《大行報告》匯豐研究維持對中國及香港股票「增持」看法 恆指年底目標價22,810點
匯豐研究發表報告,指亞洲股市的全球宏觀背景正改善,估值低企,增長復甦,特別是本地導向板塊。該行上調對南韓股市看法至「中性」,降台灣至「減持」,並指偏好中國內地、香港、泰國及印度,維持「增持」看法。該行予恆指年底目標價22,810點,國指目標價7,830點,富時香港指數目標1,050點;並予富時中國指數年底目標26,930點。
報告稱,今年亞洲股市環境具建設性,美國債孳息正下滑,美匯指數轉勢,亞洲股票每股盈利6%增幅預測有上行空間,並由中國內地引領。2017年類似背景下,中國股票在24個月累升逾75%,該行留意到市場在疫情爆發以來首次上調對中國股票盈測。
匯豐研究解釋,是次升市與2017年最大分別是中國重新開放。今年開局顛簸,內地確診增加,惟該行料增長動力將加強,全年中國GDP料增5%,明年料進一步加快至5.8%,即使中資股領先區內市場,但估值相較仍溫和。
另在開關及投資增長支持下,該行補充料本港今年GDP增3.5%;零售復甦只在初階段,料未來數個月市場將上調對本港零售收租股盈測。
該行維持對中國及印度股市「增持」看法,料屬今年增長最佳市場。過去兩年港股形勢困難,但該行對港股信心從未減退(but we never lost faith)。該行認為港股正轉勢。行業板塊而言,該行對必需消費品、非必需消費品及公用板塊維持「增持」看法。對金融、基本材料、電訊及工業板塊維持「中性」看法。對能源、科技及康健護理維持「減持」看法。
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