Re: [新闻] ISS 报告出炉 表态支持智冠公司派

楼主: st883540 (DoubleGreen)   2024-06-22 02:32:06
※ 引述《loveisq》之铭言
: 原文标题:
: ISS 报告出炉 表态支持智冠公司派
: 原文连结:
: https://money.udn.com/money/story/5613/8030966
: 发布时间:
: 2024/06/14 13:38:09
: 记者署名:
: 陈昱翔
: 原文内容:
: 智冠(5478)股东大会即将在6月24日召开,13日在外资投票中具有相当影响力的国际投
: 票建议机构ISS (Institutional Shareholder Services),表态全数支持智冠公司派所提

: 名之十席候选人。
: ISS的报告指出,针对网银国际将其提名之独董候选人放在第一线,与一般董事候选人共
: 同为网银国际发声与背书,已然有失独立董事基本所应具备的独立性与客观性。
: 另针对智冠(5478)与荣刚(5009)换股案看法,ISS报告则表示,换股效益是需要长时
: 间去验证的,股东们可持续观察对公司长期发展的影响。就客观财务数据分析,智冠经营

: 团队自2019年开始,智冠(5478)营运表现,经营绩效与公司治理,各项表现都是相当稳

: 定,也符合大环境整体产业趋势。
: 智冠科技2023年合并营收为62.49亿元,税后净利8.6亿元,每股盈余7.09元,创下13年次

: 高纪录。智冠上柜23年来持续创造良好的经营成果,股利分配居同业之牛耳,同时荣获证

: 券柜台买卖中心金桂奖的“卓越股东报酬”殊荣。足显示智冠公司在公司治理、董事会运

: 作、监督管理等方面的努力,获得了资本市场与主管机关的认可。
: 智冠经营团队表示,公司自挂牌以来,秉持为股东、员工、客户的共同利益,战战兢兢,

: 始终坚持走对的路,今年更是转型建立跨产业生态系关键的承接转化时间点。在如此重要

: 的一年,获得ISS出具的报告支持,除了是对智冠经营团队与路线的肯定,增加转型的力
: 量外,也让股东们能藉著客观专业的外资报告内容,破解诸多坊间谣言,并再次请股东们

: 全力支持有具体治理绩效与营运成绩的经营团队,继续向前行,共创智冠公司与股东的双

: 赢。
: 心得/评论:
: 版友大家好,又是我,自己发的标的自己追
: 距离股东会倒数1周,今天意外的出了外资表态新闻
: 但之前记得萧董说过外资是偏向网银的才对
: 实际上外资爆买橘子(6180)应该也是因为网银
: 而且这段期间也不断减持智冠
: 但是今天又说这个机构全挺公司派(?) 所以要转向了吗
: 还有既然如此,现有外资手上的2成不说
: 萧董网银到去年底增持也有2成多
: 如果选举结果不如预期这些股票会如何...?
: 附注:距离上次发文后我的智冠只有加码,无停损/出场

我最近也一直关注智冠,但总觉得股东会之后再看看
智冠换股案之后股价持续下调,谁也不知道会不会只是阶段高点
虽然智冠的经营确实满稳的就是了,这也是我有兴趣的地方

只是我觉得这篇新闻,过于乐观

我是直接看了一下ISS报告的原文,摘录几段我觉得比较重要
或是新闻比较回避的地方

“We do not disagree with such argument in terms of relevancy given the usage of
longer periods in determining the average market prices is unable to reflect th
e company's performance in a timely manner, hence, the relevancy of the selected
share swap ratio.”

“However, we do raise concerns over the related parties involve in the deal, as
well as the extent of business synergies between the company and GMTC.”

“Further, according to the announcement, the alliance between the company and G
MTC is formed aimed to jointly layout health entertainment and other business to
enhance long-term competitiveness by integrating resources of both parties. How
ever, given the discrepancies in both parties' core businesses as outlined in th
e preceding paragraphs, it has left us to question if other protentional targets
who have been stakeholders in the gaming industry were under the company's cons
ideration for such a deal, and the reason to choose a strategic partner who rend
ers less business synergies with the company. Given the above, the motive of the
share swap transaction is seemingly vague at this point.”

“Although we do not rule out the potential of such a deal is running on the exp
ense of minority shareholders' value, as many other allied partnerships, time is
required for marinating business of both parties. In this case, we should conti
nue to monitor how the newly formed alliance sits into the company's long-term b
usiness plan.”

原则上ISS对于和荣刚换股这件事情,是同意GL的说法(智冠的换股是比较亏的),并且也不认
为选荣刚当作合作伙伴有什么发展效益。
只是认为换股后的发酵时间还不够长,所以还保持观望。
“In this case, given there have been lack the solid proof indicating management
's misconduct at this point and the company's rather stable performance since 20
19. We are of the view that the Dissidents have not built a sufficiently compell
ing rationale to warrant a board refresh and after considering the management's
familiarity with the company's current business, thus, it is to our opinion that
it is not warranted to place any dissident nominees on the board at this point.


真正重点在这边,ISS认为2019年以来业绩稳定,而且公司派管理层常见熟悉公司业务,才?
意公司派董事会候选人。

另外
“The proposed amendments, once approved, would grant chairman greater authority
in making transaction decisions without any checks and balances from the board
and independent directors;
The proposed increase of caps in securities investment may expose the company to
unnecessary risks; and
The company has failed to provide a compelling rationale for such changes.”

ISS是反对取处案的。

新闻没有提到ISS的疑虑,单纯只写了对智冠有利的部分,我觉得这记者如果不是故意的就是
要打屁股。

写的很像全然支持智冠的作法,真的是变相黑ISS。

报告逻辑是鉴于智冠2019年来的经营稳定,所以观望换股后状况,认为公司派人选应能稳定
经营。

这篇新闻还算有前后逻辑,有一篇不知道哪家写的,直接写外资支持公司派,但换股案效益
待观望。

我没看报告之前,想说ISS怎么会给出这么奇怪的结论。

只能说台湾记者真的都制造业

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