大摩:疫情令投資情緒較波動 短期內看好恆安(1044.HK)等四股
大摩發表報告指,武漢肺炎疫情持續影響基本因素,料短期內市場投資情緒將較為波動。雖消費品股份股價已調整10%,平均估值仍為七年以來高位,該行認為目前趁低吸納仍言之尚早,建議觀察至待確診個案數字穩定。短期內,該行看好恆安國際(1044.HK)
、日清(1475.HK)
、康師傅(0322.HK)
及創科(0669.HK)
,由於其基本因素較為強勁。待疫情穩定,將轉往結構性驅動因素、盈利即時反彈股份如安踏(2020.HK)
、李寧(2331.HK)
、頤海國際(1579.HK)
及海爾電器(1169.HK)
。
該行指,快速消費品及糧油食品表現穩定,過去多次中國經歷疫情時影響有限,股價表現亦維持強勁。家庭及個人護理產品需求尤其穩定,由於在疫情期間公眾較關注個人衞生。至於非必需消費品如鞋履、服裝及家庭用品銷售活動將放緩。另外,除食品以外的零售商亦將面對壓力,主要由於店鋪強制關門,餐廳及零售店人流亦減少,鋪租及人工成本亦會構成壓力,惟部份影響或可透過減租緩解。
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