植耀輝: 大市波動續難免 阿里健康(00241.HK)收成在望?
耀才證券研究部總監植耀輝稱,「大市走勢如何?」這句說話應該是筆者近來除「疫情幾時完」外被人問得最多的問題。由於筆者並非醫護人士,對這隻新型冠狀病毒的認識連一知半解也說不上,所以「幾時完」實在說不準,亦不想故亂猜測;但對金融市場之衝擊則肯定未完。所以大市表現仍會相當反覆,並會繼續受中港疫情左右。
個別板塊亦難免受到影響,就以iPhone為例,由於生產和供應鏈問題,便有消息指可能導致要推遲到3至4月份才會發售新系列,此舉將打亂不少電訊公司及零件生產商之部署。而更大問題則在於全球經濟方面,由於中國GDP去年佔世界比重預期已超過16%,所以「失速」對全球經濟影響可大可少。當然,幾可肯定待疫情過後內地必然會出猛招刺激經濟,只是到時可能又會出現另一個較「四萬億救市」更大之泡沫矣!
市況雖然反覆,但有個別股份走勢之強猶如進入無人之境,阿里健康(00241.HK)便是其中之一。嚴格上筆者過去未有特別品評該公司,應該說過去值得評論的地方並不多,就是打著阿里品牌去發展。不過今次疫情,似乎將其潛在之利好憧憬得到釋放。
在2014年,阿里與雲鋒基金借殼中信21世紀,其後改名為阿里健康。阿里健康定位其實十分明確,就是作為阿里集團在大健康領域的旗艦平台,並主打Double H策略(Health and Happiness,亦即健康與快樂)。經過多年發展及進行併購下,現時阿里健康業務涵蓋醫藥電商及新零售、互聯網醫療、消費醫療及智慧醫療等,而最大優勢始終是有母企支持。事實上,阿里健康與阿里系其他業務帶來一定協同效應:產品運輸有菜鳥物流、產品選購平台有淘寶及天貓,收費支付則有支付寶。
最近期的例子就是「防疫精靈」。「防疫精靈」由釘釘(阿里推出之企業版即時通訊軟件)、阿里雲及阿里健康聯合開發,用於進行疫情消息推送與防控。當中包括由阿里健康提供之多項產品功能,包括線上問醫等。
在「眾志成城」下,阿里健康發展已漸入佳境,去年上半年收入41.17億元,同比增長近1.2倍,虧損亦大幅收窄至760萬元人民幣,相信全年虧轉盈機會相當高。
不過,股價升幅是否合理又是另一回事,畢竟阿里健康市值已高達1,600億元,估值並不算十分吸引;但始終受惠協同效應,如疫情持續以及業務繼續有可觀增長,股價或會續有追捧,只是高追風險不低,建議大家還是謹慎一點會較好。
(筆者為證監會持牌人,並未持有相關股份)~
阿思達克財經新聞
網址: www.aastocks.com
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.