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倍升潛力半新股 思摩爾可再追入?

思摩爾(SEHK:6969)上市近一個月,股價在高位整固仍可再追入嗎? –

電子煙概念股——思摩爾(SEHK:6969)上市近一個月,現價卻已較招股價高逾200%。到底思摩爾的投資價值是什麼?股價在高位整固仍可再追入嗎?

電子煙仍大行其道

思摩爾主力提供霧化科技解決方案,即為企業客戶開發及供應電子煙產品元件。電子煙大流行下,思摩爾的增長空間持續擴大。全球煙草產業本已是個金礦,因為吸煙是可成癮的活動,煙草產品享有長線持續的慣性需求。隨著部分傳統煙草產品用家,以及潛在煙草用家轉投新興的電子煙產品,這分類行業的營業額有望倍升。

事實上,電子煙搶佔傳統煙草產品的趨勢在近年加快成型。在2014至2019年間,電子煙市場實現了24.2%複式增長,而整體煙草市場則只有3.9%複式增長,電子煙產品佔整體煙草市場的銷售價值更由1.7%提升至4.2%。

思摩爾定位優勝

思摩爾之所以成為市場熱寵,除因其為港股市場僅有的電子煙概念股,更是因集團的業務定位穩健,有望在電子煙大流行下成為大贏家。思摩爾的業務板圖廣寬,足跡遍佈美國等成熟市場。按直接或間接運輸產品計算,集團在2018 年有超過4成收益來自美國地區。這意味著思摩爾為企業客戶所提供的電子煙組件及設備,以及自營品牌在成熟市場成功紮根。這些地區的消費力更勝於發展中地區,高品質電子煙產品的滲透空間亦較大。

思摩爾的收益在過去3年錄得逾120%複式增長,反映電子煙產業擴張帶來的順風,集團的毛利率更由2016年大幅提升近20個百分點至44%,可見終端需求擴大持續加強集團對企業客戶的定價能力,更反映集團的行業定位優越。

結語

長線投資而言,買入順風之中的趨勢增長股所能帶來的潛在回報可以相當可觀。電子煙產業正在持續擴張,而過去幾年營運數據則反映出思摩爾是有能力在順勢中加快向前推進增長的品牌。不過,前景雖然明朗,但估值在市場資金追捧下變得不便宜,加上煙草產業存在監管風險,投資部署不宜過度進取。

編輯:Cyrus Li

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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