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暴升後港股首度大調整,這類公司值得重視
格隆匯 10-08 15:19

港股這一波狂歡過後,今天首度出現較大調整,恒指盤中一度跌近10%。不少人開始質疑,牛市結束了嗎?

其實大可不必恐慌。本輪行情之所以啟動,源於政策和預期的轉變。自9月24日以來,政策轉向史無前例,從降房貸利率到給股市注入流動性,拳拳直擊痛點。因此只要寬鬆政策不改變,牛還能繼續奔跑。

但由於短期升幅較大,第一波普升大概率結束,後續將進入震盪行情,極大考驗投資者選股能力。據歷史經驗來看,波動行情中,往往穩健發展,持續分紅的公司容易脱穎而出。

盤點年中高股息分紅,其中朝雲集團2023年派息率80%,今年年中又派息率40%,安全邊際高。當前公司總市值23億,但類現金資產高達26.65億,代表它既有能力持續高分紅,同時有實力通過併購、戰投做大寵物板塊,提高遠期估值。如今13倍PE,或被嚴重低估。

核心業務上,退可守。朝雲集團基本盤是家居護理,市場份額行業前列,受宏觀波動小,具備很好的防禦性,業績長期保持穩增。今年上半年淨利潤1.79億,同比增長31.5%,在具有挑戰性的宏觀背景下,依然實現逆勢增長,超去年全年。進可攻。佈局了成長性強的第二大賽道——寵物,已從最初的線上寵物用品、寵物食品向寵物全產業鏈佈局。今年以來加速開拓寵物線下門店,目前擁有57家門店,並啟動加盟模式,該模式下可複製性強,公司體量會越滾越大。另外加盟店亦能通過售賣朝雲自有產品,進一步提高盈利能力。

值得一提的是,外資在港股中佔據主要地位,因此外資的偏好更易左右港股的升法。在高盛、大摩等唱多港股後,還有更多外資準備進入港股。而朝雲集團所處的大消費、高股息公司,正是外資偏愛的賽道。

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