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瑞銀:短期內旅遊及航空等受影響 醫療與“留在家裏”相關股受益
格隆匯 01-22 16:21
瑞銀髮表研究報告,指由於對“ 武漢肺炎 ”爆發的憂慮加劇,導致本週市場出現一些拋售,加上最近評級機構穆迪下調香港的信貸評級等因素。看到航空、機場、酒店及休閒行業等相關股價出現重大調整。該行認為,儘管一些全國性營運的酒店企業估值已較2003年的低位為低,但仍會受到今次的病毒傳播而面對重大影響。
在航空股方面,中國南方航空(1055.HK) 會是影響最嚴重的企業,因為以座位容量計算,其武漢市場份額是最大。在消費方面,消費者由於會傾向留在家裏,迫開人多擠迫的地方,因此零售、樂園及電影相關股份或面臨不利影響。此外,酒類及外出用餐的消費亦會受到不利影響,但外送服務的消費或能抵銷部分影響。
至於包裝食品及食品零售商則會因而受惠,主要是由於家庭烹飪的需求增加。該行認為高鑫零售(6808.HK) 目前遭到拋售是不合理的,因為自2019年以來公司的交付服務快速增長以及與天貓平台合作;而康師傅(0322.HK) 是該行最看好的,這是基於其新產品執行力的改善,以及具吸引力的股息收益率。
另外,在線視頻、電子遊戲及電商股亦有可能在這種消費者行為轉變上受益。雖然現時沒有任何藥物及疫苖可以治療及預防此病毒,但這亦可能會增加大眾對疫苖或健康檢查的需求。
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