EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
|
|
- Eric Cannon
- 5 years ago
- Views:
Transcription
1 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile: HONG KONG RESEARCH Analyst: Paul Sham 2 nd March CHONG HING BANK LIMITED ( 創興銀行 ) Sector : Banking Executive Director & CEO : Mr. Zhaoxing Zhang HKSE Code : Market Price : HK$17.90(02/03/2015) Shares Issued : 435m Managing Director & : Ms. Leung Ko May Yee Mkt. Cap. : HK$7,786.5m Deputy Chairman 52 weeks Hi/ Lo : HK$19.96 / HK$14.02 HSI : 24, (02/03/2015) Main Business : Banking and related financial services SUMMARY OF THE FINAL RESULTS FOR THE YEAR ENDED 31 ST DECEMBER 2014 Final Results Highlights Vs FY2013 (%) Vs 30/06/2014 (%) Net interest income 1, % Non-interest income % Total operating income 1, % Operating expenses (966) +23.6% Operating profit before impairment losses % Reversal (Charge) of impairment allowances 32 NA Profit before taxation and non-core items % Non-core items 2, % Profit before taxation 2, % Taxation (166) +47.4% Attributable profit to equity holders 2, % Total loans 56, % +17.3% Total deposits 84, % +14.2% Total assets 108, % +24.4% Basic EPS (HK$) % Final DPS (HK$) % Total DPS (HK$) % Selected Ratios FY2014 FY2013 1H2014 Net interest margin 1.58% 1.26% 1.52% Cost-income ratio 52.8% 54.2% 50.5% Return on average assets 0.82% 0.67% 5.44% Return on average equity 9.35% 7.40% 59.47% Impaired loan ratio 0.04% 0.04% 0.06% Impaired advances coverage % % 737.2% Loan-deposit ratio 67.6% 62.9% 65.8% Common Equity tier 1 CAR 9.6% 10.8% 11.4% Tier 1 CAR 12.8% 10.8% 11.4% Total CAR 15.9% 14.6% 15.0% Average liquidity ratio 40.4% 41.7% 38.9% Record earnings boosted by one-off gain Chong Hing Bank (CHB) reported record full-year net profit of HK$2,742m in 2014, up 3.9 times y-o-y, boosted by the disposal gains of HK$1,961m from the sale of Chong Hing Bank Centre. The earnings were in-line with market consensus of HK$2,707m. Excluding such one-off gain, net profit should have increased by 42% y-o-y, translating into annualized return on equity of 9.35% (vs 7.40% in FY13). CHB raised the full-year dividend to HK$0.52 accordingly, up 6.1% y-o-y. This report has been prepared solely for information purposes and we, East Asia Securities Company Limited are not soliciting any action based upon it. Neither this document nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. This document is based upon information, which we consider reliable, but accuracy and completeness are not guaranteed. Opinions expressed herein are subject to change without notice. At the time of preparing this report, we have no position in securities of the company or companies mentioned herein, while other Bank of East Asia Group companies may from time to time have interests in securities of the company or companies mentioned herein.
2 EAST ASIA SECURITIES COMPANY LIMITED Net interest income jumped 35.3% y-o-y to HK$1,372m, on the back of NIM and loan portfolio expansion. CHB s NIM widened 32bps y-o-y to 1.58%, which started to catch up with peers like Hang Seng s 1.90% and BEA s 1.77%, benefited from the faster expansion in loan portfolio relative to the deposit base as well as increased investment in debt securities (+70.7% y-o-y). Meanwhile, CHB s loan book grew at a relatively fast pace of 26.2% y-o-y. Key drivers for loan book included trade finance (+167% y-o-y) and overseas loans (+53.7%). China loans recorded a y-o-y surge of 4.2 times while Macau loans also jumped by 80.9% y-o-y in Non-interest income rose 7.1% y-o-y to HK$458m. Net fee income advanced 7% y-o-y to HK$225m mainly because of the improvements in commission income arising from agency services in selling life insurance and wealth management products and fees from corporate lending and other banking services. Net trading income improved by 20% y-o-y to HK$99m due to strong growth in foreign exchange income. Operating expenses increased by 23.6% y-o-y to HK$966m partly due to the lease payment for Chong Hing Bank Centre, which was sold on 19 February Both staff costs and other operating expenses increased by around 20% y-o-y as the CHB aggressively expanded its business network on the Mainland. Asset quality CHB continued its ultra-prudent policy on the credit control during Impaired loan ratio maintained at the historical low of 0.04% at end-2014, which was the lowest level among peers. Provision coverage also stood at an exceptionally high level of 1087%, and again, topped peers. Compared with the net charge of HK$35m on asset impairment in 2013, CHB recorded a net writeback of HK$32m in Profitability and financial position Although CHB remained at the bottom of the league among Hong Kong-based listed banks in terms of ROE, its profitability was indeed catching up with peers. The ROE improved from 7.40% in FY13 to 9.35% in FY14, which became comparable to BEA s 10.1% and Hang Seng s 13.0%. On the other hand, CET1 ratio fell to 9.6% from 10.8% during FY14, largely due to the rapid expansion of risk-weighted assets. Meanwhile, tier 1 capital ratio improved to 12.8% from 10.8% in 2014, thanks to the issuance of US$300m additional tier 1 capital securities offering in September Outlook & Prospect Catching up with peers Stripping out the one-off gain from the disposal of Chong Hing Bank Centre, CHB s ROE improved from 7.40% in FY13 to 9.35% in FY14. After the takeover by Yue Xiu Group, CHB actively expanded its loan portfolio by increasing business referral and linkages to China. Given its relatively low loan-to-deposit ratio, CHB should be able to boost the interest income further by deploying more free fund to interest-earning assets. Its exceptionally low impaired loan ratio and high coverage ratio should provide CHB enough cushions to absorb potential loan impairment loss. Therefore, we believe CHB should be able to maintain its growth momentum in the coming one or two years. Rapid expansion in China CHB opened the Guangzhou and the Foshan sub-branches in only a few months after the acquisition. Management revealed CHB will continue to accelerate the setup of the Mainland business network and enhance its cross-border integrated financial services. Chairman Zhang Zhaoxing used to mention that there may be plans to consolidate the securities firms run by both Chong Hing Bank and Yue Xiu's existing financial arm in the future. Therefore, we believe the rapid expansion in China or business injection by its parent company will continue to be the key earnings drivers in Change of shareholding structure Guangzhou Friendship Group ( CH) announced in Dec 2014 that it will acquire 100% stake in Yuexiu Financial Holdings, the parent company of CHB, which runs securities brokerage, leasing, financial guarantee, micro-finance and private equity businesses. The restructure of parent company may lead to the shift of business strategy in the future but no detail was disclosed by Management at the moment. Valuation In terms of profitability and overseas exposure, CHB has long been the weakest bank among local peers and Management should take some years to reform and catch up with peers,. Trading at FY14E P/B of 0.87x and FY14E P/E of 7.9x, valuations are currently the lowest in the local banking sector and we recommend a Buy rating on the counter. Recommendation: Buy 2
3 Appendix I I. Impairment allowances, overdue and rescheduled advances of Chong Hing Bank As % of total customer advances Individual allowance Portfolio Non-performing allowance loans Overdue and rescheduled advances As of 31/12/ % 0.42% 0.04% 0.10% As of 30/6/ % 0.42% 0.06% 0.19% As of 31/12/ % 0.42% 0.04% 0.79% II. Comparison of Chong Hing Bank s loan book: 31/12/2014 vs 31/12/2013 Loans-by industry 31 st Dec, 2014 Up/(down) 31 st Dec, 2013 Property related 9, % 9,787 Financial concerns 3, % 2,407 Wholesale & retail trade 2, % 1,934 Manufacturing 2, % 1,924 Transport & transport equipment % 755 Residential mortgages, HOS/PSPS 7, % 7,528 Credit card % 109 Others 10, % 9,875 Trade finance 8, % 3,288 Stockbrokers 1, % 773 Loans outside HK 10, % 6,740 56, % 45,120 III. Comparison of Chong Hing Bank s loan book: 31/12/2014 vs 30/06/2014 Loans-by industry 31 st Dec, 2014 Up/(down) 30 th Jun, 2014 Property related 9, % 8,919 Financial concerns 3, % 1,773 Wholesale & retail trade 2, % 2,222 Manufacturing 2, % 1,995 Transport & transport equipment % 848 Residential mortgages, HOS/PSPS 7, % 7,789 Credit card % 82 Others 10, % 10,142 Trade finance 8, % 6,001 Stockbrokers 1, % 2,327 Loans outside HK 10, % 6,447 56, % 48,546 3
4 Appendix II Breakdown of loan book of Chong Hing Bank Breakdown of Loan Book as of 31/12/2014 Total customer advances: HK$56,926 million Stockbrokers 2.6% Loans outside HK 18.2% Property related 16.1% Financial concerns 6.0% Whoelsale & retail trade 4.2% Trade finance 15.4% Manufacturing 3.5% Others 18.5% Credit card 0.2% Residential mortgages, HOS/PSPS/TPS 13.7% Transport and transport equipment 1.5% Breakdown of Loan Book as of 31/12/2013 Total customer advances: HK$45,120 million Stockbrokers 1.7% Trade finance 7.3% Loans outside HK 14.9% Others 21.9% Property related 21.7% Financial concerns 5.3% Whoelsale & retail trade 4.3% Credit card 0.2% Residential mortgages, HOS/PSPS/TPS Transport and 16.7% transport equipment 1.7% Manufacturing 4.3% 4
5 Important Disclosure / Analyst Certification / Disclaimer This document is published by East Asia Securities Company Limited, a wholly-owned subsidiary of The Bank of East Asia, Limited (BEA). The research analyst primarily responsible for the content of this report, in part or in whole certifies that the views on the companies and their securities mentioned in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. This report has been prepared solely for information purposes and has no intention whatsoever to solicit any action based upon it. Neither this report nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information, which East Asia Securities Company Limited considers reliable, but accuracy or completeness is not guaranteed. Information and opinions expressed herein reflect a judgment as of the date of this document and are subject to change without notice. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is not to be taken in substitution for the exercise of judgment by respective readers of this report, who should obtain separate legal or financial advice. East Asia Securities Company Limited and / or The BEA Group accepts no liability whatsoever for any direct or consequential loss arising from any use of this report or further communication given in relation to this report. At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein the report, while BEA along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this report. BEA and its associates, its directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. BEA and/or any of its affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company or companies mentioned in this report and may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from the subject company or companies mentioned in the report. This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or located in, any locality, state, country or other jurisdiction, publication, availability or use would be contrary to law and regulation. 5
EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 26 th February 2016. CHONG HING BANK LIMITED ( 創興銀行 ) Sector
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 31 st July 2007. HANG SENG BANK LIMITED ( 恒生銀行 ) Sector
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 8 th March 2012. CHONG HING BANK LIMITED ( 創興銀行 ) Sector : Banking
More informationWING HANG BANK LIMITED
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Paul Sham 7 th March 2014. WING HANG BANK LIMITED ( 永亨銀行 ) Sector : Banking
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 26 th March 2010. ICBC (ASIA) LIMITED ( 工銀亞洲 ) Sector : Banking
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Paul Sham 25 th March 2011. BOC HONG KONG (HOLDINGS) LIMITED ( 中銀香港 )
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 15 th August 2008. ICBC (ASIA) LIMITED ( 工銀亞洲 ) Sector : Banking
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 17 th August 2007. WING HANG BANK LIMITED ( 永亨銀行 ) Sector
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 7 th March 2007. FUBON BANK (HONG KONG) LIMITED ( 富邦銀行 (
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 28 th August 2009. BOC HONG KONG (HOLDINGS) LIMITED ( 中銀香港 )
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 25 th August 2011. BOC HONG KONG (HOLDINGS) LIMITED ( 中銀香港 )
More informationWING HANG BANK LIMITED ( 永亨銀行 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Stanley Lau 17 th March 2006 WING HANG BANK LIMITED ( 永亨銀行 ) Sector :
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 9 th March 2011. FUBON BANK (HONG KONG) LIMITED ( 富邦銀行 ( 香港
More informationWING HANG BANK LIMITED ( 永亨銀行 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8098 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Kelvin Li 18 th August 2006 WING HANG BANK LIMITED ( 永亨銀行 ) Sector : Banking
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 6 th March 2007. WING LUNG BANK LIMITED ( 永隆銀行 ) Sector : Banking
More informationHANG SENG BANK LIMITED ( 恒生銀行 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Kevin Tam 1 st August 2006 HANG SENG BANK LIMITED ( 恒生銀行 ) Sector : Banking
More informationWING LUNG BANK LIMITED ( 永隆銀行 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8098 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Kelvin Li 23 rd February 2006 WING LUNG BANK LIMITED ( 永隆銀行 ) Sector :
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 31 st August 2009. CHINA CITIC BANK CORPORATION LIMITED ( 中信銀行
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Paul Sham 6 th April 2011. CHINA CITIC BANK CORPORATION LIMITED ( 中信銀行
More informationHANG SENG BANK LIMITED ( 恒生銀行 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH 2 nd August 2005 HANG SENG BANK LIMITED ( 恒生銀行 ) Sector : Banking Chairman : Mr.
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 8 th August 2007. STANDARD CHARTERED PLC ( 渣打集團 ) Sector
More informationSUMMARY OF THE INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 TH JUNE 2013
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 6 th August 2013. HSBC HOLDINGS PLC ( 滙豐控股 ) Sector : Banking
More informationTHE BANK OF EAST ASIA, LIMITED ( 東亞銀行 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8098 Facsimile: 3608 6132 HONG KONG RESEARCH 4 th August 2005 THE BANK OF EAST ASIA, LIMITED ( 東亞銀行 ) Sector : Banking Chairman
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 23 rd February 2016. HSBC HOLDINGS PLC ( 匯豐控股 ) Sector : Banking
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 31 st July 2012. HSBC HOLDINGS PLC ( 滙豐控股 ) Sector : Banking
More informationHUTCHISON WHAMPOA LIMITED (
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Sabina Cheng 1 st April, 2010 HUTCHISON WHAMPOA LIMITED ( ) Sector : Conglomerates
More informationHUTCHISON WHAMPOA LIMITED ( 和記黃埔 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Anita Hwang 23 rd March 2007 HUTCHISON WHAMPOA LIMITED ( 和記黃埔 ) Sector
More informationTHE WHARF (HOLDINGS) LIMITED ( 九龍倉 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Carmen Wong 17 th March 2015 THE WHARF (HOLDINGS) LIMITED ( 九龍倉 ) Sector
More informationHUTCHISON WHAMPOA LIMITED ( 和記黃埔 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Carmen Wong 2 nd March, 2015 HUTCHISON WHAMPOA LIMITED ( 和記黃埔 ) Sector
More informationHUTCHISON WHAMPOA LIMITED ( 和記黃埔 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Carmen Wong 1 st August, 2014 HUTCHISON WHAMPOA LIMITED ( 和記黃埔 ) Sector
More informationLuk Fook (590 HK) Hold (maintained) Target price: HK$ In line results, 1QFY17 remains weak. Equity Research Consumer Discretionary.
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$16.50 In line results, 1QFY17 remains weak In line results Net profit slumped 41% YoY to HK$959m in 1QFY17, in
More informationMTR CORPORATION LIMITED ( 香港鐵路有限公司 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Carmen Wong 14 th August 2015 MTR CORPORATION LIMITED ( 香港鐵路有限公司 ) Sector
More informationHSI gained 9% in March on tamed rate hike fear
Turnover (HK$ bn) Hang Seng Index EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8098 Facsimile: 3608 6113 HONG KONG RESEARCH Restricted
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Strong FY14 results; order book momentum maintained FY14 results above expectation Net profit jumped
More informationChow Sang Sang (116 HK)
Equity Research Consumer Discretionary Chow Sang Sang (116 HK) Hold (maintained) Target price: HK$14.00 1H16 China sales outperformed peers; still cautious on HK market Maintain Hold We revise down our
More informationChow Tai Fook (1929 HK)
Equity Research Consumer Discretionary Hold (maintained) Target price: HK$8.50 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited 29-30/F,
More informationLuk Fook (590 HK) Hold (downgraded) Target price: HK$ HFY18 results beat, but downgrade from Accumulate to Hold on rich valuation
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (downgraded) Target price: HK$34.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage
More informationHSI revived as bargain hunting emerged
Turnover (HK$ bn) Hang Seng Index EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Facsimile: 3608 6113 Restricted circulation Weekly Report 10 th August
More informationResearch Franshion Properties (China) Limited [Stock Code: 0817] ( )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Anita Hwang 6 th August 2007 Research Franshion Properties (China) Limited
More informationFung family (21.68% ) DPS (HK$)
Recommendation: HOLD TP: HK$138.78 (+20.2%) Wing Hang Bank (302.HK) 07 December 2013 SECTOR: HK Banking HSI: 23,811.17 PRICE: HK$115.5 EARNINGS (HK$b) 2011 2012 2013E 2014E 2015E Key Data Net interest
More informationLuk Fook (590 HK) Strong 1Q gem-set SSS in China. Core profit (HK$ m) Net profit (HK$ m) Turnover (HK$ m)
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$23.10 Strong 1Q gem-set SSS in China China gem-set SSS outperformed CTF SSS in China improved from -5% in 1QFY15
More informationYuexiu REIT (405 HK)
Equity Research Property Yuexiu REIT (405 HK) Buy (initiation) Target price: HK$5.90 Premium investment property portfolio, attractive dividend yield; initiate at Buy First HK-listed China property REIT,
More informationDate US US JAPAN SINGAPORE MALAYSIA BANGKOK TAIPEI Dow Jones NASDAQ Nikkei Avg STI KLSE Index SET Index Weighted Index
Turnover (HK$ bn) Hang Seng Index 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8098 Facsimile: 3608 6113 HONG KONG RESEARCH Restricted circulation Weekly Report Analyst:
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Hold (downgraded) Target price: HK$22.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong)
More informationLuk Fook (590 HK) Hold Target price: HK$ Downgrade to Hold on more challenging HK & Macau market outlook. Equity Research Consumer Discretionary
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold Target price: HK$24.60 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited
More informationHSI hit 2016 high despite Shanghai slump
Turnover (HK$ bn) Hang Seng Index 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8098 Facsimile: 3608 6113 HONG KONG RESEARCH Restricted circulation Weekly Report Analyst:
More information2009 Interim Results
2009 Interim Results 27.08.2009 Forward-Looking Statement Disclaimer This presentation and subsequent discussions may contain forward-looking statements that involve risks and uncertainties. These statements
More informationCOMPANY UPDATE. May 16, ROE (%) Dividend yield (%)
Summary. Man Wah s relatively weak FY2018 results were somewhat anticipated, given rising commodity prices and RMB appreciation. On the positive side, the China business performed well and will be the
More informationHONG KONG RESEARCH Analyst: Kelvin Li 8 th November China Rongsheng Heavy Industries Group Holdings Limited [Stock Code: 01101]
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8098 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Kelvin Li 8 th November 2010 Research China Rongsheng Heavy Industries
More informationEarnings sustainability and asset quality remain under pressure
Bank of Chongqing (1963 HK; TP H KD6.85; H OLD) Bank of Chongqing (1963 HK) Equity Research Earnings sustainability and asset quality remain under pressure Huatai Research 30 October 2017 Equity China
More informationMTR CORPORATION LIMITED ( 香港鐵路有限公司 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Carmen Wong 12 th March 2013 MTR CORPORATION LIMITED ( 香港鐵路有限公司 ) Sector
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$ Q16 results in line, renewed growth outlook; maintain Buy with target price of HK$20.
Equity Research Information Technology Kingsoft (3888 HK) Buy (maintained) Target price: HK$2.77 2Q16 results in line, renewed growth outlook; maintain Buy with target price of HK$2.77 2Q16 results in
More informationCLSA Investors Forum September Mrs Margaret Leung Vice-Chairman and Chief Executive Hang Seng Bank
CLSA Investors Forum 2011 21 September 2011 Mrs Margaret Leung Vice-Chairman and Chief Executive Hang Seng Bank Good afternoon, ladies and gentlemen. I am delighted to have the opportunity to speak with
More informationSECTOR: Banking HSI: 22,561 PRICE:HK$5.37
Recommendation BUY Target Price: HK$6.92 (+28.9%) Industrial and Commercial Bank of China (1398.HK) 5 March 2013 SECTOR: Banking HSI: 22,561 PRICE:HK$5.37 EARNINGS (RMBm) KEY DATA For the fiscal year ended
More informationGoodbaby (1086 HK) Buy (maintained) Target price: HK$ H16 results miss, but margin expansion continues. Equity Research Consumer Discretionary
Equity Research Consumer Discretionary Goodbaby (1086 HK) Buy (maintained) Target price: HK$4.20 1H16 results miss, but margin expansion continues Maintain Buy Net profit rose 21% YoY to HK$107m in 1H16,
More informationCRRC (1766 HK) Accumulate (maintained) Target price: HK$8.20. Weak 1H17 results, but management s optimistic view on EMU orders eases market concern
Equity Research Rail Equipment CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.2 Dominic Chan, CFA, FRM SFC CE No. APP69 dominicchan@gfgroup.com.hk +852 3719 1218 GF Securities (Hong Kong) Brokerage
More informationChow Tai Fook (1929 HK)
Equity Research Consumer Discretionary Chow Tai Fook (1929 HK) Accumulate Target price: HK$11.60 3QFY15 sales disappoint SSS plunge 21% YoY in HK and Macau The sluggish sales was attributable to protest
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Product mix improvement in 4Q15 order book 4Q15 order book kept at low-teen, better product mix Order
More informationPICC Group (1339 HK)
Equity Research Financials PICC Group (1339 HK) Accumulate (Maintained) Target price: HK$4.40 Company undervalued; maintain Accumulate Positive signs for both the P&C sector in China and PICC P&C We see
More informationLeju Holdings (LEJU US)
Equity Research Property Leju Holdings (LEJU US) Hold (Initiation) Target price: US$16.00 Fairly valued major real estate services provider; initiate at Hold Major real estate services provider in China
More informationThe Bank of East Asia, Limited 2017 Final Results - Highlights (for year ended 31 st December, 2017)
For Immediate Release Hong Kong, 22 nd February, 2018 The Bank of East Asia, Limited 2017 Final Results - Highlights (for year ended 31 st December, 2017) Strong results delivering EPS growth of 165% to
More informationGCL New Energy (451 HK) NOT RATED. Transformation on Track. 23 May Equities Hong Kong/China Company Update Company Report
Equities Hong Kong/China Company Update Company Report GCL New Energy (451 HK) Transformation on Track After our recent visit to GCL New Energy ( GNE ), we are impressed by the company s transformation
More informationMain Board H-share Listing Research 青島港國際股份有限公司 Qingdao Port International Co., Ltd. (06198)
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8098 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Kelvin Li 26 th May 2014 Main Board H-share Listing Research 青島港國際股份有限公司
More informationGuotai Junan International [1788.HK]
Guotai Junan International [788.HK] Adjustment of Margin Financing Business Largely Completed; Reiterate BUY Net profit of Guotai Junan International (GTJAI) was HK$.bn for 7, up 7% YoY. This was lower
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$20.77
Equity Research Information Technology May 24, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$2.77 Full-year earnings forecast trimmed as 1Q16 results miss; maintain Buy but lower target price
More informationNeptune Group Limited (70 HK)
(70 HK) 9 Nov 2012 A High-end VIP Niche Play 3Q performance beats overall VIP market Our recent channel checks indicate that 3Q rolling chip turnover ( RCT ) performance of ( Neptune ) has increased by
More informationThe Board of Directors of DBS Group Holdings Ltd ( DBSH or the Company ) reports the following:
To: Shareholders The Board of Directors of DBS Group Holdings Ltd ( DBSH or the Company ) reports the following: Unaudited Financial Results for the Nine Months/ Third Quarter Ended 30 September Details
More informationDah Sing Group Interim Results. Dah Sing Group
Dah Sing Group 2018 Interim Results Dah Sing Group Performance highlights HK$1.75 billion and HK$1.34 billion normalized DSBG and DSFH interim profit before BOCQ impairment Strong core banking earnings
More informationFor Immediate Release. Hong Kong, 17 th February, ,505 3,723
Hong Kong, 17 th February, 2017 For Immediate Release The Bank of East Asia, Limited 2016 Final Results - Highlights (for the year ended 31 st December, 2016) Our three year cost-saving plan is firmly
More information04 January 2008 Flash Comment
04 January 2008 Flash Comment Sinopec (0386.HK) Acquisition five oil refineries and 63 gas stations Expected Return Rating : HOLD Price (03/01/08) : HK$11.62 Target Price : HK$13.10 Expected Capital Gain
More information2014 Full Year Results Presentation
2014 Full Year Results Presentation 11 February 2015 Disclaimer: This material should be read as an overview of OCBC s current business activities and operating environment. It should not be solely relied
More informationIGG (799 HK) Buy (maintained) Target price: HK$3.75. Strengthened global operation and development capability; maintain Buy but cut TP to HK$3.
Equity Research Information Technology IGG (799 HK) Buy (maintained) Target price: HK$3.7 Strengthened global operation and development capability; maintain Buy but cut TP to HK$3.7 Lowerthanexpected 2Q
More informationCONTINUING CONNECTED TRANSACTIONS FOREIGN EXCHANGE AND FINANCIAL MARKETS TRANSACTIONS FRAMEWORK AGREEMENT
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationNeutral (Maintained)
3 Sector Update, 1 September July Statistics: Loan Growth Still Struggling Neutral (Maintained) Macro Risks Growth Value System loans growth 1 Source: Bank Negara Malaysia Loan (MYRbn - LHS) Loan Growth
More information23,315 PRICE: HK$3.55 EARNINGS
Recommendation: BUY TP: HK$4.87(+37.2%) Comba Telecom Systems Holdings Limited (2342.HK) 06 October 2014 SECTOR: Telecom Equipment HSI: 23,315 PRICE: HK$3.55 EARNINGS (reported in HK$m) KEY DATA For the
More informationTHE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 2014 CONSOLIDATED RESULTS HIGHLIGHTS
23 February 2015 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED CONSOLIDATED RESULTS HIGHLIGHTS Pre-tax profit HK$111,189m (HK$144,756m in ) tributable profit HK$86,428m (HK$119,009m in ) Return
More informationState Bank of India (SBI)
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17. Volume No.. II Issue No. 126 State Bank of India (SBI) June 23, 217 BSE Code: 5112 NSE Code: SBIN Reuters Code:
More informationUni-Asia Group Limited
COMPANY UDPATE Marine; Property Uni-Asia Group Limited (UAG SP/UAFC.SP) BUY - Maintain Price as of 13 Dec 2017 1.23 12M target price (S$) 1.85 Previous target price (S$) 1.92 Upside (%) 50.4 Trading data
More informationMain Board Listing Research
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Carmen Wong 26 th June 2014 Main Board Listing Research 綠葉製藥集團有限公司 Luye
More informationHK Retail Sector Monthly
Equity Research Consumer Discretionary May 4, 218 HK Retail Sector Monthly March retail sales jump 11.2%; momentum continued into April and Labor Day holiday Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk
More informationKINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
16 August 2018 2QFY18 Results Review Public Bank Berhad Higher than expected interim dividend Maintain BUY Unchanged Target Price (TP): RM27.30 INVESTMENT HIGHLIGHTS Earnings within expectations Net profit
More information2003 Audited Interim Results Presentation
Solid Operating Performance in a Challenging Environment 2003 Audited Interim Results Presentation 5 September 2003 Forward-Looking Statement Disclaimer This presentation and subsequent discussions may
More informationANNOUNCEMENT OF 2017 FINAL RESULTS SUMMARY OF RESULTS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More information2015 Full Year Results Presentation
2015 Full Year Results Presentation 17 February 2016 Disclaimer: This material should be read as an overview of OCBC s current business activities and operating environment. It should not be solely relied
More informationHaitong Securities [6837.HK]
July 14, 2015 Haitong Securities [6837.HK] Solid 1H Result Provides Buffer; Margin Financing Risk Manageable We believe a 36% correction of Haitong Securities (HTS) share price since early June has been
More informationYuexiu Property (123 HK)
Equity Research Property Yuexiu Property (123 HK) Buy (initiation) Target price: HK$1.70 Earnings to resume growth in 2017; initiate at Buy Major Guangzhou developer focused on residential property Previously
More informationChina Modern Dairy (1117 HK)
Equity Research Consumer staples China Modern Dairy (1117 HK) Underperform (Downgraded) Target price: HK$2.75 ASP outlook worsens on China Mengniu settlement price cut Milk powder inventory destocking
More informationA New Chapter Our Shared Future 2015 Annual Results
A New Chapter Our Shared Future 2015 Annual Results 2016.03.30 Forward-Looking Statement Disclaimer This presentation and subsequent discussions may contain forward-looking statements that involve risks
More informationDah Sing Bank, Limited
ANNOUNCEMENT OF 2007 INTERIM RESULTS The Directors of Dah Sing Bank, Limited (the Bank ) are pleased to present the unaudited consolidated results of the Bank and its subsidiaries (collectively the Group
More informationBUY CMEC [1829.HK] May 19, More new flow on overseas contract is expected to come under, upgrade to BUY. Infrastructure Sector
CMEC [9.HK] More new flow on overseas contract is expected to come under, upgrade to BUY A total of US$21bn of major economic corporation contracts were signed (or reinforced) after the visiting activities
More informationJewelry Sector. YTD HK market stronger-than-expected; FY18 results could beat. Equity Research Consumer Discretionary. Mar 12, 2018.
Equity Research Consumer Discretionary Jewelry Sector YTD HK market stronger-than-expected; FY18 results could beat Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities
More information2018 Insurance Sector Outlook
Equity Research Financials 2018 Insurance Sector Outlook Positive (maintained) Felix Luo SFC CE No. AQF573 felixluo@gfgroup.com.hk +852 3719 1048 GF Securities (Hong Kong) Brokerage Limited 29-30/F, Li
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$ Strong earnings recovery ahead amid continued revenue momentum; maintain Buy
Equity Research Information Technology Mar 29, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$24.7 Strong earnings recovery ahead amid continued revenue momentum; maintain Buy FY1 results in
More informationYili ( CH) Improved margins in 1Q17 May 8, 2017
Yili (600887 CH) Improved margins in 1Q17 In 1Q17, Yili s revenue, gross profit, and net profit grew 3.03% YoY, 10.49% YoY and 11.58% YoY The Group s NPM improved from 9.34% in FY16 to 10.98% in 1Q17;
More informationKWG. Seeking balance between scale and profitability. March 27, 2018 Equity Research. Stock code: 1813.HK Rating: HOLD Price target (HK$) 12.
Equity Research Seeking balance between scale and profitability Downgrade to HOLD and revise down TP to HK$12.50: 2017 result missed our estimation; core net profit dropped by 19% YoY, expansion execution
More informationChina TCM (570 HK) Buy (maintained) Target price: HK$ H17 earnings beat, 2017 growth guidance reaffirmed; TP raised to HK$5.
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Equity Research Healthcare China TCM (570 HK) Buy (maintained) Target price: HK$5.40
More informationHDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11%
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17. Volume No.. I Issue No. 147 HDFC Bank Oct. 31, 2017 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.NS
More informationYum Cha 飲茶. May 8, 2018 TALKING POINT - HSI QUARTERLY REVIEW RESEARCH NOTES SNIPPETS. INDICES Closing DoD%
Yum Cha 飲茶 May 8, 28 INDICES Closing DoD% Hang Seng Index 29994.3.2 HSCEI 966.4.6 Shanghai COMP 336.6. Shenzhen COMP 822.2.9 Gold 34. (.) BDIY 384..6 Crude Oil, WTI(US$/BBL) 7.7.4 Crude Oil, BRENT(US$/BBL)
More informationCITIC Securities [6030.HK; CH]
CITIC Securities [6030.HK; 600030.CH] CITIC Securities (CITICS) reported a net profit of RMB2.9bn in Q2 2018, up 10%. The major lines of business still managed to achieve single-digit revenue growth, which
More informationDBS BANK (HONG KONG) LIMITED (Incorporated in Hong Kong with limited liability)
DBS BANK (HONG KONG) LIMITED (Incorporated in Hong Kong with limited liability) GROUP INTERIM FINANCIAL DISCLOSURE STATEMENTS FOR THE SIX MONTHS ENDED 30TH JUNE 2008 TABLE OF CONTENTS Page Unaudited consolidated
More information