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債券 vs 股票 投資表現之比較

債券的收益來自:

利息

- 會按債券的票面息率派發,而發行公司有絕對的責任準時交付利息,

而這個利息回報是現金流。

票面價值增長

- 賣出價比買入價高時,價值增長便會出現。但以下例子更是一個常見情況。

- 假設在Par ($100) 買入債券,發行公司在Call Date (買回日期) 以$102買回該批債券,

那麼就會有2% 的價值增長。

股票的收益來自:

股息

- 股息會在業績公告時提出,但派發股息並不是一個義務,

派發與否取決於業績及管理層,而這個股息回報也是現金流。

股價升值

- 在二手市場中,找到另一個願意用高價買入你手中的股票,價值增長就會出現。


眾所周知,股價的波動很大,上落30%也不足為其,也是其引人入勝的地方,不過你的大部分財產會放入去一個波動這麼大的資產中嗎?而且該資產卻未能提供穩定的現金流,令你並不能在適當的時機再加大投資。相反債券的確不能為你在短時間內有數十巴仙的回報,但它可以幫你成為時間的朋友,持有的日子愈長,債息愈多,風險也愈小。

以下為股票跟其債券之總回報比較 (as at 10-5-2019)

*債券總回報使用買入價和賣出價計算,其中包括按各自債券貨幣條款累計的債息(基於360天)。

HSBC (0005.HK)

股價過去一年跌了約15%,而債券(6.875% Perpetual Corp)過去一年的總回報*約+4%

世茂房地產 (813.HK)

股價過去一年沒升跌,而債券(SHIMAO 4.750% 03Jul2022 Corp (USD))過去一年的總回報*約+9%

雅居樂地產 (813.HK)

股價過去一年跌了約25%,而債券(AGILE 9.000% 21May2020 Corp (USD)過去一年的總回報*約+5%

(以上數據參考Megahub, Bond Supermarket)

這裡不是想表達那個投資工具回報更好,但重點是:股市波動是無可避免,把大部分財富投資在股市並不是明智,反而投資在烏龜上面,讓你有足夠的現金流,在時機到來時再投資,或是安心輕易達成你心中的目標。(請回看我們上一篇龜兔賽跑) https://bit.ly/2VjcfbG

利益申報:英明均持有以上公司的債券


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