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Pohboon Yeo
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SEALINK
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Pohboon Yeo
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最大的問題不是 Sealink 沒有 RM0.55 的理論價值,而是它可能永遠不採取能讓市場看見 RM0.55 的行動。
這頭灰犀牛如何撞向股東?
最可能的情境是:公司繼續盈利,股價繼續在 RM0.28–0.33 橫行;保險款被用於營運資金、還債、維修或新船投資;沒有特別股息,也沒有新的合理收購;Lo Ling偶爾增持,但不足以帶動整個市場;Carimin則既不增持也不退出。最後,股東擁有賬面資產,卻承受多年機會成本和低流動性。
這比一次性股價暴跌更危險,因為它會讓股東不斷告訴自己:「只要等下一份財報、下一次公告或下一次 Lo Ling 買股,價值就會釋放。」另外一個Sealink 的灰犀牛:控制權鬥爭和資產價值釋放之間存在斷層。
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