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郭思治: 迪臣發展國際(00262.HK)NAV折讓達九成 估值便宜或博私有化
阿思達克 02-23 10:26
香港股票分析師協會副主席郭思治稱,港股有什麼因素能令牛市重新到來?便宜相信就是其中一個很大的因素。其實港股一直都不乏高折讓的股票,但一直由於過去的市場焦點都聚焦在像新能源汽車、加密貨幣、大數據、元宇宙等顛覆性科技的成長股上,那些估值便宜,高折讓的股票一直也無人問津,維持在高折讓的狀態。可是時而勢逆,成長股泡沫爆破,市場資金有望重新審視投資策略,轉向投資價值股避險。 迪臣發展國際(00262.HK)是一家主要從事建築及物業業務的中國香港投資控股公司。公司主要通過三大分部運營。建築分部從事建築合同、裝修工程以及提供機電工程服務。物業發展及投資業務分部從事住宅及商用物業發展。其他分部從事醫療設備、家居安保及自動化產品買賣、提供相關安裝及維修服務以及花崗岩及大理石產品、石板及建築市場用品買賣。該公司截至去年9月底,中期股東應佔資產淨值(NAV)為16億元,摺合每股1.56元。然而,現時迪臣股價只有0.126元,股價較NAV折讓高達九成,是名副其實的價值股。這種價值股除了股價便宜,可作避風港及低買高賣之外,還有私有化的憧憬,可以以小博大。 迪臣除了估值便宜之外,其業績也進步了不少。截至2021年9月30日止6個月,集團中期收入5,340.2萬港元,按年增長14.15%;公司擁有人應佔虧損834.7萬港元,按年減少11.15%。迪臣收入有增加,虧損亦減少了,證明公司的確是慢慢轉好中。 另一方面,早前迪臣公布以「2供1」供股成功,配發及發行約4.89億供股股份,佔擴大後股本約33.33%,供股價每股0.1元,最終供股所得款項淨額估計約為4,690萬港元。而供股認購不足,未獲認購供股股份約1.24億股,佔供股下可供認購供股股份總數約25.43%。包銷商將認購剩下的未獲認購供股股份。而包銷商願意拿如此大量的貨亦暗示了包銷商也看好是次供股及公司未來的發展。 總括而言,迪臣折讓大,業績也有進步,供股動作亦有炒作憧憬,現時相信是最適合介入的時機,大家不妨多家留意。 (筆者為證監會持牌人)~
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