植耀辉: 石药(01093.HK)有望追落後 港交所(00388.HK)待回调吸纳
耀才证券研究部总监植耀辉称,受疫情带动,医药股成为大市其中一个热炒板块,生物科技新股更成为投资者宠儿。一时之间,只要是「B字尾」(仍处发展阶段而未有收入之生物科技股),股价动辄急升,颇有「鸡犬皆升」之感。生物科技行业门槛之高,恐怕不只是行业淮入,就连分析也是一样。
对於这类股份的投资价值,笔者直言没有太多头绪,皆因其研发之产品最终能否成功上市仍是未知之数,而最大困惑在於未能完全了解其业务,应该说即使笔者看其招股书,但仍只可能略懂皮毛,既然自己也一知半解,那如何可以向大众作出介绍及推介呢?所以笔者在医疗板块上舍难取易,宁推介石药(01093.HK)。虽然预期今年首季石药业绩表现一般,惟相信第二季会恢复理想表现,而且去年来自创新药之业务占比已近六成,当中抗肿瘤药增速更达到148.8%,并已成为公司核心增长药物。加上股价今年大落後,现价仍有一定值博率,可多加留意。
另外,早前曾跟大家谈过港交所(00388.HK)为何较腾讯(00700.HK)值搏。平心而论,两者本业差天共地难作公平比较,不过腾讯股价业绩前热炒手游发展,绩後反而令大家担心业绩已「见顶」;相比之下,港交所卖点似乎不少,周一(18日)恒指服务公司宣布,纳入同股不同权公司及第二上市公司至恒生指数及恒生中国企业指数选股范畴,笔者相信投资者除了会「寻宝」外,某程度未来港交所将可吸引更多中概股来港上市,毕竟美国对中概股态度明显转趋强硬,未来肯定会加强财务上审批。所以中概股来港挂牌有其诱因,此一趋势亦会对港交所有利。建议可待回落至245至250元水平再作考虑。至於腾讯,现价实在不太吸引,持货者当然可继续持有,但未买入的话不妨再等一会。
(笔者为证监会持牌人,并未持有相关股份)~
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