Stock Review (1339 - PICC GROUP)

In China, we can easily spot a lot of stock that were undervalued.
Lets have a look on 1339 - PICC Group, which is a insurance company.
P/E Ratio around 8.3
EPS 0.456
Price 3.77
Yield 1.25%

It is obviously undervalued, especially compared to Manulife - 0945
P/E Ratio around 24
EPS 6.093
Price 146.9
Yield 3.47%

The reason behind may attribute to political issue.
1339 is 70% owned by The Ministry of Finance of PRC, which means it is a government owned company.
As we all know, Government company always represent low efficiency and corruption in China. Even the company look fantastic on data, doesn't mean the data is real.
More, Government in China take action to against or investigate political opponents' company, it may pose threat to the stability of the company, and badly affect the operation.

So people who would invest on Chinese market, always aim at private company that have nothing to do with political directly. The data of those non-government-owned company always closer to the industry average, such as China Taiping 0966.
P/E Ratio around 16.5
EPS 1.636
Price 27
Yield 0.37%

This is my perspective about undervalued company in China, if you have any comments or views about the issue, please feel free to comment and exchange the idea.

留言

張貼留言

這個網誌中的熱門文章

Secret of Inflation (Hong Kong)

圖片
Money Money was described as medium of exchange goods and services, which always makes us neglect that money is a product created by human. Keynesian economist said inflation is about the demand and supply curved in aggregate of the economy, which like people spend more when the economy is booming, which all make more money chasing the same amount of goods and services. In the view of Monetarist, inflation is a concept of M(Money)V(Velocity) = P(Price Level)Q(Quantity of Economic Activities). If the price goes up, it could eithe r be caused by more amount of money in the system or higher velocity. To whom didn’t study economy as major in college, it could be hard to understand to concept. To make it easier for everyone, I would say money is a product. Put it in demand and supply curve, on the supply side when more amount of money is existing in the market, money would be less valuable, and because the money is now less valuable than it used to...
閱讀完整內容

投資要素（5）股息率 及 複息計算

股息率 是指投入金錢買股的股息回報率，不同的行業的股息率都會有不同。 計算方式為：股息 ÷ 現時股價 × 100％ 一般而言，比較快速發展的行業，股息率會比較低。因為市場普遍憧憬該行業會快速發展，所以股價會比較高，拉低股息率。同時該行業也會因為發展而減少派息比率，把較多的錢用在研發及投入新項目。（在之前也說過，快速發展的行業涉及不可實現的風險 ） 先不談股價的變化。 如何才是一個合適的股息率呢？ 很多人會參考美國10年期國債息率。因為美國的國債最具國際權威，也最多人信賴。 現時該息率大概是3.124% 也就是說，投資100元，一年後會有3.124元回報。 所以理想上，超過3.124％的股息率都是不錯的投資。可是投資股票的風險比國債多，股價的上落影響回報，所以只比國債多的息率是不足夠的。 個人而言，我偏好那些有4％以上股息率的公司 。如ＡＥＯＮ信貸財務（900），過往5年也有平均6％以上的股息率， 收益穩步呈向上曲線，派息比率維持在70％以下，業務穩定也有發展空間。 以複息計算，假設股價不變，大約11年6％的股息率就可以把當初投入的資金翻一倍，由100元變200元。
閱讀完整內容

投資要素（2）市盈率

在緊守了第一個投資要素 - 公司盈利能力為大前提下。 我開始留意，市盈率。 市盈率 簡單來說就是指公司要多少年才可以賺回投資者投入的金錢 (股價)。 計算方式為 每股股價 ÷ 每股盈利 以2018年5月17日 (700) 騰訊控股 為例 市盈率為45.58，市價為HKD415.2。 意味著今天投入HKD415.2去買一股騰訊，假設它每年的盈利不變。 它要45.58年，也就是45年7個月才可以賺回今天投入的HKD415.2。 但留意公司賺錢並不代表股東賺錢，如果公司沒有派息，股東的利潤也無法實現。 以2018年5月17日 (700) 騰訊控股的收益率(息率)為0.21% 也就是0.0021，假設息率不變最快也要476年3個月才能以利息收回當初投資。 市盈率高帶出了兩個問題，一是市場期望有關公司盈利將會高速增長，所以現時較高的市盈率在將來會因盈利上升，而下降到合理水平；二是公司盈利大幅下降，股東不願出售有關股票，期望該股將來會上升，也就是坐艇。 所以市盈率高的股票一般都會有較高的風險，因為盈利預測不一定會實現，一旦跟預期不同，股價可能會大幅下降今市盈率回至合理水平，股東也因此蒙受股價的損失。
閱讀完整內容