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Author

馮兆山先生(Michael Fung)
經理

現任職輝立經理,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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馬鞍山鋼鐵 AH股折讓之選

Tuesday, July 21, 2015 Views4925

推介股份: 馬鞍山鋼鐵 (323.HK)

A股股價(RMB) : 5.48 H股股價(HKD$): 1.97

A股溢價 = 182.564% 5天溢價 = 193.199%

財務資料:

 

Dec-14

Dec-13

Dec-12

Dec-11

Dec-10

流動比率 ()

0.76

0.77

1.05

1.36

1.05

速動比率 ()

0.5

0.5

0.7

0.88

0.62

長期債項/股東權益 (%)

37.23

36.26

78.59

79.42

45.31

總債項/股東權益 (%)

88.99

73.24

120.87

100.68

48.89

總債項/資本運用 (%)

57.89

48.78

63.03

53.23

32.59

股東權益回報率 (%)

0.95

0.68

NA

0.3

4.04

資本運用回報率 (%)

0.62

0.45

NA

0.16

2.69

總資產回報率 (%)

0.32

0.22

NA

0.1

1.57

經營利潤率 (%)

2.92

1.98

NA

1.94

3.76

稅前利潤率 (%)

0.86

0.44

NA

0.37

2.63

邊際利潤率 (%)

0.37

0.21

NA

0.09

1.7

存貨週轉率 ()

6.89

7.35

6.61

6.15

5.22

派息比率 (%)

NA

NA

NA

NA

35.57

財政年度最高價 (港元)

2.56

2.83

3.09

4.65

6.11

財政年度最低價 (港元)

1.52

1.62

1.46

1.44

3.27

財政年度高/低市盈率 ()

71.5/42.5

108.4/62.1

NA/NA

352.3/109.1

36.2/19.4

財政年度高/低週息 ()

NA/NA

NA/NA

NA/NA

NA/NA

1.8/1.0

 

 

 

推介理由:

 

  1. 鐵礦砂和煤炭等主要原材料價格低迷, 有利公司控制成本。

  2. 「一帶一路」帶動海外基建和鐵路對鋼鐵的需求,有助消化行業過剩產能。

  3. 國內基建和鐵路項目加快審批和動工, 刺激鋼鐵需求。

  4. 市帳率只有0.5842。

 

策略:

買入價: $1.9 目標價: $2.35 止蝕價: $1.5

 

「註:本人馮家傑為證監會持牌人士。截至本評論文章發表日止,本人及/⁠或其有聯繫者並無持有全部提及之証券的所有相關財務權益。」; I, Michael Fung, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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