植耀輝: 就業數據遜預期美股靠穩 泡泡瑪特(09992.HK)有賣點惟估值不低
耀才證券研究部總監植耀輝稱,美股昨日(2日)個別發展,但收市計整體變化不大。雖然資源股表現較佳,但ADP就業數據遜預期,對大市氣氛亦有所影響。最終道指上升59點或0.2%,收報29,883點,納指下跌5點或0.05%,收報12,349點,標普500指數則上升7點或0.2%,收報3,669點。
港股昨日走勢則較反覆,早段受多間公司配股消息而下跌,最多便跌近200點。其後科技股跌幅收窄,匯控(00005.HK)亦維持升勢,最終恆指收報26,532點,下跌35點,大市成交金額1,817.39億元。
大市繼續拉鋸,市場焦點亦集中於新股身上。當中,現正招股之泡泡瑪特(09992.HK)最新超額認購已近100倍。筆者對其業務亦頗感興趣,故想分享一下對此股之看法。根據招股書介紹,泡泡瑪特為內地最大之潮流玩具公司,並為國內最受歡迎之潮流玩具品牌,集團本身擁有自家IP(知識產權)及獨家IP,亦會銷售選定第三方供應商提供之產品,包括盲盒、手辦、拼圖、毛絨玩具、電動玩具和配件。
在筆者眼中,現時玩具已非小朋友玩意,不少成年人每月花費在「心頭愛」的金額更可能以千元計,這亦是筆者對泡泡瑪特感興趣之原因。不過筆者對泡泡瑪特的第一印象其實是估值相當不便宜,皆因以招股價最高定價計算,其歷史市盈率約達100倍,可謂相當進取!當然,投資者熱炒內需概念已成新常態,早前上市之農夫山泉(09633.HK)股價便長升長有,只是農夫山泉確具行業龍頭概念,但玩具行業本身競爭相當激烈,未來泡泡瑪特能否保持優勢及維持行內競爭力,以及進一步善用IP發展相信會是關鍵。
(筆者為證監會持牌人,並未持有相關股份)~
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