晨星:增长股及周期性股份估值差距收窄 可留意拥优势大型股及追落後板块
晨星亚洲股票研究总监陈丽子出席线上发布会时指,现时股市未算便宜,但亦非过份昂贵,故认为应聚焦於价值层面。她指出美国受惠刺激措施及拜登的基建计划,而亚洲市场政策收紧的机率则较高,她估计通胀将增,加上十年期国债孳息率仍会向上,相关因素已反映在其估算内,料增长股或会因预期过高而首当其冲受影响。
她续指,增长股与周期性股份之间的估值差距已有所收窄,与去年底比较医疗健康板块估值有所回调,而原材料、金融服务业、地产及能源行业等估值与去年底比较则回升。她认为在选股时可选择行业内拥优势的大型股份,以及选择追落後的板块,同时亦可留意派息增长吸引的股份以及可受惠利率上行的金融股等。
虽然受反垄断调查等因素影响,她仍看好腾讯(00700.HK)、阿里(09988.HK)等龙头股,以腾讯为例认为即使被罚公司亦有足够现金流应对,不影响其业务及领导地位,虽有机会流失市场份额,但亦已反映在预期上,故无长期影响。
另外针对香港将提升股票印花税,陈丽子认为市场最终会适应相关影响,不认为会影响到香港市场的吸引力,相信加幅对投资者来说仍可负担。
出席同一场合的股票分析员李杰则指,在亚洲医疗健康板块中首选金斯瑞生物科技(01548.HK),认为其细胞治疗业务及非细胞治疗业务增长前景强劲,同时对内地生物科技行业看法正面。(el/a) ~
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