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植耀輝:推介股最新部署
耀才證券研究部總監植耀輝稱,特朗普關稅之亂引發全球股市大幅波動,港股及A股自然亦不能倖免,恆指本週最低便跌至19,260點,雖然過去三個交易日有所反彈,但年內升幅幾乎全數蒸發之餘,亦再一次失守筆者一直視爲重要關鍵支持之250月線(約21,850點)水平。市場氣氛以至大市走勢當然不理想,不過筆者在週一大跌市時仍選擇增持部分過去推介之股份。現時很難估算金融市場何時見底,但既然一直視推介股爲長線投資,加上筆者亦已預留一定資金加註。在有一定準備下,以此應對波動市況相信亦已足夠。 跟進過往推介股份之最新部署。先談愛股中遠國際(00517.HK),其業績表現大致符合筆者預期,雖然單計下半年增速低於預期(25%相對超過三成預期),但由於維持接近100%派息比率關係,全年派息仍達到0.48元。至於美國保護主義及關稅之影響,則可能反映於造船業身上。雖然未來一兩年內地造船訂單充足,意味對中遠塗料業務仍有正面支持,不過由於美國欲打擊中國造船業,未來或會推出《美國船舶法案》,此舉令不少新造船訂單轉至南韓。所以前景或有一點挑戰,不過既然股價一度跌至每股淨現金值(約4.05元)附近,現時息率超過11釐無疑亦相當吸引,何況筆者早前已依從既定策略,於4.6元及5元以上減持部分,因此近期股價下跌又提供增持機會,會開始再分段增持。 至於另一愛股九興(01836.HK),業績表現其實對板,全年派息更超出筆者預期,惟由於有超過5成生產來自越南,當地被特朗普政府徵收46%關稅之消息對股價產生極負面影響,股價亦由歷史高位19.44元一度急跌至12.5元。昨日(10日)則受惠關稅暫緩消息而略爲反彈。現階段仍難評估關稅因素對九興之實際影響,不過即使今年盈利倒退三成,按其早前目標2024至2026年度派息比率70%以及至少6,000萬美元用於回購/特別息上看,現價息率仍有9釐,何況筆者相信美國與越南就關稅安排會有進展,對九興股價料會帶來支持,因此暫亦不會急於沽貨,並會適時再增持。 (筆者持有中遠國際及九興控股)~
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