You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
植耀輝: 港股震盪待機吸貨 淺談「價值重估」概念
阿思達克 01-22 10:42
耀才證券研究部總監植耀輝稱,港股在過去兩個交易日表現認真麻麻,或多或少是與武漢肺炎疫情逐步擴大有關。由於相關影響現階段仍較難以評估,因此未來數天仍要視乎此等因素。不過話說回來,恆指早前累積升幅不少,而利好因素亦已被消化得七七八八之餘,人行週一(20日)LPR報價未見下調,港股走勢亦呈現單日轉向;加上今次肺炎疫情事件,似乎港股未踏入鼠年已見十分波動。當然今次回落或是一次入市良機,所以可先作好準備,伺機吸納第一注貨。 另外,今年炒作主題必然是5G板塊,不過相關板塊筆者近期已經常談論,而且個別股份升勢凌厲,故雖然繼續看好,但現水平筆者亦不宜再火上加油;至於另一個主題則肯定是「價值重估」概念,即使看好個別板塊今年表現將轉趨樂觀,而令估值得到提升。筆者近期見個別大行報告均以此為推介重點,故亦想就此給各位分享一下個人看法。 首先要談的是近日股價相當波動之賭股。濠賭股去年第四季起受不少利好消息,包括中央支持金融業發展,同時大行持續「大合奏」,指明年賭收數字將可恢復增長,貴賓廳收入受惠低基數效應而令跌勢大為收窄;同時新基建落成亦會帶來一定支持。筆者同意基於去年賭收出現約3.4%倒退至2,924.5億元,今年出現低單位數增長的機會頗高,但要令板塊出現可觀反彈有一定難度,而且向來左右濠賭股股價因素還涉及人民幣匯價以至內地資金管制之情況,而最新爆發之疫情,對娛樂消費行業之打擊更大,恐怕今年春節假期訪澳人次將大為減少,亦令未來賭收情況難以預計。所以濠賭股只宜炒上落,而近期股價雖出現顯著回調,但現階段仍不算十分吸引,故不妨再等一會。 另一隻則是素有藍燈籠稱號之中移動(00941.HK)。價值得到重估之原因,在於5G將可刺激ARPU回升,同時內地電訊三雄在5G發展上將出現較理性競爭,以及股息率吸引,令估值及估價會有較大反彈空間。筆者相信在內地力谷5G應用下,5G滲透速度將會較3G及4G更快,然而ARPU能否回升卻是另一回事,皆因雖然5G月費在推出初期會較4G為高,但在提速降價以及減稅降費的大前題下,以及參考3G升級至4G之經驗,ARPU提升空間可能相當有限。當然預期4.7厘股息率是一大賣點,只是除非純看息率,若以未來一兩年之增長而言,筆者仍抱有相當保留。正如以往所指,待5G發展應用成熟階段,三大電信股才有望翻身。 最後,在此預先祝各位鼠年行大運,股運亨通,以及身體健康。 (筆者為證監會持牌人,並未持有相關股份)~ 阿思達克財經新聞 網址: www.aastocks.com
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account