好，股价自然会随之上升。
最后，附上过去两个多月有发布share buyback相关公告的公司列表，且看你能否从中找寻你心目中的便宜货！
（可下载以便看到Pivot table。）
西山
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Discussions
2 people like this. Showing 5 of 5 comments
ks55, good SBB example sharing on Parkson case. Really wasted with this money, it showed that mgmt don't know how to use money wisely.
2017-12-12 20:07
Hi Chun Sam, where can we get the list for share buyback? I meant what source you referring to? Other than check 1by1 in bursa.
2017-12-13 18:00
Hi Jeff, just go to bursa malaysia, and filter the type of announcements you want. You may filter by company, sector, period etc.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/#/?category=all
2017-12-13 19:41
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
ks55
Most idiotic share buy back operation was carried out by WC on Parkson.
Just check how much WC spent on SBB over the years.
Valuable resources were up to 2.1 billion ringgit wasted merely to support its share price to avoid forced selling of pledged securities.
2017-12-12 19:58