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阿里巴巴及小米入恒指 值得再追?

小米集團(SEHK:1810)及阿里巴巴(SEHK:9988)入恒指,值得追買嗎? – Hong Kong skyline during the day with financial numbers at top

恒指公司最近公布恒生指數季檢結果,繼恒指公司推出接納第二上市,及同股不同權上市公司的改革制度,今次季檢納入了小米集團(SEHK1810)及阿里巴巴(SEHK9988),到底這兩隻大熱門新經濟股是否值得追買呢?

小米集團

小米集團早前成為恒指公司新推出的旗艦指數——恒生科技指數的成份股後,今次更晉身港股核心指標——恒生指數,權重將為2.59%。小米主要從事智能手機、電子消費品、及互聯網服務的業務。雖然手機市場競爭激烈,但小米過去專注於大眾市場,推出定價較低的智能手機產品來滲透市場,這策略在消費力相對落後的地區、市場持續取得進展,如小米在印度市場的份額排首位。

不過,低定價電子消費品的利潤率同樣偏低,去年毛利率只是單位數。小米的重要增長業務其實是互聯網業務,主要包括訂閱服務、廣告服務及應用程式商城等。該分部在去年的毛利率高超過60%,比重有望隨著硬件產品持續滲透市場而增加,可望在長線改善集團整體盈利能力。

阿里巴巴

阿里巴巴是首隻回流香港上市的中概股,同為恒生科技指數的成份股,今次獲納入恒指的比重為同股不同權上限5%。集團是中國電商龍頭,目前經營著中國兩大電商平台——淘寶、天貓等,旗下零售市場業務的年度活躍消費者有逾7。作為中國市場滲透度最強的電商平台,集團有望成為內需擴張及升級趨勢下的大贏家。

據集團所披露的數據,旗下平台消費逾人民幣10,000元的用戶在去年已有逾1.2億,當中98%的用戶會在阿里巴巴平台上再次消費,而截至今年3月底止12個月,這消費力較高的群體已增加至1.4億。這反映出中國消費力持續轉移至線上渠道,而阿里巴巴留存客戶的能力穩健。

展望長線,中國內需擴張將可持續推動電商產業增長,阿里巴巴作為眾多零售品牌接觸消費大眾的核心渠道,長線增長潛力有望持續釋放。

結語

小米集團及阿里巴巴被納入恒指有望為股份引進被動資金,長線股價表現有望靠穩,並隨著兩間公司的增長潛力持續釋放而上升。

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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