摘要
隨全球供應鏈轉移，印度成為外資設廠的首要地點，帶動當地經濟起飛，同時，印度股市長期上漲過程中也催生許多「漲倍股 (Multibaggers)」，比例優於全球各大股市，瀚亞投信持續看好印度長線發展與股市行情。
根據高盛最新報告，統計自 2000 年以來全球各市場，五年滾動期間內出現漲幅超過 10 倍以上的個股，將之稱為「Multibaggers」，而印度以 54% 的比例領先其他市場。
其中，超過 60% 印度漲倍股 (Multibaggers) 獲利能力相當強，擁有營收年增 20%、獲利年增 30% 的實力，且約有 80% 的漲倍股是可看到利潤率的擴張，換言之，印度多數漲倍股都有基本面支撐。
瀚亞印度基金林庭樟表示，過去 20 年，印度每年平均 GDP 成長率達 10%，僅次於中國，甚至累積市值超過 12 倍，長期來看，整體印度指數的年化報酬率來到 12% 至 16%，遠遠勝過 MSCI 新興市場指數，甚至優於其他已開發國家市場，如：美國、歐洲股市。
若進一步觀察產業表現，內生性循環性產業出現最多漲倍股，佔所有產業的 35%，其中水泥、化工、資本投資及耐久財更是出現最多。林庭樟表示，印度受惠於龐大的內生性經濟，滋養許多長期茁壯的產業，而這些漲倍股也驗證當地基礎建設正在積極擴增、內需動能依舊強勁等。
林庭樟說，隨全球籠罩在經濟衰退風險的陰霾中，印度在內外需求雙引擎運轉下，是全球少數沒有衰退疑慮的國家，2023 年的 GDP 成長預估有望維持 6% 以上的動能，整體而言，從各方面來看，印度股市仍處相對低檔的位置，建議投資人持續增加印度股市布局，迎接未來高成長商機。
表：各市場滾動式 5 年期間內出現漲倍股的比例
資料來源：高盛集團，2023/06/01
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