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两地上市银行股AH比价失衡:港股估值最低不足A股五折

2017-09-12 07:13:27   中国经济网

或许是由于投资者看到了AH比价天平的明显失衡,港股通交易也十分活跃。从8月份的表现来看,港股通(沪)的资金显然大爱银行股。

“内地投资者而言由于可能对港股市场的交易规则、投资标的不够了解,并不敢贸然投资,相对而言,两地上市的内资银行股安全性高,而且该类股票又有A股价格作为参照物,H股的价值中枢也会比较明确”,市场人士对《证券日报》记者表示,“如果是长线投资,投资者大多更看重股息率等中长线收益指标;如果是短期投资,H股折价率高并不能与低风险划等号,毕竟两个市场投资者的‘游戏规则’不同,资金的操作思路也有很大区别。”

市场成交数据也印证了上述市场人士的分析。《证券日报》记者注意到,港股通(沪)8月份最为活跃的十家股票中,工商银行、招商银行和中国银行分别排名第2位、第6位和第8位,3家银行各自的8月份买入及卖出金额合计分别为106.3亿港元、43.78亿港元、35.95亿港元。而7月份仅工商银行“登陆”该榜单,买入及卖出金额合计为97.18亿港元;其余银行的买入及卖出金融合计均未能达到30.66亿港元(7月份榜单第10位的“成绩”)。

从9月份前6个交易日的每日交易数据来看(截至上周五),工商银行、中国银行和中信银行也都曾一次或数次成功跻身港股通(沪)每日十大成交活跃股,单日买入及卖出金额通常为数亿港元。

A股也是白菜价

多家上市银行破净

在H股打折的同时,两地上市银行股的A股大多也没有真正“独善其身”。

同花顺数据显示,截至上周五,9家两地上市内资银行股中,有6家银行A股估值依旧处于破净状态,仅招商银行、建设银行和工商银行市净率大于1倍。

不过,如果将25家A股上市银行全部纳入统计视野,则整体估值提升明显。25家银行中,共有14家银行市净率大于1倍,其中5家银行的市净率大于2倍,且5家银行全部为上市农商行。

A股银行的“估值割裂”也由来已久,甚至于从去年IPO重启就一直存在,目前差异较今年年初已经逐步收窄。次新上市银行股目前的流通盘和流通市值都比较小,资金撬动比较容易,目前市净率最低为1.17倍;而破净银行主要为股份制商业银行,证金、汇金等“国家队”持股占比有限,部分银行甚至没有控股股东和实际控制人,估值修复难度也相对较大。

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