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植耀輝: 港股走勢續拉鋸 維他奶(00345.HK)估值高不宜吸
阿思達克 11-22 11:13

耀才證券研究部總監植耀輝稱,由於此因素仍然未見明朗,同時特朗普「通烏門」事件對美股的影響亦開始浮現,而本地局勢亦依然充滿變數。相信恆指繼續於26,000至27,000點徘徊。

股份方面,先談美團(03690.HK)。美團第三季度業績表現續見驚喜,不僅繼第二季虧轉盈後繼續錄得盈利,三大業務亦有可觀增長,新業務及其它業務虧損亦持續收窄。對其業績表現,筆者看法相當正面,亦預期未來高增長有望延續;只是現今估值不低,以及對會否有股東減持存有戒心,所以不妨繼續待回套再作考慮。

另一股份則肯定要談談維他奶(00345.HK)。昨日股價顯著下跌7.7%,反映投資者對業績表現感到失望。事實上,維他奶上半財年業績無疑欠賣點,雖然毛利率受惠原材料包括糖及飲品包裝紙下跌,但內地收入增長只得8%,明顯較去年同期增長33%,以及去年下半年之13%為差,某程度上反映過去最大賣點,亦即內地能有好表現的憧憬減退。由於維他奶本身估值不低,因此今次業績表現實在難以支持其高估值,恐怕股價仍有下跌空間,故現不建議大家吸納。

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