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植耀輝:港股縱反彈仍存變數維他奶(00345.HK)估值高未宜吸納
阿思達克 06-21 10:27

耀才證券研究部總監植耀輝稱,港股昨日(20日)延續近期升勢,並突破28,500點水平。自踏入本週後,港股累積升幅已達1,432點,表現之強令筆者亦感到意外。由於美股繼續炒作減息因素而顯著上揚,若今日A股及人民幣仍有好表現,港股或有機會繼續造好,只是筆者依然認為不論減息以至下周之習特會仍存有相當變數,因此對後市看法仍審慎,若恆指進一步上試29,000點水平,不妨考慮稍作減磅。

亦可談談個別股份表現。維他奶(00345.HK)昨日公布截至今年3月底止全年業績,盈利上升僅兩成,表現略令市場失望。雖然內地營業額增長仍達25%,同時內地業務佔比亦超過六成,惟由於要進一步開拓內地市場,未來無可避免將增加營銷及推廣開支,或會令盈利增速受壓。由於該股市盈率現時仍高達65倍,估值仍不便宜,故暫不建議吸納。

另一值得探討股份為中電控股(00002.HK)。該公司宣布因需就澳洲發電項目EnergyAustralia零售業務所佔之商譽進行60億至70億港元之減值,將令截至6月底止之上半年盈利錄得綜合虧損。由於相關減值為非現金項目,故對該公司現金流及營運不會造成影響,惟要留意的是由於澳洲就零售電價的政策有變,於今年7月1日起會降低個別客戶之支付電費,將令下半年除稅前盈利減少2.4億至3億港元,而本地發展亦會受到新利潤管制協議所影響,准許回報已由9.9%降至8%。

由於相關影響具持續性,意味中電末來盈利將受不利影響。由於預期今日(21日)股份股價將低開,加上業務發展前景具挑戰,因此不建議大家今早「博撈底」,即使打算吸納公共股,亦宜選擇其他業務較具穩定性之公用股份。

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