植耀輝:科企業績左右美股 就業數據宜留意
耀才證券研究部總監植耀輝稱,美股本週迎來業績發佈高峯期,標普500成份股中大概有180間將公佈季績,執筆之時Meta(META.US)及微軟(MSFT.US)亦已放榜,兩者表現皆勝預期,Meta首季盈利增長35%,微軟第三季表現則受到雲業務Azure增長33%帶動。至於投資者最擔心之AI發展及資本開支方面,兩間公司對AI前景仍十分正面,亦預告將繼續加大AI方面投入。當中Meta雖然縮減今年總支出預算,但資本開支卻由先前之600億至650億美元,提高至640億至720億美元,反映公司對AI業務的支持;微軟CFO則在業績分析員會議中透露AI產品需求增速仍高於相關基建投入。由此看到AI發展仍然具可塑性及延續性,美國科技股或有望重新獲得投資者關注。
不過另一值得留意的是今晚(2日)美國將公佈4月就業數據。週三(4月30日)公佈之ADP數據遠遜預期,似反映特朗普之關稅措施令企業招聘趨審慎。下週聯儲局亦會進行議息會議,連帶對美國經濟前景之展望相信會有更多啓示。
至於港股及A股在五一假期前表現大致平穩,A股變化不大,恆指亦企穩22,000點水平。短期依然要視乎關稅最新發展,另外內地會否推出更多刺激經濟措施亦值得留意。不過在未有相關利好因素配合之前,恆指暫亦難有所突破矣。
股份方面,跟大家分享一隻年內倍升股哈爾濱電氣(01133.HK)。筆者持有此股大概已接近5年,當日看好之原因純粹是憧憬私有化,亦曾在本欄向大家分享;雖然至今依然未見相關消息,但由於去年交出一份超預期之成績表,刺激股價今年大升近九成。其實哈電業績過去亦相當飄忽,2021年度虧損便達到41億元人民幣,主要是進行大額減值所致;其後幾個年度經營狀況持續有改善,主要受惠於營運效率顯着提升,以及受惠抽水蓄能等概念。事實上,若以去年股東應佔盈利達到17億元人民幣,現價計市盈率仍不足6倍,估值依然相當吸引。不過最大考量還是業績是否能有延續性。觀乎集團發電設備業務訂單仍相當充裕,另外國務院近期亦批準10臺核電新機組,預期集團亦可分一杯羹。筆者暫會繼續持有該股,若其上半年業績對板的話始會考慮增持。
(筆者持有META及哈爾濱電氣股份)~
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