We expect Hang Seng Index to move between 19,000 and 20,500 in March but the risk is on the upside. Hang Seng Index Performance.
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- Sheila Miles
- 5 years ago
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1 14 th March, 2016 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 20, HSCI 2, HSCCI (Red Chips) 3, HSCEI (H-Shares) 8, Mkt T/O ($ Mn) 63, , Source: Bloomberg Market Outlook Eric Yuen - ericyuen@guoco.com Hang Seng Index closed up 1.1% at 20,200 last Friday. Market turnover increased to $63.3 billion. Heavily weighted Tencent (700) and AIA Group (1299) surged 2.1%- 2.3%. HSBC (5) was little changed. CITIC Ltd (267) jumped 9.2% after a loss of 4.7% in previous two days. Gaming operator Galaxy Entertainment (27) and Sands China (1928) climbed 2.0%-2.9%. Eight largest Chinese property developers grew an average 2.7%. Local property and consumption stocks showed mixed performance. Cheung Kong Property (1113) soared 1.2% whilst Link REIT (823) retreated 0.9%. China Resources Beer (291) added 3.7%. Tingyi (322) tumbled 2.1%. Belle Int l (1880) plunged 7.9% after reporting poor same store sales data. HSCEI advanced 1.7% led by railway, power and cement stocks. CRRC Corporation (1766) increased 10.5%. China Railway Group (390) and CCCC (1800), China Longyuan (916) and Huaneng Power (902) rose 3.7%-6.0%. Anhui Conch (914) and CNBM (3323) went up 3.8%-3.9%. Banking, insurance and securities stocks in HSCEI grew an average 2.7%, 1.9% and 0.8% respectively. China Merchants Bank (3968), the worst performing HSCEI stock, slid 1.4%. We expect Hang Seng Index to move between 19,000 and 20,500 in March whilst the risk is on the upside. Oversea DJIA 17, NASDAQ 4, Shanghai SE Composite 2, Crude Oil Futures (US$) Gold Futures (US$) 1, Baltic Dry Index USD / Euro Yen / USD HSCEI HSI 20-Day MA 8, , Day MA 8, , Day RSI We expect Hang Seng Index to move between 19,000 and 20,500 in March but the risk is on the upside. Remarks: GuocoCapital Ltd is licensed by the Securities and Futures Commission to carry on Types 1, 4, and 6 regulated activities in Hong Kong. GuocoCapital Futures Ltd is licensed by the Securities and Futures Commission to carry on Type 2 regulated activity in Hong Kong. Bullion trading services provides by GuocoCapital Bullion Ltd. Securities Futures Bullion Corporate Finance
2 Industry / Corporate News Eric Yuen - ericyuen@guoco.com China State Construction Int l (3311) is expected to deliver strong earnings results Maintain Maintain Acquired new contract of $15.6bn in 2M16 representing 20% completion of full year target Risk Level: Medium Traded at 2016 PER of 8.8x with projected EPS growth of 20% in 2015 and 23% in 2016, Time Horizon: Long valuation of CSCI is undervalued compared to its 5-year average forward PER of 13.7x China State Construction International (3311, CSCI, $11.54) underperformed the Hang Seng Index by 8.4% and 2.7% over the past 1 month and 3 months respectively as short-term investors chased laggards amid an improvement in market sentiment. We are not aware of any change in fundamentals of the company. CSCI remains a well-managed construction company in China with a strong execution capability and proven track record of delivering decent earnings growth. From 2011 to 2014, the company s revenue and earnings increased at a CAGR of 28.1% and 31.9% respectively. EPS CAGR during the period was 26.1% due to dilution from share placement in July Gross margin expanded from 12.2% in 2012 to 13.7% in 2013 and 13.8% in The margin improvement is partly attributable to acquisition of more projects from China which enjoys higher gross margin compared with those in Hong Kong and Macau. Net margin was relatively stable at 10.0%-10.8% in the past three financial years. CSCI s new contract value surged 32.3% in 2014 but only 16.3% in 2015 due to a slowdown of China s economy. Management s target for new contracts to be awarded in 2016 is no less than $78.0bn, representing an 11.4% increase over the actual contract value achieved in In the first two months of 2016, the company recorded new contract value of $15.6bn and hence achieved a 20% completion of the full year target. As of 29 February 2016, the company s on-hand contract value amounted to $214.3bn among which the backlog was approximately $136.5bn, equivalent to 4 times of the company s revenue in For the first nine months of 2015, the company s operating revenue grew 14% yoy to $2.56bn while the aggregate amounts of operating profit and the share of profits of joint ventures increased by 23% yoy to $3.49bn. Full year earnings results will be released on March 22. According to Bloomberg estimates, the company s earnings are expected to reach $4.23bn in 2015 and $5.21bn in 2016, up 22% and 23% yoy respectively. Traded at 2016 PER of 8.8x with projected EPS growth of 20% in 2015 and 23% in 2016, valuation of CSCI is undervalued compared to its 5-year average forward PER of 13.7x. Maintain with unchanged 12-month price target of $14.3 based on 2016 PER of 11.0x. Recent Recommendations Stock Pick Rating Recommendation Highlights TP Nine Dragons Paper (2689) Reiterate on Nine Dragons Paper (2689) on lowered forex risk and improving fundamentals $6.02 China State Construction Int l China State Construction Int l (3311) is expected to deliver strong earnings results (3311) Maintain $14.3 Lee & Man Paper (2314) Reiterate on Lee & Man Paper (2314) on solid annual results with improving containerboard industry outlook $5.8 Galaxy Entertainment (27) Recommend to on Galaxy Entertainment (27) amid solid 4Q15 earnings and improving gaming industry outlook $32.3 HKEx (388) SELL Maintain SELL on HKEx (388) due to expensive valuation $152 Xinyi Glass (868) Maintain on Xinyi Glass (868) on attractive valuation and better glass price outlook $5.38 Shenzhen Investment (604) Shenzhen Investment (604) on higher earnings visibility and lower earnings risk $3.90 China High Speed Reiterate on China High Speed Transmission (658) amid company s latest Transmission (658) positive profit alert $8.78 CAR Inc (699) HOLD Disappointing 4Q15 financial results Downgrade CAR Inc (699) to HOLD $9.30 AAC Technologies (2018) Reiterate on AAC Technologies (2018) amid the smartphone spec upgrade cycle $57.4
3 Technical Ideas Huaneng Renewables (958, $2.12) TP: $2.35 Risk: High Time Horizon: Short Huaneng Renewables is an alternative energy company. The company acquires and develops wind power projects in China and overseas. Counter rose 6.0% last Friday with exceptional turnover. 9-day RSI also rose above 50, indicating a strong upward momentum ahead.. Short-term target at $2.35. Cut lost at $2.00. Consensus 2016 PER: 8.4x Consensus target price: $2.82 Source: Bloomberg, GuocoCapital CRRC (1766, $8.02) TP:8.90 Risk: Medium Time Horizon: Short CRRC Corporation provides a wide range of rolling stock products and services. The company's products include locomotives, passenger carriages, freight wagons, MUs, rapid transit vehicles and key related components. Counter rose 10.5% last Friday with exceptional turnover. 9-day RSI rose above 50, indicating a strong upward momentum ahead.. Short-term target at $8.90. Cut lost at $7.30. Consensus 2016 PER: 13.5x Consensus target price: $8.98 Source: Bloomberg, GuocoCapital
4 RSI Indicator Overbought (9-day RSI> 80) Tickers 41, 258, 328, 341, 859, 884, 929, 1031, 1052, 1157, 1217, 1332, 1381, 2777, 3339, 3808 Oversold (9-day RSI<20) Tickers 231, 376, 460, 1103, 1365, 2326, 3788 Exceptional Turnover & Price Movements Stock Stock Last Price ($) Price Change (%) Turnover / 3-mth daily avg turnover Target price up / downside (%)* Rating*^ Newtree Group N/A N/A N/A Shifang Holding N/A N/A N/A China Huarong Energy N/A N/A N/A China Lotsynergy N/A 5.0 N/A CRRC Corporation CITIC Ltd Zhaojin Mining Zoomlion Heavy Industry Guangzhou R&F Properties CIFI Holdings China Machinery Carnival Group Int l N/A China Resources Beer PICC P&C Pax Global Technology Chinasoft Int l PER* Source: Bloomberg, GuocoCapital on consensus estimates ^ The Rating indicates analysts opinions on the security. It is calculated by converting analysts recommendations into a number from 1-5 and taking the average. 5 is the best while 1 is the worst.
5 A-H Share Premium / Discount (%) Average AH Shanghai Listed -39.1% Premium/Discount (%) Shenzhen Listed -41.6% Remark: Shenzhen-listed stocks are not included in the upcoming cross-border stock trading pilot program H Share A Share A-H Shares Shanghai Listed Company Name A Close (RMB) H Close (HKD) AH Price Gap (%) H Share A Share A-H Shares Shanghai Listed Company Name A Close (RMB) H Close (HKD) AH Price Gap (%) Luoyang Glass Great Wall Motor Shenji Group China Life Insurance SSC ABC Chongqing Iron Huadian Power Intl China BoComm Yanzhou Coal Guangshen Railway GAC Group China Shenhua Shanghai Electric Bank of China China Shipping Haitong Securities Beijing Jingcheng Huaneng Power Intl Zhengzhou Coal Shanghai Pharm Anhui Expressway China Everbright Nanjing Panda ICBC Guangzhou China Merchants First Tractor Citic Securities MCC CCB China Cosco Shanghai Fosun China Oilfield Huatai Pharm Securities Co Datang Services Intl Power CPIC Ltd BBMG Sinopec Beijing North Star Tsingtao Brewery Magang Ping An Insurance Sinopec Shanghai Anhui Group Conch Petrochem Sichuan Jiangsu Cement Express Expressway Chalco Fuyao Glass Tianjin Capital Environment China Coal Energy A-H Shares Shenzhen Listed Dongfang Electric Zhejiang Shibao Jiangxi Copper Shandong Molong New China Life Northeast Petroleum Electric China Insurance Eastern Hisense Develop Kelon Petrochina Airlines Shandong Xinhua China Railway Xinjiang Pharm Goldwind Group CCCC Dongjiang Sci&Tec Env Shenzhen Express Zoomlion Heavy China Shipping China Industry Vanke Development Dalian Port Livzon Pharm Zijin Mining Shandong Chenming CRRC Corp Paper BYD Air China China International China Minsheng Angang Marine Steel China Bank Southern ZTE Corp Guangzhou Air Pharm Weichai Power CRCC GF Securities Co Ltd China Citic Bank
6 HSI & HSCEI Constituents Performance Price Change (%) Index 5 D 1 M 3 M vs 3M High Hang Seng Index Hang Seng China Ent Index Outperform Underperform Mixed Airline, Asset Management, Coal, Conglomerate, Gas, Global Player, Infrastructure, Oil Cement, IT hardware, Oilfield Service, Ports, Securities, Stock Exchange, Telecom, Utilities Automobile, HK bank, PRC Bank, Consumer, Power, Insurance, HK Property, PRC Property Price Change (%) Price Change (%) Stock vs 3M Stock vs 3M Company Name 5 D 1 M 3 M Company Name 5 D 1 M 3 M High High 2333 GreatWall Motor Sands China China Comm Cons China Mengniu CRRC Galaxy Dairy China Railway Entertainment China Mobile Li & Fung China Resources CITIC Ltd HK & Power China Gas China Overseas CLP Hldgs Kunlun Gas CK Property PICC P&C Henderson Land China Cinda ABC Sinopec Corp Hang Seng Bank Longyuan Power Link REIT AIA Bank of E Asia New World Dev Power Assets Dalian Wanda China Vanke Minsheng Bank China Life Want Want HKEx ICBC Tingyi Sinopharm China Pacific PICC Group Insurance Sino Land Cathay Pac Air CITIC Securities Hengan Int'l China Res Land China Shenhua CNBM Swire Pacific 'A' Lenovo BOC Hong Kong Haitong Securities CNOOC BYD Company CITIC Bank GF Securities Air China CGN Power Huaneng Power Hang Lung Prop PetroChina China Telecom BOCOM Ping An Tencent China Mer Hldgs SHK Prop New China Life Bank of China HTSC CK Hutchison Dongfeng Group Hldgs CCB Ltd Anhui Conch HSBC Hldgs China Oilfield China Unicom Wharf MTR Corporation CM Bank China Res Beer Belle Int'l Tsingtao Brew
7 Upcoming Events Date Stock Company Name Event Mar Bracell Mar 14 Mar Capital Environment Mar 14 Mar CGN Power Mar 14 Mar China Flavors & Fragrances Mar 14 Mar CK Life Sciences Int'l Mar 14 Mar Future Bright Mar 14 Mar Greater China Financial Mar 14 Mar Huarong International Mar 14 Mar Imperial Pacific International Mar 14 Mar Ju Teng International Mar 14 Mar Maoye International Mar 14 Mar Modern Media Mar 14 Mar SCMP Group Mar 14 Mar Sinotrans Shipping Mar 14 Mar SIS Mobile Mar 14 Mar Sunny Optical Technology Mar 14 Mar Zhejiang Tengy Environmental Mar 14 Mar Trigiant Group Mar 14 Mar Welling Holding Mar 14 Mar West China Cement Mar 14 Mar Yestar International Mar 14 Disclosures Investment Rating System Ratings Description GuocoCapital s investment rating system is Buy Expected positive return of > 10 % divided into investment ratings, risk rating Investment Ratings Hold Expected return range of ~ ±10 % and investment time horizon. The rating Sell Expected negative return > 10% scale is subject to change upon periodic High (H) 90-day volatility of > 50% review of market by research department. Risk Ratings Medium (M) 90-day volatility of > 30-50% Assigned ratings are based on company Low (L) 90-day volatility of < 30% and sector historical performance and analysts intrinsic valuation of the stock Long (L) 6 12 Months Investment Time Medium (M) 3 6 Months Horizon Short (S) Less than 1 Month Note: 90-day volatility is measured from the security s standard deviation of day to day logarithmic historical price changes. The 90-day price volatility equals the annualized standard deviation of the relative price change for the 90 most recent trading days closing price, expressed as a percentage GuocoCapital Limited 12/F, The Center, 99 Queen s Road Central, Hong Kong Tel: (852) Fax: (852) This report is for information only and is not to be construed as investment advice or as an offer to buy or sell securities or financial instruments. Your investment decision should be based upon your personal investment objectives and should be made only after evaluating the stock s expected performance and risk. While the report is compiled using sources believed to be reliable, no assurance or guarantee is given regarding its accuracy or completeness. Neither GuocoCapital nor any of its associated companies, (nor any employees or other persons connected with any of them) accepts any responsibility or liability arising from any use of this report. To the extent permitted under applicable law, the above-mentioned companies or individuals may have used the research materials before publication. GuocoCapital (or one of its affiliates) or their officers, directors, analysts, or employees may or may not have a position in or with respect to the securities covered herein, and may, as principal or agent, buy and sell such securities or commodities. However, it is hereby declared that the writer, at the time of writing, does not have any interest in any of the securities covered in this report. An employee, analyst, officer, or a director of GuocoCapital, or its affiliates, may serve as a director for companies covered in this report. GuocoCapital (or one of its affiliates) may from time to time perform investment banking or other services or solicit investment banking or other business for any company covered in this report. GuocoCapital Ltd is licensed by the Securities and Futures Commission to carry on Types 1, 4, and 6 regulated activities in Hong Kong. GuocoCapital Futures Ltd is licensed by the Securities and Futures Commission to carry on Type 2 regulated activity in Hong Kong.
We expect Hang Seng Index to trade range between 18,000 and 20,000 in March. Hang Seng Index Performance. Index Performance.
1 st March, 2016 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 19,111.93-252.22-1.30-2.47-14.61 HSCI 2,597.82-32.20-1.22-2.17-15.63
More informationWe expect Hang Seng Index to decline in near term due to profit taking with a technical support at 20,800. Hang Seng Index Performance
26 th April, 2016 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 21,304.44-162.60-0.76 4.71 12.96 HSCI 2,900.54-24.46-0.84 4.21 13.00
More informationHang Seng Index may test 19,500 in near term given weak market sentiment. Hang Seng Index Performance. Index Performance.
13 th May, 2016 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 19,915.46-139.83-0.70-5.88 8.71 HSCI 2,723.35-17.15-0.63-6.23 9.81
More informationWith limited upside ahead, we suggest investors to start taking profit above 21,500. Hang Seng Index Performance. Index Performance.
26 th July, 2016 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 21,993.44 29.17 0.13 8.56 2.74 HSCI 2,958.28 3.88 0.13 7.65 1.75
More informationStock market outlook will remain uncertain in near term given depreciation of renminbi and potential U.S. rate hike in mid-september.
14 th Aug, 2015 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 24,018.80 102.78 0.43-4.39-11.98 HSCI 3,284.06 8.74 0.27-4.56-14.96
More informationWe believe further upside for the Hang Seng Index is limited and recommend short-term investors to take profit. Hang Seng Index Performance
17 th Jan, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 22,718.15-219.23-0.96 3.17-1.39 HSCI 3,080.61-29.62-0.95 2.47-1.10
More informationWe expect Hang Seng Index to underperform HSCEI in near term and dip below 20,000 due to profit taking. Hang Seng Index Performance.
11 st April, 2016 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 20,370.40 104.35 0.51 0.85 2.42 HSCI 2,794.95 10.29 0.37 1.69 2.80
More informationWe take a neutral view on stock market and expect Hang Seng Index to vary between 21,200 and 22,800 this month. Hang Seng Index Performance
4 th Jan, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 22,150.40 149.84 0.68-1.84-6.50 HSCI 3,011.03 16.42 0.55-2.31-5.68
More informationWe believe further upside for the Hang Seng Index is limited and recommend short-term investors to take profit. Hang Seng Index Performance
19 th Jan, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 23,098.26 257.29 1.13 5.80-0.89 HSCI 3,137.35 34.98 1.13 5.31-0.57
More informationHang Seng Indexes Announces Index Review Results
10 February 2017 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Limited ( Hang Seng Indexes ) today announced the results of its review of the Hang Seng Family of Indexes for the quarter
More informationMarket Outlook. Forecast a trading range of 21,300-22,800 for HSI but the risk is on the downside. Overweight HK and China property stocks
4 th Aug, 2016 Market Outlook Eric Yuen ericyuen@masonsec.com After a strong run in July, Hang Seng Index is presently trading at historical PER of 10.9x compared to 1-year, 3-year and 5-year average of
More informationWe believe further upside for the Hang Seng Index is limited and recommend short-term investors to take profit. Hang Seng Index Performance
16 th Jan, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 22,937.38 108.36 0.47 4.16-1.27 HSCI 3,110.23 10.89 0.35 3.46-0.80
More informationHANG SENG INDEXES ANNOUNCES INDEX REVIEW RESULTS
12 August 2016 HANG SENG INDEXES ANNOUNCES INDEX REVIEW RESULTS Hang Seng Indexes Limited ( Hang Seng Indexes ) today announced the results of its review of the Hang Seng Family of Indexes for the quarter
More informationMarket Outlook. Expect Hang Seng Index to move within 23,500-25,000 but the risk is on the downside
4 th May, 2017 Market Outlook Eric Yuen ericyuen@masonhk.com Hang Seng Index climbed for four straight months with a cumulative gain of 11.9% in the first four months of the year. The rally in April is
More informationMarket Outlook. Expect Hang Seng Index to test 28,000 in August led by H shares. Overweight Chinese banks with ICBC and CCB as top picks
2 nd Aug, 2017 Market Outlook Eric Yuen ericyuen@masonhk.com GDP growth in U.S. and eurozone improved in 2Q17 compared with the previous quarter. GDP growth in China stood at 6.9% yoy in both 1Q17 and
More informationWe believe further upside for Hang Seng Index will be limited in near term. Market Overview. 17 November 2017
17 November 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,018.76 0.58 1.12 14.73 30.35 HSCEI (H-Shares) 11,533.96 1.06-0.30
More informationWe expect Hang Seng Index to be highly volatile in the short term. Market Overview
28 November Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,331.96-0.2% 6.5% -14.5% -11.3% HSCEI (H-Shares) 10,515.30-0.1% 4.5%
More informationHang Seng Indexes Announces Index Review Results
6 February 2018 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Limited ( Hang Seng Indexes ) today announced the results of its review of the Hang Seng Family of Indexes for the quarter
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More informationWe expect Hang Seng Index to be highly volatile in the short term. Market Overview. Hang Seng Index Performance
20 November Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,372.00 0.7% 3.2% -15.1% -9.9% HSCEI (H-Shares) 10,631.66 0.5% 4.0% -13.9%
More informationHang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Oversea Commodities and FX Market Overview
4 September 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,712.54-0.6% 0.1% -9.4% -0.1% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to hover between 27,000 and 28,800 but the risk is on the upside. Market Overview. Hang Seng Index Performance
3 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,126.38-2.4% -2.7% -9.9% -1.6% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to make a technical rebound in near term. Market Overview. Hang Seng Index Performance
15 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 25,266.37-3.5% -4.1% -18.0% -11.2% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to make a technical rebound in near term. Market Overview. Hang Seng Index Performance
19 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 25,454.55 0.0% -7.1% -17.1% -9.6% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to have a technical support at 24,000. Market Overview
30 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 24,812.04 0.4% -10.7% -19.5% -12.4% HSCEI (H-Shares) 10,012.63-0.5%
More informationFurther upside for Hang Seng Index is limited given relatively high P/E valuation and weakness in A share markets. Market Outlook.
28 th Apr, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 24,698.48 120.05 0.49 1.45 5.73 HSCI 3,376.02 5.36 0.16 1.13 6.19
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More informationWe take a neutral view on Hang Seng Index this month with a trading range of 25,000-26,500. Market Outlook. Index Performance
9 th June, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 26,063.06 88.90 0.34 4.72 10.90 HSCI 3,549.64 16.24 0.46 4.62 9.86
More informationWe expect Hang Seng Index to maintain a technical rebound in near term. Market Overview. `Hang Seng Index Performance
24 October 2018 `Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 25,346.55-3.1% -7.8% -17.3% -10.0% HSCEI (H-Shares) 10,234.90-2.4%
More informationWe believe further upside for Hang Seng Index will be limited in near term. Market Overview. 22 November 2017
22 November 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,818.07 1.91 4.67 17.43 31.48 HSCEI (H-Shares) 11,874.37 2.91 2.73
More informationLi & Fung Limited and Trinity Limited selected as constituent stocks of the Hang Seng Corporate Sustainability Index Series
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More informationWe believe further upside for Hang Seng Index will be limited in near term. Market Overview. 05 December 2017
05 December 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,138.28 0.22 1.87 12.66 29.47 HSCEI (H-Shares) 11,518.07 0.60-0.73
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 26,000-28,000. Market Overview. Hang Seng Index Performance
10 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,172.91-0.1% -1.7% -14.8% -8.1% HSCEI (H-Shares)
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More informationWe expect Hang Seng Index to test 27,000 in the worst scenario. Market Overview. Hang Seng Index Performance
16 August 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,323.59-1.5% -4.3% -12.2% -0.3% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to move within the range of 29,500 and 31,500 in near term. Hang Seng Index Performance
21 June 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,696.17 0.8% -4.9% 1.1% 15.6% HSCEI (H-Shares) 11,505.74
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 25,000-26,500. Market Outlook. Index Performance
6 th June, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 25,862.99-61.06-0.24 5.67 9.61 HSCI 3,517.68-4.15-0.12 5.46 8.59 HSCCI
More informationWe expect Hang Seng Index to move within the range of 29,000 and 31,000 in near term. Hang Seng Index Performance
11 May 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 30,809.22 0.9% - 0.3% 5.8% 22.6% HSCEI (H- Shares)
More informationWe expect Chinese financial stocks to outperform the market in near term. Market Overview. 30 October 2017
30 October 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,438.85 0.84 3.21 15.53 23.89 HSCEI (H-Shares) 11,643.57 1.72 6.72
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 26,000-28,000. Market Overview. Hang Seng Index Performance
9 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,202.57-1.4% -2.9% -13.3% -7.5% HSCEI (H-Shares) 10,393.29-1.3% -1.6%
More informationHSI continued to suffer from US-China trade tension
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 informationHang Seng Indexes Announces Index Review Results
16 August 2017 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Limited ( Hang Seng Indexes ) today announced the results of its review of the Hang Seng Family of Indexes for the quarter
More informationHang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Oversea Commodities and FX Market Overview
22 January 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 32,254.89 0.4% 9.1% 20.8% 40.9% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to test 27,000 in the worst scenario. Market Overview. Hang Seng Index Performance
28 August 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 28,271.27 2.2% - 1.9% - 8.3% 1.5% HSCEI (H-
More informationWe expect Hang Seng Index to have a technical support at 24,000. Market Overview. Hang Seng Index Performance
26 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 24,994.46-1.0% -10.1% -16.7% -11.4% HSCEI (H-Shares) 10,176.56-0.5%
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 25,000-26,500. Market Outlook. Index Performance
12 th June, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 26,030.29-32.77-0.13 3.47 10.44 HSCI 3,540.11-9.53-0.27 3.45 9.33
More informationWe believe further upside for Hang Seng Index will be limited in near term. Market Overview. 24 November 2017
24 November 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,707.94-0.99 5.52 16.83 31.40 HSCEI (H-Shares) 11,737.06-1.85 2.91
More informationWe expect Hang Seng Index to be highly volatile in the short term. Market Overview
8 November 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,147.69 0.1% -0.2% -14.0% -9.5% HSCEI (H-Shares) 10,641.48 0.1% 2.4%
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9 th October, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,458.04 0.28 2.85 17.27 19.31 HSCEI (H-Shares) 11,459.09 0.54
More informationWe expect Hang Seng Index to encounter technical resistance at 28,700. Market Overview. Hang Seng Index Performance
29 August 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,351.62 0.3% -1.6% -8.1% 2.1% HSCEI (H-Shares) 11,097.59
More informationWe expect Hang Seng Index to test 27,000 in the worst scenario. Market Overview. Hang Seng Index Performance
17 August 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 27,100.06-0.8% - 3.8% - 12.9% - 0.9% HSCEI
More informationWe believe Hang Seng Index will continue to rebound in near term. Hang Seng Index Performance
26 July 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,920.90 0.9% 0.1% -12.8% 7.3% HSCEI (H-Shares) 11,074.16
More informationWe expect Hang Seng Index to test 27,000 in the worst scenario. Market Overview. Hang Seng Index Performance
27 August 2018 Hang Seng Index Performance Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 27,671.87-0.4% - 3.9% - 11.5% - 0.6% HSCEI (H- Shares) 10,779.71-0.3%
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25 May 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 30,760.41 0.3% 1.4% 3.0% 20.0% HSCEI (H- Shares)
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More informationWe expect to see a technical rebound in Hang Seng Index in near term. Hang Seng Index Performance
4 July 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,545.57-1.4% -7.9% -7.1% 12.4% HSCEI (H-Shares) 10,872.20-1.8%
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9 July 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 28,315.62 0.5% - 8.5% - 8.7% 11.7% HSCEI (H-
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4 June 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 30,492.91 0.1% 1.9% 4.6% 17.6% HSCEI (H- Shares)
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