Tencent lifted the HSI above 29,000
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- Barnaby Jefferson
- 5 years ago
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1 Turnover (HK$ bn) Hang Seng Index EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile: HONG KONG RESEARCH Restricted circulation Weekly Report Analyst: Kelvin Li 10 th November Tencent lifted the HSI above 29,000 HSI Weekly Movement Weekly Market Statistics 30,000 Week ended 10/11/ /11/2017 Change % ,604 28, ,994 28,908 29,137 29, Nov Mon Tue Wed Thu Fri 29,500 29,000 28,500 28,000 27,500 27,000 26,500 26,000 Hang Seng Index 29,121 28, % HS Red Chip Index 4,437 4, % HS China Enterprises Index 11,746 11, % HS Hong Kong 35 Index 3,245 3, % HS Mainland 100 Index 8,904 8, % Growth Enterprise Index % Avg Daily Turnover % (HK$ bn ) Sectoral Indices Finance 39,147 38, % Utilities 55,447 55, % Properties 38,772 38, % Comm & Ind 18,012 17, % Turnover Hang Seng Index Review & Outlook of Market Performance The Hang Seng Index surged to fresh 10-year highs after it staged V-shaped rebound on Monday. The blue-chip index opened weak early in the week and lost as much as 465 points in the morning session of Monday, as market sentiment was somehow hurt by the report that Saudi Arabia had detained a number of princes and ministers during the latest anti-corruption campaign. The HSI soon recovered nearly all of the losses on Monday and surged to above 29,000 in the next few days, amid strong buying spree in Tencent and robust southbound Connect inflows. Over the week, the blue-chip index rose points or 1.81% to 29,120.92, while the HSCEI gained 1.24% to 11, The average daily Mainboard turnover jumped to HK$117.9 billion from HK$98.9 billion in the previous week, as the local bourse recorded turnover of more than HK$100 billion for all the five trading days this week. Bellwether Tencent was under spotlight this week, after it surged to record highs near HK$400 on new game launch. The stunning performance of the IPO of China Literature (#772), which was spun off by Tencent and jumped as much as 100% on its debut, which also added steam to the tech giant. Performance of other IPOs were mixed, with Putian Communication (#1720) and Kidsland (#2122) up 83% and down 4% on their respective debuts. Other tech names like AAC Tech (#2018) (+21% w-o-w) and Sunny Optical (#2382) (+19% w-o-w) also performed strongly during the week. Meanwhile, data showed China s consumer and wholesale price inflation speeded up in October on higher energy and property prices. Growth in exports and imports stayed sound, despite slightly down from the previous month. For the coming week, investors will keep close eyes on Tencent, which will release its Q3 results on Wednesday. Tencent s net profit (non-gaap) is expected to grow by 26%-50% y-o-y in the quarter ended September Besides, investors will also pay attention to the trading debut of the heavily subscribed Yixin (#2858) on Thursday. 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 US & Regional Markets Weekly Update Date US US JAPAN SINGAPORE MALAYSIA BANGKOK TAIPEI Dow Jones NASDAQ Nikkei Avg STI KLSE Index SET Index Weighted Index 10th November 23,461.94* 6,750.05* 22, ,421.62# 1, ,692.63# 10, rd November 23, , , , , , , Change % -0.3% -0.2% +0.6% +1.2% +0.1% -0.5% -0.6% Remark: (*) closing as of 9 th November 2017; (#) closing as of 17:00 10 th November 2017 Major Changes in Index Constituent s (Week ended 10 th November 2017) Hang Seng Index (HSI) Cathay Pacific Airways HK$ HK$ % The third largest shareholder Kingboard Chemical (00148) was reported on Monday to sell its entire 9.6% interest or 378 million shares of Cathay to rival Qatar Airways at an average price of HK$13.65 for HK$5.16 billion. The selling price represented a minor 3.4% premium to last Friday s close. Cathay fell for five straight days during the week after the sale report. Hang Seng China Enterprises Index (HSCEI) PICC Group HK$4.19 +HK$ % PICC Group surged to two-year highs, amid strong buying spree from the southbound Connect investors. Investors chased after the counter, as it was trading at a deep discount against its PRC insurer peers in terms of priceto-book ratio. Meanwhile, the insurer reported in late October that its life and health insurance operations were gaining traction in 3Q17. Hang Seng China-Affiliated Corporations Index (HSCCI) China Merchants Ports COSCO SHIPPING Ports HK$8.64 -HK$ % HK$ HK$ % Port operators were among the losers, after China reported slightly weakerthan-expected exports in October. Exports grew 6.9% y-o-y (in US$ terms) in October, down from the rise of 8.1% in September and also weaker than consensus forecast of a 7.1% growth. Imports rose 17.2% y-o-y, down from an 18.7% rise in September. 2
3 Summary of US Economic News Indicator Change/Index Comments Initial jobless claims week ended 4 th November ,000 Initial jobless claims rose 10,000 to 239,000 last week. The rise in claims was higher than expected, as some states continued to clear backlog claims delayed by hurricanes in late September. Forthcoming Important Announcements / Events 13 th November 2017 (Monday) HK : Razer (01337) trading debut Vertical International (08375) trading debut C. P. Pokphand (00043) Q3 results CT Enterprise (03839) Q3 results Honma Golf (06858) interim results Midas (01021) Q3 results Next Media (00282) interim results Pou Sheng (03813) Q3 results Sino Harbour (01663) interim results Samsonite (01910) Q3 results SouthGobi (01878) Q3 results Tingyi (00322) Q3 results VMEP (00422) Q3 results Yue Yuen Industrial (00551) Q3 results US : JD.com Inc. Q3 results 14 th November 2017 (Tuesday) HK : Capxon (00469) interim results China Gold International (02099) Q3 results Hanison (00896) interim results ISDN (01656) Q3 results KPA-BM (02663) interim results SMIC (00981) Q3 results Wharf (00004) special interim dividend US : Producer price index October th November 2017 (Wednesday) HK : World-Link (06083) trading debut Shuang Yun (01706) trading debut Asia Pioneer Entertainment (08400) trading debut Fineland Real Estate (08376) trading debut Ali Health (00241) interim results CSPC Pharmaceutical (01093) Q3 results Fulum (01443) interim results Global Brands (00787) interim results HKR International (00480) interim results Man Wah (01999) interim results Parkson (03368) Q3 results SOHO China (00410) special interim dividend Tencent (00700) Q3 results US : Consume price index October 2017 Retail sales October 2017 NetEase Inc Q3 results 3
4 Forthcoming Important Announcements / Events 16 th November 2017 (Thursday) HK : Unemployment & underemployment Sep-Nov 2017 Bestway Global (03358) trading debut Bortex Global (08118) trading debut Indigo Star (08373) trading debut Sun Hing Printing (01975) trading debut Yixin (02858) trading debut Agritrade (01131) interim results Boshiwa (01698) final results & interim results Joyce Boutique (00647) interim results Noble Century (02322) interim results Oriental Press (00018) interim results Tern Properties (00277) interim results Texwinca (00321) interim results U-Right (00627) interim results United Energy (00467) special dividend US : Initial jobless claims week ended 11 th November 2017 Industrial production October 2017 Wal-Mart Stores Inc Q3 results 17 th November 2017 (Friday) HK : GT Steel Construction (08402) trading debut Truly (00732) Q3 results Wanjia (00401) interim results US : Housing starts October
5 Important Disclosure / Analyst Declaration / Disclaimer This report is published by East Asia Securities Company Limited, a wholly-owned subsidiary of The Bank of East Asia, Limited ( BEA ). Each research analyst primarily responsible for the content of this report (whether in part or in whole) certifies that (i) the views on the companies and securities mentioned in this report accurately reflect his/her personal views; and (ii) 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. This report is based upon information, which East Asia Securities Company Limited considers reliable, but accuracy or completeness is not guaranteed. The analysis or opinions expressed in this report only reflect the views of the relevant analyst as at the date of the release of this report which 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 recipient. This report should not be regarded by recipients as a substitute for the exercise of their own judgment. Investments involve risks and investors should exercise prudence in making their investment decisions and obtain separate legal or financial advice, if necessary. East Asia Securities Company Limited and / or The Bank of East Asia Group accepts no liability whatsoever for any direct or consequential loss arising from any use of or reliance on this report or further communication given in relation to this report. At the time of preparing this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein, while BEA along with its affiliates/associates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this report. East Asia Securities Company Limited is currently a market maker of certain stock options listed on The Exchange of Hong Kong Limited ( HKEx ), an updated list of which can be found on the website of HKEx, BEA and its affiliates/associates, their 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/associates may beneficially own a total of 1% or more of any class of common equity securities of the 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 company or companies mentioned in the report. This report 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
HSI 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
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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%
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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
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More informationWe expect Hang Seng Index to move within the range of 29,000 and 31,000 in near term. Hang Seng Index Performance
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