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恆生投資:港股或要待8月業績高峯期纔會出現轉機
uSMART盈立智投 05-23 11:26

恆生投資管理董事兼投資總監薛永輝在接受專訪時表示,5月和6月港股較易受外圍波動影響,相信港股或要待8月業績高峯期,纔會出現轉機。

薛永輝指出,除非指數成份股業績大幅好過預期,可以帶動到指數,否則在沒有明顯催化劑的情況下難大升。恆指估值在10倍左右已經算是合理水平,因港股的折讓水平相對上升。

對於港股無較大升幅原因,薛永輝認爲與外資的取態相關,“始終好多外資去年已經減持港股,至今仍未重新入場。”

薛永輝認爲,可投資股息率高、具防守性的股份,如國企股,以及長線受惠國策的增長股。由於中央去年提出要建立中國特色估值體系,當局提出一系列指標,包括提升股本回報率(ROE)、提高派息水平等。這將對提升國企股估值有利。有不少國企股息率高達5釐水平,在市況不明的情況下,有助增加國企股的吸引力。在一衆國企股當中,電訊股和石油股的盈利增長能見度較高和穩定。

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