This report continues to compare the valuation levels of overseas leaders and A-share leaders from the perspective of style and industry, including 16 GICs sub industries under the two styles of big finance and other services. Considering that the net profit of some industries fluctuates greatly under the influence of the epidemic, which may lead to the decline of pe-g reference value, pb-roe has more reference significance at this time.
I. big finance
1. The major A-share financial leaders have been in a state of discount for a long time, and the current valuation premium is significantly lower than the historical median. The allocation value is prominent from the perspective of comparison of valuation of domestic and foreign leaders.
2. From the perspective of pe-g, the valuation of large A-share financial industry is mostly in a reasonable or advantageous range.
Reasonable valuation: Bank, real estate;
More advantages: capital market, insurance.
3. From the perspective of pb-roe, the valuation of A-share large financial industry has more advantages as a whole.
More advantages: banking, capital market, insurance, real estate.
II. Other services
1. Other service leaders of A-Shares have been in a premium state for a long time. The current valuation premium is significantly lower than the historical median, and the allocation value is prominent from the perspective of valuation comparison of domestic and foreign leaders.
2. From the perspective of pe-g, the valuations of A-share and other service industries are mostly in a reasonable or advantageous range.
Reasonable valuation: shipping, highway and railway, gas;
More advantages: seaport, environmental protection equipment, power, independent power and renewable power producers, diversified utilities, water;
High valuation: logistics express.
3. From the perspective of pb-roe, the valuations of A-share and other service industries are mostly in a reasonable or advantageous range.
Reasonable valuation: shipping, roads and railways, airports, electricity and gas;
More advantages: aviation, seaport, environmental protection equipment, independent power and renewable power producers, diversified utilities, water;
Expensive Valuation: logistics express.
Risk tips: 1. Different development stages of some global industries lead to incomparable valuations; 2. The impact of the epidemic has led to sharp fluctuations in the performance of some stocks; 3. Regulatory policy disturbance.
