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《大行報告》大和:港股調整後迎來長線投資機會 公用板塊評級升至「增持」
大和發表報告指,俄羅斯啓動「特別軍事行動」20天後,烏克蘭危機的走勢仍未清晰。根據俄羅斯早前提出的停火條件,該行提出了6個情境。在情境1至3,該行認爲可通過外交方案解決,對全球能源供應帶來的衝擊料溫和及短暫,並非如1970年代的石油危機。然而,在情境4至6,該行預計能源價格將長期持續飆升,或引發全球經濟停滯。 大和表示,由於烏克蘭危機及中概股退市憂慮,港股市場情緒受壓。不過經過近期調整後,港股估值更具吸引力,一年預測市盈率爲9.3倍,較過去十年平均水平低一至兩個標準差,與2018年中美貿易戰的估值低位相符,並較2016年內地A股崩盤的低位僅高出5.7%。 該行相信,港股調整後將迎來長線投資機會,建議投資者要有耐性。在盈利預測改善的支持下,將中港能源股評級上調至「中性」,港股中的公用股評級上調至「增持」,至於港股中的非必需消費和電信服務股評級則分別降至「中性」和「減持」。
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