野村未来美股的盈利增长料不及中国亚太区企业盈利增长前景佳
野村亚洲区(除日本外)股票研究部主管Jim McCafferty在记者会上表示,企业回购活动及业绩表现强劲支撑美股表现,但企业已使用资产负债表中相当一部分进行回购,如要继续回购或需借贷,因此未来美股的盈利增长料不及中国,预期今年下半年应可看到市场兴趣由美国轮换至亚洲。
他指,今年下半年有催化剂可刺激投资者对亚太地区股票市场的兴趣。其中亚太区企业盈利增长前景优越,中国企业盈利增长料可达双位数,日本企业亦正加快及扩大股份回购规模。而MSCI指数将在8月提高中国大盘A股
纳入因子,亦会吸引外国资金流入内地市场。
Jim McCafferty又称,中美贸易摩擦对内地企业的影响需视乎个别行业而定,如中移动(0941.HK)、
联通(0762.HK)
等的电讯企业以国内业务为主,受关税影响甚少。他亦指成熟股票市场通常有溢价,当股票风险上升,估值便会下降,有关转变属机械性。
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