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植耀辉: 港股走势续拉锯 维他奶(00345.HK)估值高不宜吸
阿思达克 11-22 11:13

耀才证券研究部总监植耀辉称,由於此因素仍然未见明朗,同时特朗普「通乌门」事件对美股的影响亦开始浮现,而本地局势亦依然充满变数。相信恒指继续於26,000至27,000点徘徊。

股份方面,先谈美团(03690.HK)。美团第三季度业绩表现续见惊喜,不仅继第二季亏转盈後继续录得盈利,三大业务亦有可观增长,新业务及其它业务亏损亦持续收窄。对其业绩表现,笔者看法相当正面,亦预期未来高增长有望延续;只是现今估值不低,以及对会否有股东减持存有戒心,所以不妨继续待回套再作考虑。

另一股份则肯定要谈谈维他奶(00345.HK)。昨日股价显着下跌7.7%,反映投资者对业绩表现感到失望。事实上,维他奶上半财年业绩无疑欠卖点,虽然毛利率受惠原材料包括糖及饮品包装纸下跌,但内地收入增长只得8%,明显较去年同期增长33%,以及去年下半年之13%为差,某程度上反映过去最大卖点,亦即内地能有好表现的憧憬减退。由於维他奶本身估值不低,因此今次业绩表现实在难以支持其高估值,恐怕股价仍有下跌空间,故现不建议大家吸纳。

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