批股與認股權的攤薄效應

也是舊文輯錄...

續看HSBC 2004 Annual Report (English version)


現在分析share option

p.1
Total shareholders' funds=USD86623mill
No. of outstanding shares=11172mill
NAV per share=USD7.75
Notes 10 Earnings per ordinary share (p.261)

由行使職員股權(只計dilutive的)轉化為普通股佔總股數的比例是很少的(只計Savings related Share Option, Executive Share Option, Group Share Option, Restricted Share Plan),126/11054(已擴展股數) = 1.14%

有一小段:
Of the total number of employee share options existing at 31 Dec 2004, 70 million were antidilutive

這些share option是out of the money的.

Notes 34 Called up share captial (p.289-290)
Options outstanding for HSBC Holdings ordinary shaes under the HsBC Holdings Group Share Option Plan, HSBC Holdings Executive Share Option Scheme, and HSBC Holdings savings-related share option plans:
No. of ordinary shares=374mill
Period of exercise 2005-2014
Exercise price=GBP2.1727-9.642=USD3.6936-16.3914(假設USD/GBP=1.7)

有部份option(例如古早1994年grant落的)的exercise price是少於現在的NAV,假使現在行使的話對每股NAV會有攤薄效應.  p.192-202有detail breakdown

行使share option不會增加net income,但股數增加,必定是dilutive.EPS是果,net income,no. of shares是因,ROE亦會因equity增加而下降

假設roe不變/上升是對管理層將來能好好運用equity的「合理預期」,是predictive的,不適宜用在分析本年度的財務報告.
補充一下市場先生對批股和增加NAV per share的計算:

假設NAV=E,有N股
old NAV/share = E/N
現在以m倍NAV批出n股,即每股新股賣mE/N
new NAV = E+mnE/N
new no. of shares = N+n
要增加NAV,即
if
new NAV > old NAV
then
(E + mnE/N)/(N+n) > E/N
1 + mn/N > 1 + n/N
m > 1