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植耀輝:2025年港股推介(上)
耀才證券研究部總監植耀輝稱,踏入2025年,先祝願各位讀者新一年事事順景,身體健康,投資有道。港股及A股今年首個交易日(2日)表現令人失望,當中深成指跌幅更超過3%,恆指收市亦跌436點或2.2%。雖然有點掃興,不過現時仍處於早前19,000至20,000點之區間,只要守穩下方支持,意味恆指走勢亦未有轉差,只是筆者仍有點在意A股表現,且看短期內地會否有激勵措施出臺。 上月已陸續分享了對港股、美股以至個股推介之回顧,作爲此係列之總結篇,今期將開始分享一些今年心水推介。其實相關股份已於去年11月及12月公司講座中分享,現在則再逐一介紹。核心持股依然會是中遠國際(00517.HK),雖然美國減息對其利息收入有一定影響,不過觀乎內地造船業景氣度仍高,派息能力仍有相當保證,因此維持去年訂下4.6元以上始作適量減持之策略。 新推介方面,先談九興控股(01836.HK)。該公司主要從事優質鞋履及皮具產品之開發及製造。去年首三季收入按年增加4.9%,上半年業績則受運動鞋類訂單增長推動出貨量增加並提早向客戶出貨、客戶組合優化及運動鞋履工廠使用率提升令經營槓桿效益提高(毛利率及經營利潤率分別上升2.7及3.9個百分點,至25.8%及12.9%),純利增加54.1%至9,290萬美元,另中期息65港仙,派息比率71.4%。其最大賣點爲其「三年規劃(2023-2025年)」,目標爲實現經營利潤率10%及利潤年增長率低十位數百份比,另外2024-2026年派息比率將不低於70%,以及透過回購或特別息方式每年最多6,000萬美元回饋股東。若能成功達標,以現價計未來三年股息率將有望超過10釐,故部署上會傾向長線持有,並會伺機於15元以下增持。 另一隻則是筆克遠東(00752.HK)。稍爲有點股齡之朋友對此股應該不會感到陌生,因爲只要一提到筆克,大家自然會聯想同展覽事宜,皆因其每年均會於全球舉辦多項大型展覽,除此以外集團亦會幫助不同企業進行品牌打造。其截至4月底止上半年業績亦有好表現,股東應佔溢利增加近9成,集團亦將於本月公佈年度業績,筆者相信以下半年業務狀況而言,短期有望發盈喜「沖喜」,若派息能有所驚喜,全年股價有望挑戰2.5至2.8元水平。不過此股最大問題在於成交較疏落,故要有一定持貨之心理準備。至於其他推介,篇幅所限留待下週再分享。 (筆者爲證監會持牌人,持有中遠國際、九興及筆克遠東股份)~
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