Re: [新聞] ISS 報告出爐 表態支持智冠公司派

作者: st883540 (DoubleGreen)   2024-06-22 02:32:06
※ 引述《loveisq》之銘言
: 原文標題:
: ISS 報告出爐 表態支持智冠公司派
: 原文連結:
: https://money.udn.com/money/story/5613/8030966
: 發布時間:
: 2024/06/14 13:38:09
: 記者署名:
: 陳昱翔
: 原文內容:
: 智冠(5478)股東大會即將在6月24日召開,13日在外資投票中具有相當影響力的國際投
: 票建議機構ISS (Institutional Shareholder Services),表態全數支持智冠公司派所提

: 名之十席候選人。
: ISS的報告指出,針對網銀國際將其提名之獨董候選人放在第一線,與一般董事候選人共
: 同為網銀國際發聲與背書,已然有失獨立董事基本所應具備的獨立性與客觀性。
: 另針對智冠(5478)與榮剛(5009)換股案看法,ISS報告則表示,換股效益是需要長時
: 間去驗證的,股東們可持續觀察對公司長期發展的影響。就客觀財務數據分析,智冠經營

: 團隊自2019年開始,智冠(5478)營運表現,經營績效與公司治理,各項表現都是相當穩

: 定,也符合大環境整體產業趨勢。
: 智冠科技2023年合併營收為62.49億元,稅後淨利8.6億元,每股盈餘7.09元,創下13年次

: 高紀錄。智冠上櫃23年來持續創造良好的經營成果,股利分配居同業之牛耳,同時榮獲證

: 券櫃檯買賣中心金桂獎的「卓越股東報酬」殊榮。足顯示智冠公司在公司治理、董事會運

: 作、監督管理等方面的努力,獲得了資本市場與主管機關的認可。
: 智冠經營團隊表示,公司自掛牌以來,秉持為股東、員工、客戶的共同利益,戰戰兢兢,

: 始終堅持走對的路,今年更是轉型建立跨產業生態系關鍵的承接轉化時間點。在如此重要

: 的一年,獲得ISS出具的報告支持,除了是對智冠經營團隊與路線的肯定,增加轉型的力
: 量外,也讓股東們能藉著客觀專業的外資報告內容,破解諸多坊間謠言,並再次請股東們

: 全力支持有具體治理績效與營運成績的經營團隊,繼續向前行,共創智冠公司與股東的雙

: 贏。
: 心得/評論:
: 版友大家好,又是我,自己發的標的自己追
: 距離股東會倒數1週,今天意外的出了外資表態新聞
: 但之前記得蕭董說過外資是偏向網銀的才對
: 實際上外資爆買橘子(6180)應該也是因為網銀
: 而且這段期間也不斷減持智冠
: 但是今天又說這個機構全挺公司派(?) 所以要轉向了嗎
: 還有既然如此,現有外資手上的2成不說
: 蕭董網銀到去年底增持也有2成多
: 如果選舉結果不如預期這些股票會如何...?
: 附註:距離上次發文後我的智冠只有加碼,無停損/出場

我最近也一直關注智冠,但總覺得股東會之後再看看
智冠換股案之後股價持續下調,誰也不知道會不會只是階段高點
雖然智冠的經營確實滿穩的就是了,這也是我有興趣的地方

只是我覺得這篇新聞,過於樂觀

我是直接看了一下ISS報告的原文,摘錄幾段我覺得比較重要
或是新聞比較迴避的地方

“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.”

原則上ISS對於和榮剛換股這件事情,是同意GL的說法(智冠的換股是比較虧的),並且也不認
為選榮剛當作合作夥伴有什麼發展效益。
只是認為換股後的發酵時間還不夠長,所以還保持觀望。
“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.


真正重點在這邊,ISS認為2019年以來業績穩定,而且公司派管理層常見熟悉公司業務,才?
意公司派董事會候選人。

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是反對取處案的。

新聞沒有提到ISS的疑慮,單純只寫了對智冠有利的部分,我覺得這記者如果不是故意的就是
要打屁股。

寫的很像全然支持智冠的作法,真的是變相黑ISS。

報告邏輯是鑒於智冠2019年來的經營穩定,所以觀望換股後狀況,認為公司派人選應能穩定
經營。

這篇新聞還算有前後邏輯,有一篇不知道哪家寫的,直接寫外資支持公司派,但換股案效益
待觀望。

我沒看報告之前,想說ISS怎麼會給出這麼奇怪的結論。

只能說台灣記者真的都製造業

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