植耀輝: 港股有波幅、無升幅 中資電訊股難有運行
耀才證券研究部總監植耀輝稱，每逢提到美股，大家自然會留意三大指數，亦即道指、標普500及納指的表現。道指能成為環球最受重視之指數，其一是其創立至今已123年(創立於1896年，為全球歷史第二悠久之證券交易所指數)，其次是美股為全球最大市值市場。不過，由於道指屬價格加權平均，令大價股比細價股在指數中更有影響力。大家或者會奇怪為何筆者會突然有此雅興，其實是想告訴各位，本週將有多間道指權重股公布季績，包括最大權重股波音(佔比重8.36%)；另外3M、微軟及Amazon亦會稍後公布業績，且看會否為美股帶來「驚喜」。
回說港股最新部署，基本上呈無定向風，雖曾挑戰27,000點，但在未見太多利好催化劑支持下，大市依然「有波幅、無升幅」，並繼續於26,000-27,000點水平徘徊。當然市場焦點仍是新股，個別動輒超額認購數百倍！可以預期炒作氣氛依然熱烈，不過宜謹記抱抽獎心態，切記過於進取，又或上市後高追。
另外，趁本輪中資電訊股公布季績，亦跟大家簡單檢閱一下。先談中移動(00941)。有云「沒有期望、沒有失望」，筆者本身對中移動業績並沒有期望，但盈利倒退幅度仍令筆者感到意外。其實不論是手機上網流量(GB)，以至平均每月每月手機上網流量(DOU)，同比分別急升116%及116%，但平均每月每戶收入卻進一步由55.7元人民幣/月，跌至50.2元人民幣，反映「提速降費」的影響。另外期內淨新增客戶亦由2,930萬減至1,696萬。
客戶增速放慢情況同樣出現於中聯通(00762)身上。首三季淨增客戶數便由去年同期2,566萬降至969.3萬。不過，由於成本控制較佳，遂令純利得到增長。
公道一點，內地電訊市場本身已呈飽和，故增速放緩亦屬正常；另外中聯通及中電信(00728)仍有「共建共享」以及不時傳出「合併」傳聞，只是面對內地「提速降費」大方向影響，電訊營運商仍難擺脫頹勢，股價自然亦難有好表現矣！
筆者並未持有相關股份
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