植耀輝: 石藥(01093.HK)有望追落後 港交所(00388.HK)待回調吸納
耀才證券研究部總監植耀輝稱,受疫情帶動,醫藥股成為大市其中一個熱炒板塊,生物科技新股更成為投資者寵兒。一時之間,只要是「B字尾」(仍處發展階段而未有收入之生物科技股),股價動輒急升,頗有「雞犬皆升」之感。生物科技行業門檻之高,恐怕不只是行業淮入,就連分析也是一樣。
對於這類股份的投資價值,筆者直言沒有太多頭緒,皆因其研發之產品最終能否成功上市仍是未知之數,而最大困惑在於未能完全了解其業務,應該說即使筆者看其招股書,但仍只可能略懂皮毛,既然自己也一知半解,那如何可以向大眾作出介紹及推介呢?所以筆者在醫療板塊上捨難取易,寧推介石藥(01093.HK)。雖然預期今年首季石藥業績表現一般,惟相信第二季會恢復理想表現,而且去年來自創新藥之業務佔比已近六成,當中抗腫瘤藥增速更達到148.8%,並已成為公司核心增長藥物。加上股價今年大落後,現價仍有一定值博率,可多加留意。
另外,早前曾跟大家談過港交所(00388.HK)為何較騰訊(00700.HK)值搏。平心而論,兩者本業差天共地難作公平比較,不過騰訊股價業績前熱炒手遊發展,績後反而令大家擔心業績已「見頂」;相比之下,港交所賣點似乎不少,周一(18日)恆指服務公司宣布,納入同股不同權公司及第二上市公司至恆生指數及恆生中國企業指數選股範疇,筆者相信投資者除了會「尋寶」外,某程度未來港交所將可吸引更多中概股來港上市,畢竟美國對中概股態度明顯轉趨強硬,未來肯定會加強財務上審批。所以中概股來港掛牌有其誘因,此一趨勢亦會對港交所有利。建議可待回落至245至250元水平再作考慮。至於騰訊,現價實在不太吸引,持貨者當然可繼續持有,但未買入的話不妨再等一會。
(筆者為證監會持牌人,並未持有相關股份)~
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