推動聯想集團(00992.HK)未來股價上漲的是什麼?
作者：Ben Hobson
聯想股價近期在4.16港元上下浮動，但短期的股價並不是最重要。投資者需要思考的一個關鍵問題是，新型冠狀病毒造成的經濟不確定性將對股價造成何種影響。評估股票的重要方式之一是找出這隻股票到底有什麼優勢。
在動盪的市場中，許多投資者熱衷於購買他們認為便宜的股票，但必須認識到真正的便宜和“價值陷阱”之間的區別。通常情況下，股票的質量才是決定性因素。
以聯想為例，聯想集團(00992.HK)在電腦、手機和家用電子行業佔有一席之地，目前的股價為4.16港元。但聯想在一些重要的財務和技術指標方面表現良好。它擁有兩個非常重要的優勢，可以提高投資收益：高質量和低估值。
以合理的價格買到高質量股票
高質量股票總是倍受市場喜愛，因為它們更有可能發展成為穩固、可靠的業務。盈利能力是很重要，但公司的財務實力也同樣重要。擁有一份財務狀況持續改善的業績記錄是有必要的。
聯想最出色的質量指標之一是，通過了皮式F分數9項財務測試中的7項。皮式F分數是一種基於會計數據的選股策略，簡單來説，就是利用歷史數據找出價格偏低但基本面很好的股票。一個好的F分數表明這個公司的股票質量很高。
雖然股票質量很重要，但沒有人願意為一隻天價股票買單，一個有吸引力的估值也是至關重要的。在經濟疲軟的情況下，整個市場的盈利預測都是非常模糊的。但利用估值指標可以幫助我們掌握股票發展趨勢，收益率就是其中之一。
收益率將公司的利潤與其市場價值(用營業利潤除以企業市場價格)進行比較。它能展現股票的總價值(包括現金和債務)，使用收益率比較不同股票會更加簡單。收益率是一個百分數，數值越高，股票就越有購買價值。
合理的收益率一般在5%左右，聯想的收益率達到了15.9%，由此可見聯想的股票具備很高的投資價值。
總的來看，類似聯想集團這種高質量和低估值的股票對反向價值投資者極具吸引力的。通過研究這些股票才能發現真正的錯誤定價。一旦市場認識到優質公司正在折價出售股票，股價往往都會回升。而投資者如果能把握先機，研究併購入這類股票，才能真正獲益。
來源：Stockopedia
原標題：What will drive the Lenovo share price higher?
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