摘要

 

隨著日前股神巴菲特喊進日股、科技股大漲,加上國際券商紛紛喊出看好日股「十年一遇」的牛市帶動下,日股今年以來漲勢凌厲,創下33年來新高。

日股經歷一波漲勢,加上外資回流,預料將瞄準體質佳、股價被低估的個股,投資人可透過主動式基金布局,推薦瀚亞投資-日本動力股票基金掌握潛力標的。

指數創新高後,還有上漲空間?

日股近期創下33年以來新高,不僅仰賴低利率環境助攻,企業獲利持續成長,評價面更是相當便宜,根據瀚亞投資統計,日本超過50%的公司股價淨值比(P/B)小於1倍,比例高於歐股、新興市場及美股,顯示日股存在許多潛力標的,成為外資回頭擁抱的首要目標。

日本股市是全球第三大證券交易所,上市公司超過2,000家,過去10年來日股每股盈餘增長表現領先其他已開發市場,卻是最受忽視、低估及持倉最低的市場之一。

表:超過半數的日本公司股價淨值比低於1倍
1-jp_dynamic_202305
資料來源:BofA Global Research,2023/2,瀚亞投資整理。

估值便宜、政策鼓勵企業回補股票

以日股估值來看,本益比約15.8倍,低於十年平均的16.4倍;股價淨值比僅1.3倍,在企業體質改革、積極提振獲利之下,盈餘殖利率卻有13.4%。

東京證交所近期新規定要求股票交易價格持續低於帳面價值的公司進行披露補救計畫,第一階段可能是透過股票回購,提振股東投資報酬率,預期成為日本企業股價上漲的助力。

此外,日央去年底調整利率區間上限,金融股股價大幅反映,近期也傳出可能再調高。另看好零售商(受惠解封)和原物料(需求提振)公司,將受惠觀光開放、消費復甦、原物料價格回跌及中國重新開放等。

挑選主動型基金四大原則

如何跟上日股未來的漲升動能?挑選共同基金可運用「APAC策略」:

● Active:主動型基金為優,不受限於指數成分股,挖掘價格低估的潛力個股

● Performance:基金具備短中長期歷史績效可供驗證

● Allocation:基金持股配置聚焦潛力產業、跟上消費復甦及產業獲利成長,例如非必需消費、金融、原物料、資訊科技等

● Currency:提供多元貨幣級別選擇

基金績效嚴選 多元級別新登場

瀚亞投資-日本動力股票基金於2023年獲得國內外多項基金大獎肯定,具備長期且完整歷史績效。經理團隊透過由下而上的選股策略,不受限於參考指數,精選長期具成長題材、價格被低估的個股,集中持股策略前10大持股比重近50%,就2023年4月底持股配置,非必需消費比重最高(24.5%),其次為工業、金融、資訊科技、原物料。

本檔基金提供多元貨幣級別,包括:A美元、Aj日圓級別、A美元避險、Aa澳幣避險及Az南非幣避險等,有機會額外享受避險收益或適度降低匯率大幅波動。因應市場申購需求,今年新增T3美元避險的經理費後收級別,為市場上少見的選擇,投資人可依持有貨幣及其需求,選擇適合的級別布局。

表:瀚亞投資-日本動力股票基金績效表現
2-jp_dynamic_202305
資料來源:Lipper,2023/4/30,報酬率以原幣計價,同類型平均在台灣核備銷售之境外基金,理柏環球-日本股票型基金主基金為基準。*為主要銷售級別

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