《大行報告》匯豐研究:改革助力國企提振盈利能力 列出13只獲評「買入」市值逾100億美元國企H股
匯豐研究發表報告,指在中資股裏,國企改革是長期結構性主題,現在是北京三年行動計劃(2020至2022年)的最後階段,現時是時候評估國企改革對港股市場的影響,在本港2,573家上市公司中,約15%是國企。匯豐估算國企佔港股市場總市值約47%,貢獻去年上市公司總利潤約49%。考慮競爭力上升,該行認爲改革助力國企提振盈利能力及支持H股股價。
報告稱,從四個角度觀察國企,即盈利能力、股息、混改及回購。該行分析顯示改革帶來更高股本回報率,與持份者的利益更趨一致,以及相較整個市場有更高收入增長。國企派息比率穩定增加,將吸引「收息一族」。該行分析相信中移動(00941.HK)及中海油(00883.HK)其A股上市是建基於混改意向,在AH價差下料迎來催化劑。雖然現時國企回購尚未是港股市場投資主題,但有跡象顯示將成爲新趨勢。
匯豐研究表示,本年至今國企股價跑贏民企及本地股份;料歸功於其經營表現改善及專注於價值板塊如金融、工業及能源。這與該行認爲價值股跑贏增長股的看法一致。
在地區角度而言,該行維持對本港股票「增持」看法,並列出13只獲評「買入」及市值逾100億美元大型國企H股,包括中移動、中電信(00728.HK)、中海油、工行(01398.HK)、建行(00939.HK)、中信證券(06030.HK)、交行(03328.HK)、中遠海控(01919.HK)、中信股份(00267.HK)、中國中鐵(00390.HK)、中海外(00688.HK)、潤地(01109.HK)及龍源電力(00916.HK)。
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