7月23日(ri)晚間(jian),美盈森發布(bu)2013年中期利(li)潤分(fen)配預案的(de)預披(pi)露公告,以(yi)截至2013年6月30日(ri)公司(si)總股(gu)(gu)(gu)(gu)本178800000股(gu)(gu)(gu)(gu)為(wei)基數,進行資本公積金轉(zhuan)增股(gu)(gu)(gu)(gu)本,向全體(ti)股(gu)(gu)(gu)(gu)東(dong)每10股(gu)(gu)(gu)(gu)轉(zhuan)增10股(gu)(gu)(gu)(gu)。受此消息刺激,該(gai)股(gu)(gu)(gu)(gu)昨日(ri)跳空高開,收盤(pan)報36.17元(yuan),漲幅為(wei)3.37%。
市場人士表(biao)示,高送轉(zhuan)(zhuan)股(gu)通過股(gu)本的擴張往(wang)往(wang)會(hui)向市場傳遞出一種潛(qian)在的高成(cheng)長信號,因此,每年市場總會(hui)對高送轉(zhuan)(zhuan)題(ti)材(cai)進行一番(fan)熱炒。在中(zhong)報披(pi)露期間(jian),投(tou)資者(zhe)可重點關注半年報高送轉(zhuan)(zhuan)行情。
數據顯示,截至昨(zuo)日,滬深(shen)兩市共有11只個(ge)股(gu)(gu)(gu)預披露了(le)中(zhong)(zhong)期(qi)(qi)分(fen)配(pei)方案,此外(wai)中(zhong)(zhong)航動控已實施了(le)中(zhong)(zhong)期(qi)(qi)分(fen)配(pei)方案。值得注意(yi)的是,這11只個(ge)股(gu)(gu)(gu)中(zhong)(zhong)期(qi)(qi)分(fen)配(pei)預案格(ge)外(wai) “誘人”:智云股(gu)(gu)(gu)份(fen)、美盈森、中(zhong)(zhong)青寶、國瓷材料、海格(ge)通信均擬10股(gu)(gu)(gu)轉(zhuan)(zhuan)增(zeng)(zeng)10股(gu)(gu)(gu),向日葵擬10股(gu)(gu)(gu)轉(zhuan)(zhuan)增(zeng)(zeng)12股(gu)(gu)(gu),國中(zhong)(zhong)水務(wu)擬10股(gu)(gu)(gu)轉(zhuan)(zhuan)增(zeng)(zeng)15股(gu)(gu)(gu),新疆(jiang)浩源擬10 股(gu)(gu)(gu)轉(zhuan)(zhuan)增(zeng)(zeng)6股(gu)(gu)(gu),浙富(fu)股(gu)(gu)(gu)份(fen)擬10股(gu)(gu)(gu)轉(zhuan)(zhuan)增(zeng)(zeng)10股(gu)(gu)(gu)派(pai)0.50元(含稅(shui)),中(zhong)(zhong)弘股(gu)(gu)(gu)份(fen)擬10股(gu)(gu)(gu)送(song)9股(gu)(gu)(gu)派(pai)2.25元(含稅(shui)),盛達礦業擬10股(gu)(gu)(gu)派(pai)10.00元(含稅(shui))。
通過上(shang)述數據不難發現,10股轉增10股大(da)有成為高(gao)送轉“標配”之勢。
高送轉往往會成為(wei)股(gu)價上漲(zhang)的催化劑。數據顯示(shi),7月(yue)份(fen)以來,這11只(zhi)個(ge)股(gu)僅新疆浩源累計(ji)下跌3.34%,其余(yu)個(ge)股(gu)均實(shi)現不同程(cheng)度的上漲(zhang),其余(yu)個(ge)股(gu)為(wei),智 云(yun)股(gu)份(fen)(53.31%)、美盈森(46.08%)、向(xiang)日葵(32.75%)、中青寶(31.46%)、國瓷材料(liao)(30.27%)、海格通信 (18.60%)、浙富股(gu)份(fen)(18.58%)、盛達(da)礦業(17.84%)、中弘股(gu)份(fen)(15.36%)、國中水務(7.36%)。
那么(me)如(ru) 何淘金高送轉個(ge)股(gu)(gu)?對(dui)此,中(zhong)(zhong)銀國際表示,在整(zheng)個(ge)分紅(hong)的(de)過程中(zhong)(zhong),涉及三個(ge)重要的(de)時(shi)間窗口:分紅(hong)預案日(ri)、股(gu)(gu)東(dong)大(da)會公(gong)告(gao)日(ri)、除(chu)權(quan)除(chu)息(xi)(xi)(xi)日(ri)。分紅(hong)預案日(ri)前(qian)后的(de)股(gu)(gu)價(jia)波 動應該是最顯著的(de)。而股(gu)(gu)東(dong)大(da)會公(gong)告(gao)日(ri)往往不再含有(you)任何新信息(xi)(xi)(xi),市(shi)場也不會因已有(you)的(de)信息(xi)(xi)(xi)而有(you)所(suo)反應。股(gu)(gu)權(quan)登記日(ri)后,除(chu)權(quan)除(chu)息(xi)(xi)(xi)日(ri)開始,公(gong)司的(de)股(gu)(gu)本總(zong)額(e)增加,股(gu)(gu) 票價(jia)格往往出現下(xia)降。
通過對(dui)2001年至2011年報高(gao)送(song)轉個(ge)(ge)股超(chao)額(e)(e)收(shou)益(yi)進行研究發現,預案公告日(ri)前介(jie)(jie)入(ru)高(gao)送(song)轉個(ge)(ge)股能獲(huo)取較(jiao)好的超(chao)額(e)(e)收(shou) 益(yi),隨著預案公告日(ri)的接近,超(chao)額(e)(e)收(shou)益(yi)漸趨(qu)收(shou)窄,預案公告日(ri)后(hou)介(jie)(jie)入(ru)高(gao)送(song)轉個(ge)(ge)股僅能獲(huo)得(de)微幅的超(chao)額(e)(e)收(shou)益(yi)。另外,在(zai)股權登記日(ri)前介(jie)(jie)入(ru)高(gao)送(song)轉個(ge)(ge)股也能獲(huo)得(de)超(chao)額(e)(e)收(shou) 益(yi),但收(shou)益(yi)率要小于預案公告日(ri),而在(zai)股權登記日(ri)后(hou),投(tou)資者(zhe)預期得(de)以兌現,超(chao)額(e)(e)收(shou)益(yi)為負(fu)。
另一方面(mian),提前發掘市場(chang)中(zhong)具有(you)高送(song)(song)轉(zhuan)潛力的個股(gu) 也同樣重要(yao)(yao)。市場(chang)人士(shi)建議(yi),可(ke)從公(gong)(gong)(gong)司的經(jing)營和管理兩方面(mian)展開,經(jing)營層(ceng)面(mian)主要(yao)(yao)依據(ju)財務(wu)指標,如每股(gu)未分配利(li)潤(run)、每股(gu)資(zi)本(ben)公(gong)(gong)(gong)積等(deng),與高送(song)(song)轉(zhuan)比例相關(guan)性最高的為 每股(gu)資(zi)本(ben)公(gong)(gong)(gong)積。管理層(ceng)面(mian)主要(yao)(yao)參考過(guo)去公(gong)(gong)(gong)司是(shi)否具有(you)連續分紅的習(xi)慣或送(song)(song)轉(zhuan)經(jing)歷等(deng)。
11只高送轉股分配預案及市場表現一覽
代(dai)碼(ma) 名稱分配方案說明 進度 基準股本(萬股) 2013年中期(qi)業績預告類(lei)型 最新(xin)收盤(pan)價(元) 7月份以(yi)來(lai)漲幅(%)
300052.SZ 中青寶 10轉(zhuan)10股(gu) 預(yu)披(pi)露13000.00 預(yu)增 42.96 31.46
000979.SZ 中(zhong)弘股份 10送(song)9股派2.25元 預披(pi)露101209.26 --7.8115.36
(含 稅)
300097.SZ 智(zhi)云(yun)股份 10轉10股 董(dong)事會預案 6000.00 預增 28.93 53.31
002266.SZ 浙(zhe)富股(gu)份 10轉(zhuan)10股(gu)派0.50元(含稅) 預(yu)披(pi)露(lu)71644.08 略減 12.00 18.58
002700.SZ 新疆浩源 10轉6股 預披露(lu)7333.80 預增 58.96 -3.34
300111.SZ 向(xiang)日葵(kui) 10轉12股 預(yu)披露50900.00 扭虧 12.20 32.75
000603.SZ 盛達礦業 10派(pai)10.00元(yuan)(含(han)稅) 董事會預(yu)案 50498.87 --15.06 17.84
002303.SZ 美(mei)盈森 10轉(zhuan)10股 預(yu)披露(lu)17880.00 預(yu)增(zeng) 36.17 46.08
002465.SZ 海格(ge)通信 10轉10股 預披露(lu)33250.65 略增 35.52 18.60
600187.SH 國中(zhong)水務(wu) 10轉15股 預披露58224.97 --13.85 7.36
300285.SZ 國瓷材料 10轉10股 預(yu)披露6240.00 略增 65.80 30.27
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