We believe further upside for Hang Seng Index will be limited in near term. Market Overview. 22 November 2017
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- Allen Boyd
- 6 years ago
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1 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, HSCEI (H-Shares) 11, Mkt T/O ($ Mn) 157, Oversea DJIA 23, NASDAQ 6, Shanghai SE Composite 3, Shenzhen Component 11, Commodities and FX Crude Oil Futures (US$) Gold Futures (US$) 1, Baltic Dry Index 1, USD / Euro Yen / USD CNH / USD Source: Bloomberg Market Overview Hang Seng Index surged 1.9% to close at 10-year high of 29,818. Market turnover increased to $157.0 billion. Heavily weighted Tencent (700) and AIA Group (1299) rose 2.4% and 4.3% respectively. HSBC (5) and China Mobile (941) added 0.3%-0.7%. HKEx (388) jumped 5.5% amid the increase in stock market turnover. AAC Technologies (2018) and Geely Automobile (175) climbed 1.6% and 3.6% respectively. Chinese property developers ended higher among which China Vanke (2202) and Sunac China (1918) soared 6.6% -7.4%. Three largest oil companies went up 0.6%-0.9%. Consumption, gaming, local property and banking shares were mixed. New World Development (17) increased 1.7%. Wharf (4) and Swire Pacific (19) dropped 0.7%-0.8%. BOC Hong Kong (2388) advanced 1.4% but Hang Seng Bank (11) retreated 0.2%. China Mengniu Dairy (2319) grew 3.9%. Want Want China (151), the worst performing index stock, tumbled 5.7% on earnings disappointment. HSCEI advanced 2.9% led by financial stocks. Insurance, securities and banking share s in HSCEI grew an average 5.4%, 3.9% and 1.6% respectively among which Ping An Insurance (2318) and CPIC (2601) soared 7.5%-8.8%. CITIC Securities (6030) and Huatai Securities (6886) rose 5.6%-6.8%. ICBC (1398), CCB (939) and BOC (3988) increased 1.8%-2.5%. Power, automobile and railway related stocks lacked clear direction. Dongfeng Motor (489), CRRC Corporation (1766) and Huaneng Power (902) plunged 0.4%-0.9%. Sinopharm (1099) was the worst performing HSCEI stock, down 1.7%. We believe further upside for Hang Seng Index will be limited in near term. We believe further upside for Hang Seng Index will be limited in near term
2 Market in Focus Upgrade Xinyi Glass (868) to as 2017 earnings may beat market expectations We believe Xinyi Glass (868, XYG, $8.56) is still undervalued as 2017 earnings may beat market expectations. We therefore upgrade XYG from Hold to Buy with a 6-month target price of $10.3, equivalent to 2017 PER of 9.7x. According to Bloomberg estimates, XYG s earnings for 2017 will be $3.62bn implying that earnings will increase by 7.6% yoy to $1.97bn in 2H17 compared with a slower growth rate of 23% yoy in 1H17. However, we believe analysts have underestimated earnings for 2H1 7. According to Wind Information, flat glass price remains strong recently and stays above RMB1,450/ton which is RMB162/ton or 12.5% higher than the average price of RMB1,288/ton in 1H17. July-to-date average price is approximately RMB1,388/ton which is 7.8% higher than that in 1H17. As the supply is still tight and cold repair for glass furnace is going to enter peak season in next two years, we believe the downside of the flat glass price is limited. Generally speaking, glass furnace has to be closed and repaired after 5 to 8 years of production ramp-up, it normally takes half year to cool down and repair. By year of capacity ramp-up, we estimate the capacity ramp-up after 2012 accounts for 50% of total capacity. Therefore, 2017 to 2020 is expected to be a peak season of cold repair and restrictions in supply -side will continue to support the glass price. During the glass production process, soda ash and energy make up about 70% of total production costs. Recently, raw material costs increased and soda ash price surged more than 43% since June. It was mainly due to environmental standards leading to the closure of some capacity. To fight the cost pressure, XYG is increasing the soda ash s supply from overseas suppliers. Besides, NDRC announce d to lower the natural gas price by RMB0.10 per cubic meter on 1 Sept that will also favor XYG s due to cost saving. Overall, we believe the higher soda ash cost can be offset by higher glass price and dollar gross margin per ton is expected to record a quarter-over-quarter increase. Our earnings forecast suggests the company is presently trading at 2017 PER of 7.7x and 2018 PER of 6.8x, lower than the average historical PER of 9.7x from 2010 to We believe 1) as time is close to year end, the market may r evise its profit forecasts on XYG, 2) the supply and demand situation will be more favorable for the glass manufacturers in next two years, 3) current valuation of XYG is still below the historical average so that improving industry dynamics may help re -rating.
3 Technical Ideas Comba Telecom (2342, $1.63) Stock Rating: Target Price: $1.79 Company Description: Comba Telecom System is a wireless coverage solutions provider in China. The company researches, develops, produces, and sells wireless coverage products including repeaters, antennas, and RF passive accessories. Commentary: Counter rose 7.9% yesterday with large turnover and reached its 52-week high, indicating the counter s strong uptrend momentum ahead. Recommendation:. Target at $1.79. Cut loss at $1.45. Company Statistics Last Closing Price $1.63 Consensus 2017 P/E 30.2x Consensus Target Price $1.50 HKEx (388, $244.8) Stock Rating: Target Price: $269 Company Description: HKEx owns and operates the stock exchange, futures exchange, and their related clearing houses in Hong Kong. The company provides the trading platforms for a range of cash and derivatives products and the facilities for processing trades. Commentary: Counter rose 5.5% yesterday with large turnover and reached its 52-week high, indicating the counter s strong uptrend momentum ahead. Recommendation:. Target at $269. Cut loss at $230. Company Statistics Last Closing Price $244.8 Consensus 2017 P/E 41.2x Consensus Target Price $242.2
4 Recent Recommendations Date of Issue Stock Pick Recommendation Highlights Rating (TP) 6/11/2017 7/11/2017 China State Construction(3311) China Overseas Property (2669) 9/11/2017 HKEx (388) 10/11/2017 Hua Hong Semiconductor (1347) Accelerating infrastructure investment in China after rights issue China State Construction (3311) Participation into more PPP projects in China will improve earnings growth prospects in the long-term Operating profit (including share of profits of joint ventures) surged 34% yoy to $5.02bn in 9M17 Strong net cash will facilitate expansion through M&A Maintain China Overseas Property (2669) Likely to achieve decent earnings growth in long-term through economies of scale and parent support Current forward P/E valuation is cheap given a strong 2-year EPS CAGR of 28% HKEx (388) was fully valued despite strong quarterly results HOLD 3Q17 net profit increased by 32% yoy to $2,033mn. Traded at 2017 P/E of 37.3x, valuation of HKEx is fully valued Hua Hong Semiconductor (1347) reported higher-than-expected third quarter earnings - Maintain 3Q17 revenue increased by 6.0% qoq and 13.3% yoy to all-time-high of US$209.9mn. Management expects 4Q17 revenue to grow 3% qoq with a gross margin of 33%-34% ($12.5) ($2.20) HOLD ($230) ($17.5) 13/11/2017 CIMC (2039) 15/11/2017 Shimao Property (813) 16/11/2017 SMIC (981) 17/11/2017 Huaneng Power (902) 20/11/2017 Singamas (716) 21/11/2017 Galaxy Entertainment (27) Substantial land appreciation gains from Qianhai properties Maintain CIMC (2039) Redevelopment of Qianhai sites will generate enormous profit to CMIC Strong improvement in container manufacturing business along with a recovery in global trade. Valuation of Shimao Property (813) is unreasonably cheap Maintain Contracted sales amount and ASP surged 39% and 21% yoy respectively in 10M17 Low valuation at 2017 P/E of 6.5x and 2017 P/B of 0.8x SMIC (981) reported lower than expected quarterly earnings Downgrade to SELL Company expects revenue to grow 1%-3% qoq in 4Q17 with a gross margin of 18%-20% Expensive valuation at 2017 P/E of 44.9x and 2017 P/B of 1.48x Share price correction provides a good buying opportunity Maintain Huaneng Power (902) Earnings are expected to grow strongly from RMB2.34bn in 2017 to RMB7.00bn in 2018 Speculation on the increase of tariff early next year could be a share price catalyst Weakness in share price offers a good buying opportunity Maintain Singamas (716) Likely to benefit from a continued recovery in the container shipping industry Traded at 2017 P/B of 0.91x and EPS growth of 50% in 2018, Singamas is undervalued Galaxy Entertainment (27) achieved satisfactory third quarter results Maintain Revenue and adjusted EBITDA increased by 23% and 31% yoy respectively in 3Q17 Completion of HK-Zhuhai-Macau Bridge by 2017 is likely to boost Macau s gaming revenue in 2018 ($18.0) ($20.0) SELL ($10.3) ($6.15) ($2.05) ($63.0)
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We 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 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 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 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 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 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%
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 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 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)
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 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 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 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
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 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 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
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%
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 informationMajor Market Indicators
11 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 28,490.83 0.58 1.92 18.28 20.98 HSCEI (H-Shares) 11,418.76 0.29
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 informationMajor Market Indicators
4 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 28,173.21 2.25 1.56 16.12 18.93 HSCEI (H-Shares) 11,305.38 3.62
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 informationMajor Market Indicators
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 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 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 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%
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 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 informationWe expect Hang Seng Index to move within the range of 29,500 and. 31,500 in near term. Hang Seng Index Performance
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)
More informationWe expect Hang Seng Index to move within the range of 29,500 and 31,500 in near term. Hang Seng Index Performance
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)
More informationWe believe Hang Seng Index may test 27,000 this month in the worst scenario. Hang Seng Index Performance
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-
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 expect Hang Seng Index to make a technical rebound in near term. Hang Seng Index Performance
27 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 28,881.40-0.3% - 5.6% - 2.4% 11.8% HSCEI (H-
More informationMajor Market Indicators
10 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 28,326.59-0.46 2.38 16.75 18.76 HSCEI (H-Shares) 11,385.38-0.64
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 informationMajor Market Indicators
13 th September, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,972.24 0.06 4.05 17.38 20.49 HSCEI (H-Shares) 11,242.06 0.19
More informationMajor Market Indicators
19 th September, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,159.77 1.27 4.11 15.84 19.57 HSCEI (H-Shares) 11,195.98 1.16
More informationWe expect Chinese financial stocks to outperform the market in near term. Market Overview. 19 th October, 2017
19 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 28,711.76 0.05 2.35 20.51 23.20 HSCEI (H-Shares) 11,621.95 0.46
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 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
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 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 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 informationMarket Snapshot. Further re-rating of low valuation sectors ahead; high growth sectors to recover. Equity Research Investment Strategy.
Equity Research Market Snapshot Further re-rating of low valuation sectors ahead; high growth sectors to recover Alex Fan, CFA SFC CE No. ADJ672 alexfan@gfgroup.com.hk +852 3719 1047 GF Securities (Hong
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
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