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如何評估股價輪價平定貴?

2023-05-15 Article
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Warning This article available in Chinese version only

市場近日熱炒「中特估」概念的股份,即中國特色估值的個股,惟一眾中資金融內銀股急升後隨市況回調「抖抖氣」,現時的估值處於何等水平?

 

投資者欲部署「中特估」的估值修復,可參考目前股份的股價淨值比(PB)水平。其實在眾多中特估股份中,很大部分的PB仍處於1以下的水平,當中包括中人壽(2628)、中國平安(2318)、江銅(0358)、幾大國有銀行、中海油(0883)、甚至已錄得強勁升勢的中移動(0941),PB值仍處於1以下的相對低位。

 

另一個可以參考的是,AH股兩者的溢價水平。所謂AH溢價,即A股與H股之間,A股相對H股「貴」多少。目前H股較A股有最大折讓的包括中芯(0981)、長城(2333)、中壽,中交建(1800),以上的折讓超過六成、至於中移動、三桶油、中資銀行股等,折讓亦有兩至三成多。目前折讓最少包括平安、紫金(2899)等。

 

至於輪價的價值, 則可留意各發行商引伸波幅定價水平,相似條款下選取定價低的窩輪較為上算。

本結構性產品並無抵押品,如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。

本文由香港上海匯豐銀行有限公司(「本行」或「發行商」)發行(包括任何參考條款),僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。

結構性產品屬複雜產品,投資者務須就此審慎行事,除非投資者完全了解及願意承擔所涉風險,否則切勿投資此產品。結構性產品價格可急升可急跌,投資者或會損失所有或大部分投資。過往表現並不反映將來表現。投資前應了解結構性產品之性質及風險,並詳閱有關上市文件,獨立決定是否適合自己,若需要應諮詢專業建議。本行及其委任之流通量提供者可能是結構性產品的唯一市場參與者,而結構性產品的二級市場可能有限。謹請注意,牛熊證設有強制收回機制,因此有可能提早終止,在此情況下(i)N類牛熊證投資者會損失於牛熊證的全部投資;而(ii)R類牛熊證之剩餘價值則可能為零。買賣與美國指數掛鈎的結構性產品可能帶有額外風險,包括:(a)與交易日和交易時間差異有關的風險;(b) 有關指數的公開資料較少,或未有提供中文版本;(c) 與指數有關的政治和經濟風險(例如美國);(d) 匯率風險; (e) 可能延遲結算及(f) 在成份股並無交易時公佈指數水平與MSCI中國A50互聯互通指數掛鈎的衍生權證投資者可能會承受額外風險,包括:(i) 新推出指數的風險;(ii) 指數成份股為透過滬港通及/或深港通在滬港通及深港通的北向交易渠道買賣的A股;(iii) 有關指數的公開資料較少,且該等資料或未有提供中文版本;(iv) 與指數有關的政治及經濟風險;(v) 匯率風險;及(vi) 人民幣利率風險。

作者為金管局及證監會持牌人士,並無就結構性產品或相關資產持有任何直接或間接權益。

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