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張憶東:找尋自信的力量,港股回購持續升温

本文來自格隆匯專欄:張憶東,作者:張憶東

投資要點

2022年3月22日,阿里巴巴(09988.HK)發佈公吿稱,阿里巴巴集團股份回購計劃規模由150億美元增至250億美元;小米集團(01810.HK)董事會正式決議行使股份購回授權,以不定期按最高總額100億港元於公開市場購回股份。其實,自2021年下半年以來,港股回購活動已經明顯升温,2022年以來港股公司回購動作持續活躍。

1.港股回購活動明顯升温。

  • 截至2022年3月22日,2022年港股共有100家公司回購,累計回購金額達到83.6億港元,相比去年同期(2021.01.01-2021.03.22)增加了258.0%;其中1月份共80家公司回購58億港元,同比+495.5%,為近6年來的最高值。行業上,2022年以來,資訊科技業、醫療保健公用事業、非必需消費等是回購的主力行業:從回購公司數目上看,非必需性消費業23家,醫療保健業19家,資訊科技業12家;從回購金額上看,資訊科技業為27.1億港元,遠高於第二名的醫療保健業(17.8億港元),此外公用事業(14.0億港元)、電訊業(8.7億港元)和非必需消費(6.9億港元)回購金額排名前列。

  • 2021年港股共有190家公司回購,累計回購金額達到382.5億港元,創2002年有數據記錄以來的歷史新高;其中下半年有149家公司回購,回購金額達到251.6億港元,創半年度新高。

2. 哪些公司大規模回購?

大規模的公司回購可以給投資者樹立價值標杆,彰顯公司信心,從而推動公司的價值重塑。因此我們篩選出兩個股票池,並整理了2022年以來更新回購計劃的公司名單:

  • 過去12個月(截至3月22日)回購比例大於等於港股流通股本1%且流通市值大於100億港元的股票池。主要有三生製藥、中國燃氣、微盟集團、恆安國際、創維集團、平安好醫生、小米集團等等。

  • 2022年以來回購金額排名前30且流通市值大於100億港元的股票池。主要有騰訊控股、中國燃氣、中國移動、藥明生物、三生製藥、小米集團、友邦保險、敏華控股、創維集團、平安好醫生等等。

  • 此外,2022年以來,部分公司相繼發佈或者更新了回購計劃。主要有小米集團、阿里巴巴、百勝中國、思摩爾國際、友邦保險等。

風險提示:中、美經濟增速下行;美國持續高通脹,美國貨幣政策提前超預期收緊;大國博弈風險;新冠疫情變異超預期;回購可能也意味着企業由於缺乏好的投資項目而不願意進一步投資,只能選擇用現金來回購股票。

風險提示:中、美經濟增速下行;美國持續高通脹,美國貨幣政策提前超預期收緊;大國博弈風險;新冠疫情變異超預期;回購可能也意味着企業由於缺乏好的投資項目而不願意進一步投資,只能選擇用現金來回購股票。

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