{"id":77417,"date":"2026-05-06T13:26:16","date_gmt":"2026-05-06T13:26:16","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/77417\/"},"modified":"2026-05-06T13:26:16","modified_gmt":"2026-05-06T13:26:16","slug":"na-prazske-burze-by-se-to-nestalo-rika-investor-k-utoku-na-akcie-csg","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/77417\/","title":{"rendered":"Na pra\u017esk\u00e9 burze by se to nestalo, \u0159\u00edk\u00e1 investor k\u00a0\u00fatoku na akcie CSG"},"content":{"rendered":"

Akcie zbroja\u0159sk\u00e9 skupiny CSG<\/a> se v\u00a0pond\u011bl\u00ed staly ter\u010dem n\u00e1jezdu burzovn\u00edch spekulant\u016f. Pot\u00e9, co newyorsk\u00e1 firma Hunterbrook zve\u0159ejnila zpr\u00e1vu zpochyb\u0148uj\u00edc\u00ed obchodn\u00ed model CSG i\u00a0jej\u00ed v\u00fdrobn\u00ed kapacity, klesly akcie \u010desk\u00e9 zbrojovky chv\u00edlemi o\u00a0v\u00edce ne\u017e \u010dtvrtinu. Hunterbrook z\u00e1rove\u0148 otev\u0159en\u011b p\u0159iznala, \u017ee na pokles ceny akci\u00ed s\u00e1zela.<\/p>\n

CSG kritickou zpr\u00e1vu odm\u00edtla a\u00a0jej\u00ed akcie na burz\u00e1ch v\u00a0Amsterdamu i\u00a0v Praze ve st\u0159edu v\u00fdrazn\u011bji rostly, kdy\u017e p\u0159id\u00e1valy kolem \u0161esti procent. P\u0159esto od sv\u00e9 lednov\u00e9 premi\u00e9ry na burze aktu\u00e1ln\u011b ztr\u00e1c\u00ed p\u0159ibli\u017en\u011b t\u0159etinu hodnoty. Investor Jaroslav \u0160ura se domn\u00edv\u00e1, \u017ee zbroja\u0159sk\u00e1 firma na \u00fatok zareagovala p\u0159\u00edli\u0161 m\u00edrn\u011b a\u00a0obecn\u011b. Detaily popsal v\u00a0rozhovoru.<\/p>\n

Ne. J\u00e1 jsem je kupoval na IPO po 25\u00a0eurech a\u00a0povedlo se mi je prodat za v\u00edce ne\u017e 35\u00a0eur. \u0160el jsem do toho \u010dist\u011b spekulativn\u011b, proto\u017ee bylo vid\u011bt, \u017ee je to hezky roztleskan\u00e9 a\u00a0\u017ee FOMO (fear of missing out, \u010desky obava ze zme\u0161k\u00e1n\u00ed p\u0159\u00edle\u017eitosti, pozn. red.) tam bude obrovsk\u00e9. Hned druh\u00fd pracovn\u00ed den, v\u00a0pond\u011bl\u00ed, jsem to prod\u00e1val.<\/p>\n

Zkratka IPO (initial public offering, \u010desky prim\u00e1rn\u00ed \u00fapis akci\u00ed) se n\u011bkdy ironicky popisuje jako It\u2019s Probably Overpriced (je to z\u0159ejm\u011b p\u0159edra\u017een\u00e9) nebo Imaginary Profit Only (pouze imagin\u00e1rn\u00ed zisk). Je obvykl\u00e9, \u017ee akcie po prvotn\u00edm \u00fapisu takto klesnou?<\/p>\n

IPO n\u011bkdy vyjde a\u00a0n\u011bkdy ne. Obvykle to b\u00fdv\u00e1 tak, \u017ee \u010d\u00edm v\u011bt\u0161\u00ed medi\u00e1ln\u00ed humbuk, t\u00edm v\u00edc jsou individu\u00e1ln\u00ed investo\u0159i nad\u0161en\u00ed a\u00a0t\u00edm v\u011bt\u0161\u00ed je FOMO. A\u00a0pak to opravdu docela \u010dasto funguje tak, \u017ee akcie zpo\u010d\u00e1tku vylet\u00ed a\u00a0pak spadne pod cenu IPO. Nen\u00ed to nic v\u00fdjime\u010dn\u00e9ho, v\u00a0USA se to p\u0159i nov\u00fdch vstupech firem na burzu st\u00e1v\u00e1 docela \u010dasto.<\/p>\n

Spole\u010dnost Hunterbrook v\u00a0pond\u011bl\u00ed vydala zpr\u00e1vu, kde zpochyb\u0148uje strategii CSG, zpochyb\u0148uje informace, kter\u00e9 o\u00a0sob\u011b CSG podala v\u00a0prospektu, a\u00a0odkazuje na r\u016fzn\u00e9 informace, kter\u00e9 pro CSG nejsou \u00fapln\u011b p\u0159\u00edzniv\u00e9, zejm\u00e9na pokud jde o\u00a0takzvan\u00e9ho skryt\u00e9ho investora<\/a>. Jak se d\u00edv\u00e1te na tuto spekulaci?<\/p>\n

P\u0159edn\u011b bych cht\u011bl \u0159\u00edct, \u017ee kdyby to IPO ud\u011blali v\u00a0Praze, tak si mysl\u00edm, \u017ee by se nic takov\u00e9ho nestalo. Je zaj\u00edmav\u00e9, \u017ee n\u011bkter\u00e9 \u010desk\u00e9 firmy maj\u00ed velk\u00e9 o\u010di a\u00a0cht\u011bj\u00ed j\u00edt do velk\u00e9ho sv\u011bta. Ale po\u0159\u00e1d jsme pro Z\u00e1pad n\u011bkdo z\u00a0V\u00fdchodu a\u00a0na v\u00fdchodn\u00ed firmy v\u011bt\u0161inou nikdo nebude moc zv\u011bdav\u00fd.<\/p>\n

Jak funguje shortov\u00e1n\u00edProdej nakr\u00e1tko neboli shortov\u00e1n\u00ed funguje na opa\u010dn\u00e9m principu ne\u017e klasick\u00fd n\u00e1kup akci\u00ed. V\u00a0tomto p\u0159\u00edpad\u011b s\u00e1z\u00ed obchoduj\u00edc\u00ed na pokles.Od brokera si \u201evyp\u016fj\u010d\u00ed\u201c akcie a mus\u00ed je do n\u011bjak\u00e9 doby vr\u00e1tit.Prodej nakr\u00e1tko tedy spo\u010d\u00edv\u00e1 v\u00a0tom, \u017ee si investor \u201ezap\u016fj\u010d\u00ed\u201c 1000\u00a0akci\u00ed nap\u0159\u00edklad za 100\u00a0milion\u016f dolar\u016f. Tuto tis\u00edcovku akci\u00ed okam\u017eit\u011b prod\u00e1 a douf\u00e1, \u017ee jejich cena spadne. Pokud cena spadne, nakoup\u00ed zp\u011bt 1000\u00a0akci\u00ed t\u0159eba jen za 50\u00a0milion\u016f dolar\u016f, brokerovi t\u011bchto 1000\u00a0akci\u00ed vr\u00e1t\u00ed a jeho zisk z\u00a0t\u00e9to operace \u010din\u00ed 50\u00a0milion\u016f dolar\u016f (nepo\u010d\u00edt\u00e1me poplatky).Shortov\u00e1n\u00ed je proti klasick\u00e9mu n\u00e1kupu akci\u00ed v\u00edce rizikov\u00e9. Zat\u00edmco p\u0159i b\u011b\u017en\u00e9m obchodov\u00e1n\u00ed m\u016f\u017ee investor p\u0159ij\u00edt \u201epouze\u201c o\u00a0vklad, u\u00a0kr\u00e1tk\u00e9ho prodeje se m\u016f\u017ee shorta\u0159 dostat do z\u00e1poru. M\u016f\u017ee se toti\u017e st\u00e1t, \u017ee akcie neklesnou, ale naopak pos\u00edl\u00ed\u2026 Pokud by 1000\u00a0akci\u00ed musel shorta\u0159 nakupovat zp\u011bt za 150\u00a0milion\u016f dolar\u016f, pak na t\u00e9to operaci trat\u00ed 50\u00a0milion\u016f dolar\u016f.<\/p>\n

Ale je fakt, \u017ee CSG vypadalo velmi dob\u0159e a\u00a0koneckonc\u016f se jim IPO povedlo skv\u011ble. Ale jak \u0159\u00edk\u00e1m, st\u00e1t se to v\u00a0Praze, tak by to IPO bylo tak\u00e9 skv\u011bl\u00e9, zahrani\u010dn\u00ed investo\u0159i by si pro ty akcie r\u00e1di do\u0161li a\u00a0je \u0161koda, \u017ee to chod\u00ed rovnou ven.<\/p>\n

Co tedy soud\u00edte o\u00a0akci Hunterbrooku?<\/p>\n

Je jasn\u011b vid\u011bt, \u017ee jednotliv\u00e9 body v\u00a0jejich zpr\u00e1v\u011b jsou z\u00e1m\u011brn\u011b zveli\u010den\u00e9. Je to jedna z\u00a0velk\u00fdch shortovac\u00edch firem (spekuluj\u00edc\u00edch na pokles, pozn. red.), kter\u00e9 se vrhaj\u00ed na slabou ko\u0159ist. A\u00a0na ka\u017edou firmu se d\u00e1 naj\u00edt n\u011bco, co lze zpochybnit.<\/p>\n

Ka\u017ed\u00fd, kdo si p\u0159e\u010detl, \u017ee je tam 58\u00a0miliard eur, p\u0159ece v\u00ed, \u017ee je to r\u00e1mcov\u00e9. Sp\u00ed\u0161e je to nafouknut\u00e9 t\u00edm, aby to p\u0159ed IPO dob\u0159e vypadalo. V\u0161echno muselo b\u00fdt na\u017eehlen\u00e9, ale mysl\u00edm, \u017ee ta cifra byla zbyte\u010dn\u011b vysok\u00e1 a\u00a0sp\u00ed\u0161 matouc\u00ed.<\/p>\n

Zpr\u00e1va tak\u00e9 zmi\u0148uje skryt\u00e9ho akcion\u00e1\u0159e Petra Kratochv\u00edla. To pro CSG nen\u00ed probl\u00e9m?<\/p>\n

Mysl\u00edm, \u017ee je to probl\u00e9m, kter\u00fd je\u0161t\u011b nemaj\u00ed vy\u0159e\u0161en\u00fd. Je ale ot\u00e1zka, jestli je to tak dramatick\u00e9, proto\u017ee pan Kratochv\u00edl, jestli jsem to dob\u0159e pochopil, m\u00e1 pod\u00edl v\u00a0n\u011bjak\u00e9 dce\u0159in\u00e9 spole\u010dnosti, a\u00a0ne v\u00a0CSG, kter\u00e9 \u0161lo na burzu. V\u00a0ka\u017ed\u00e9m p\u0159\u00edpad\u011b se hraje o\u00a0d\u016fv\u011bru a\u00a0tu moment\u00e1ln\u011b CSG pozbylo. Mo\u017en\u00e1 ji nabydou rychle, uvid\u00edme.<\/p>\n

<\/a><\/p>\n

V ka\u017ed\u00e9m p\u0159\u00edpad\u011b ten propad ceny z\u016fstane v\u00a0grafu v\u00fdvoje akci\u00ed CSG, a\u00a0a\u017e bude pan Strnad v\u00a0budoucnu p\u0159em\u00fd\u0161let o\u00a0prodeji dal\u0161\u00ed \u010d\u00e1sti CSG, tak to tam bude nehezky vypadat.<\/p>\n

Z va\u0161ich slov vyzn\u00edv\u00e1, \u017ee CSG pojalo vstup na amsterdamskou burzu pon\u011bkud naivn\u011b a\u00a0spekulanti z\u00a0Hunterbrooku si je vychutnali.<\/p>\n

Vychutnali. Pro CSG to ur\u010dit\u011b bude pou\u010den\u00ed prop\u0159\u00ed\u0161t\u011b. Jejich reakce sice byla celkem rychl\u00e1, ale prvn\u00ed vyj\u00e1d\u0159en\u00ed bylo velmi obecn\u00e9. J\u00e1 bych byl o\u00a0dost razantn\u011bj\u0161\u00ed. P\u0159i tak obrovsk\u00e9m poklesu by se pat\u0159ilo b\u00fdt razantn\u011bj\u0161\u00ed a\u00a0t\u0159eba zm\u00ednit, \u017ee p\u0159edstavenstvo firmy zva\u017euje zp\u011btn\u00fd odkup akci\u00ed. Sta\u010d\u00ed \u0159\u00edct, \u017ee zva\u017euje, a\u00a0je to velk\u00e1 podpora pro kurz akci\u00ed.<\/p>\n

Hunterbrook vs. CSG. V\u0161e o\u00a0aktu\u00e1ln\u00ed kauze<\/a><\/p>\n

Tuzemsk\u00e1 skupina kritiku odm\u00edtla. Podle firmy je anal\u00fdza nep\u0159esn\u00e1, selektivn\u00ed a\u00a0neodpov\u00edd\u00e1 fakt\u016fm. Hunterbrook ve zpr\u00e1v\u011b tvrd\u00ed, \u017ee CSG nen\u00ed v\u00a0takov\u00e9 m\u00ed\u0159e v\u00fdrobcem munice, jak vypl\u00fdv\u00e1 z\u00a0jej\u00edch prezentac\u00ed. Z\u00e1rove\u0148 otev\u0159en\u011b p\u0159izn\u00e1v\u00e1, \u017ee spekuluje na propad akci\u00ed firmy, ke kter\u00e9mu skute\u010dn\u011b do\u0161lo. Akcie byly p\u0159i \u00fapisu prod\u00e1v\u00e1ny za 25\u00a0eur, kr\u00e1tce pot\u00e9 se vy\u0161plhaly a\u017e na zhruba 35\u00a0eur, aby po zve\u0159ejn\u011bn\u00ed reportu klesly k\u00a015\u00a0eur\u016fm.<\/p>\n

<\/a><\/p>\n

Zve\u0159ejn\u011bn\u00ed kritick\u00e9 zpr\u00e1vy zam\u00edchalo se\u00a0\u017eeb\u0159\u00ed\u010dkem nejbohat\u0161\u00edch \u010cech\u016f. Podle propo\u010dt\u016f magaz\u00ednu Forbes je nejbohat\u0161\u00edm \u010cechem majitel CSG Michal Strnad. Ov\u0161em Forbes zve\u0159ejnil \u017eeb\u0159\u00ed\u010dek v\u00a0dob\u011b, kdy kv\u016fli poklesu hodnoty skupiny prvn\u00ed m\u00edsto pat\u0159ilo Ren\u00e1t\u011b Kellnerov\u00e9.<\/p>\n

<\/a><\/p>\n

Akcie zbroja\u0159sk\u00e9ho holdingu v\u00a0druh\u00e9 polovin\u011b t\u00fddne za\u010daly pomalu r\u016fst. Investor Jaroslav \u0160ura v\u00a0rozhovoru popsal, \u017ee podle n\u011bj jsou z\u00e1v\u011bry Hunterbrooku z\u010d\u00e1sti z\u00e1m\u011brn\u011b zveli\u010den\u00e9, z\u00a0druh\u00e9 strany pova\u017euje komunikaci skupiny po prvotn\u00edm \u0161oku za nedostate\u010dnou. <\/p>\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Akcie zbroja\u0159sk\u00e9 skupiny CSG se v\u00a0pond\u011bl\u00ed staly ter\u010dem n\u00e1jezdu burzovn\u00edch spekulant\u016f. Pot\u00e9, co newyorsk\u00e1 firma Hunterbrook zve\u0159ejnila zpr\u00e1vu…\n","protected":false},"author":2,"featured_media":2802,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[412,623,1414,67,68,156,2282,4409,12929],"class_list":{"0":"post-77417","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-akcie","9":"tag-burza","10":"tag-burza-cennych-papiru-praha-bcpp","11":"tag-business","12":"tag-byznys","13":"tag-ceska-elita","14":"tag-czechoslovak-group-csg","15":"tag-investovani","16":"tag-prvni-verejna-nabidka-akcii-ipo"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116527863215497762","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/77417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=77417"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/77417\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/2802"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=77417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=77417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=77417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}