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華坊諮詢:ESG表現優秀利公司估值


華坊諮詢評估可持續發展顧問劉凱琦表示,發行綠債、可持續掛鈎表現票據,甚至着手參與減碳,以至興建項目時達至LEED或BEAM國際標準,都能夠改善ESG表現。當中表現優秀者更通常在風險控制上表現較好,也可利用其競爭優勢產生更高盈利,因此估值上會對現金流量、風險和資金成本均帶來正面影響。在公司估值之外,劉凱琦更引述香港理工大學數年前以深水埗的住宅項目作研究指出,獲BEAM Plus認證的項目售價比未有認證的高出4.4%。


她稱,市場替公司估值時,執行ESG能力高的企業一般有較低的系統性風險和資金成本,若按現金流折現法模型分析,反映系統風險的Beta值較低的公司將具較高估值。


Our Hannah Lau told MingPao that companies issued green bond, provided

sustainability-linked performance note, accelerate decarbonization of the economy, as well as build up LEED or BEED international standard project, leading to higher valuation.


She said, a high ESG scores company usually has a lower systematic risk and cost of capital. Since financial variables such as beta are reflecting systematic risk, if a company with lower beta are usually awarded higher valuation by using DCF model for testing.

Ming Pao: https://bit.ly/2KZzAzM

related article:

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