We 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
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- Harry Knight
- 5 years ago
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1 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, % -2.9% -13.3% -7.5% HSCEI (H-Shares) 10, % -1.6% -13.9% -8.7% Mkt T/O ($ Mn) 96, % -12.6% -2.1% -6.2% Oversea DJIA 26, % 2.2% 10.5% 16.4% NASDAQ 7, % -2.1% 11.3% 17.6% Shanghai SE Composite 2, % 0.5% -13.4% -19.5% Shenzhen Component 8, % -3.1% -24.3% -28.4% Commodities and FX Crude Oil Futures (US$) % 9.7% 17.2% 49.9% Gold Futures (US$) 1, % -0.1% -10.9% -7.1% Baltic Dry Index 1, % 3.1% 61.3% 8.9% USD / Euro % -0.9% -6.7% -2.2% Yen / USD % -1.7% -5.4% -0.3% CNH / USD % -0.8% -9.0% -4.6% Source: Bloomberg Market Overview Hang Seng Index closed down 1.4% at 26,202. HSCEI declined 1.3%. Heavily weighted Tencent (700), HSBC (5) and AIA Group (1299) cut 2.0%, 0.6% and 0.3% respectively. Consumption, gaming, pharmaceutical, oil, technology, airline and PRC property stocks underperformed the market. Ten largest Chinese property developers dropped an average 4.2% among which Country Garden (2007), China Evergrande (3333) and Sunac China (1918) cut 6.0%-6.7%. Galaxy Entertainment (27) and Sands China (1928) decreased 6.6% and 3.9% respectively. Sunny Optical (2382) and AAC Technologies (2018) lost 6.3% and 2.1% respectively. Want Want China (151), Mengniu Dairy (2319) and Shenzhou (2313) tumbled 3.7%-3.9%. CSPC Pharmaceutical (1093) and Sino Biopharmaceutical (1177) slid 3.1%-3.8%. Air China (753) decreased 3.0%. Sinopec (386), CNOOC (883) and PetroChina (857) retreated 4.5%, 2.8% and 1.8% respectively. HK banking & property, PRC banking & insurance, telecom and automobile stocks lacked clear direction. Wharf REIC (1997) climbed 1.5% whilst Link REIT (823) slumped 1.6%. ABC (1288) and Bank of Communications (332) advanced 0.8%-0.9% while CCB (939) cut 1.7%. Seven insurance stocks in HSCEI dropped an average 1.4% among which Ping An Insurance (2318) and New China Life (1336) plunged 2.3% and 1.8% respectively. China Mobile (941) added 0.6% while China Unicom (762) shrank 1.0%. Great Wall Motor (2333) surged 2.7% while Geely Automobile (175) lost 1.7%. We take a neutral view on Hang Seng Index this month with a trading range of 26,000-28,000. We take a neutral view on Hang Seng Index this month with a trading range of 26,000-28,000
2 Market in Focus CRG MKT Cap ($Bn) 67.2 Bloomberg Ticker 1193 HK Equity 52-week High/Low ($) Rating BUY Free Float (%) 36.0% Target Price $ M Avg Turnover ($, Mn) China Resources Gas (1193): Focus on the LT trend, Good entry point for LT investors, Maintain BUY Since our BUY commentary dated September 19, China Resources Gas (1193, $30.20, CRG ) has dropped 15.3% compared with a loss of 3.3% for Hang Seng Index over the same period. We believe the weakness in share price was mainly due to concerns about city connection fee cut of Chinese downstream gas sector recently which normally contributes 40-55% to total operating profit. However, we believe the market over-reacts the news under the current weak market sentiments because: 1) Chongqing government is going to cancel residential initial installation fee for natural gas which is just a part of the total connection fee; 2) The intention of the installation fee is to subsidy downstream gas operator to run less profitable residential business and expand their investment so as to uplift the penetration rate of gas usage, while the penetration rate of gas usage in Chongqing is as high as 70%, much higher than other regions. We do not believe the other regions will follow the same policy and the recent share price weakness offers a buying opportunity. As a recap, CRG reported better-than-expected interim results on 24 Aug, revenue surged 34.8% yoy to $23,847mn. Revenue from (i) gas sales, (ii) gas connection and (iii) other segments including gas station and design and construction services grew approximately 44.9%, 5.7% and 16.9% yoy to $18,182mn, $3,342mn and $2,322mn respectively accounting for 76.2%, 14.0% and 9.7% of total revenue. Total gas sales volume grew 22.9% to 12,375mn m3, better than our expectations. Residential, industrial and commercial users gas sales volume grew 13.8%, 29.8% and 27.2%. Overall gross profit amounted to $6,742mn, up 18.3% yoy. CRG s dollar margin of gas sales dropped to RMB0.62/m3 from RMB 0.64/m3 in 1H17, but improved hoh from RMB 0.52/m3 in 2H17. Segment profit amounted to $4,871mn in 1H18, the abovementioned three sectors grew approximately 54.6%, 11.3% and 36.2% respectively to $2,605mn, $1,728mn and 538mn. Fig1: 1 Year Share Price Source: Bloomberg, Mason Securities We continue to take a long-term positive view on the CRG given the industry s long-term and stable growth. According to Bloomberg estimates, the company s earnings are expected to reach $4.52bn in 2018 and $5.07bn in 2019, up approximately 21.9% and 12.3% respectively. EPS is expected to reach $2.05 in 2018 and $2.30 in Traded at 2018 P/E of 14.7x and 2019 P/E 13.1x, we believe the valuation of CRG is attractive to long-term investors. We maintain our BUY rating on CRG with 12-month target price of $38.4. Our target PE multiple is based on 2019 P/E of 16.7x or equivalent to average forward P/E of 16.7x from 2011 to 2018.
3 Technical Ideas Stock Code Rating / Last Closing Price Our TP / Bloomberg TP Cut Loss CNOOC 883 HK Equity BUY $14.40 $15.84 $16.21 $13.68 MKT Cap ($Bn) / Free Float Turnover / 30D Avg ($Mn) Turnover vs 5D & 30D Avg Forward PER / PBR Net Debt (Cash) / Equity % 2, % 272% 10.2X 1.4X 8% Technical Indicator SMA RSI (14) 55.9 SMA BB (Upper) SMA BB (Lower) Stock Code Rating / Last Closing Price Our TP / Bloomberg TP Cut Loss HKT Trust & HKT 6823 HK Equity BUY $10.58 $11.64 $12.02 $10.05 MKT Cap ($Bn) / Free Float Turnover / 30D Avg ($Mn) Turnover vs 5D & 30D Avg Forward PER / PBR Net Debt (Cash) / Equity % % 235% 16X 2.07X 91% Technical Indicator SMA RSI (14) 47.2 SMA BB (Upper) SMA BB (Lower) 9.74 Source: Bloomberg, Mason Securities
4 Recent Recommendations Date of Issue Stock Pick Recommendation Highlights Rating (TP) China Oriental Group (581): Re-rating on sustainable profitability, Maintain BUY 21/9/2018 COG (581) 24/9/2018 CSCI (3311) 26/9/2018 ENN Energy (2688) 27/9/2018 Galaxy Entertainment (27) 28/9/2018 China Oilfield Services (2883) 2/10/2018 CCCC (1800) 3/10/2018 CEG (1257) 4/10/2018 HHS (1347) 5/10/2018 China Gas (384) 8/10/2018 Luk Fook (590) We believe COG is one of the best companies and most efficient steel producers in China in terms of profitability or execution capability We expect an upward revision on COG earnings consensus in 2018 and 2019 after its strong interim results China s infrastructure investment is likely to increase in 4Q18 Maintain BUY CSCI (3311) Chinese government will substantially increase infrastructure spending in the fourth quarter that will certainly benefit CSCI Taking into account its good track record, we believe full year new contracts value for 2018 is likely to exceed management s target ENN Energy (2688) : 1H18 core profit beat, maintain our LT bullish view on China gas operator; BUY We continue to take a positive view on China gas consumption market We believe the valuation of ENN is still reasonable long term investors Current valuation is cheap by historical average - Maintain BUY Galaxy Entertainment (27) We believe the opening of the Hong Kong-Zhuhai-Macau Bridge in the fourth quarter of 2018 will improve earnings outlook for gamings stocks in the medium-to-long term We maintain our bullish view on the gaming sector and believe any share price correction is a good buying opportunity for long-term investors Capture CNOOC s capex upcycle: BUY China Oilfield Services (2883) for short term trading purpose Capital flows into sectors which benefit from the investment theme of stagflation in China, such as oil related players COSL is a good proxy to capture the upcycle of CNOOC s capex in coming years China s infrastructure investments is likely to increase in 4Q18 Maintain BUY CCCC (1800) We believe the Chinese government will substantially increase infrastructure spending in the fourth quarter that will certainly benefit CCCC Traded at 2018 PER of 5.5x compared to 5-year average forward PER of 6.3x, CCCC is undervalued in our view China Everbright Greentech (1257): Expect EPS CAGR growth to reach +20% in next 3 years, reiterate BUY We believe the relatively low gearing provides CEG sufficient rooms for future expansion We remain our bullish views on CEG given on promising industry growth, its strong project pipeline and supports from China Everbright International (257) Long term growth prospects remain promising Upgrade Hua Hong Semiconductor (1347) to BUY We believe the underperformance is sentiment driven rather than any change in the fundamentals HHS expects revenue to grow 3%-4% qoq in 3Q18 with a gross margin of 32%-33%. Based on this management guidance, we estimate the company s net profit to reach US$44.6mn in 3Q18, down 2.6% qoq and up 26.1% yoy China Gas Holdings (384): Concerns overdone, recommend BUY Market over-reacts news of connection fee cut under current weak market sentiments China Gas should be less impacted by any such connection fee cut given its larger portion of rural household connections and the recent share price weakness offers a buying opportunity SSSG for HK & Macau market will remain strong in 2Q FY19 - Maintain BUY Luk Fook (590) Weakness in share price was mainly due to concerns about a slowdown in consumption and Renminbi depreciation that may eventually affect sales performance YoY growth rate of China s retail sales value of gold, silver and jewellery goods accelerated from 6.8% in the April-June period to 8.2% in July to 14.1% in August BUY ($9.50) BUY ($10.0) BUY ($83.0) BUY ($59.3) BUY ($9.20) BUY ($9.20) BUY ($8.60) BUY ($20.0) BUY ($30.4) BUY ($32.5)
5 Disclosures of Interests Research Analyst Certification The views about any and all of the subject securities and issuers expressed in this report accurately reflect the personal views of the research analyst(s) primarily responsible for this report; and the analysts are paid in part based or the profitability of Mason Securities Limited ( MSL ) and its affiliates (collectively called Mason Group ) which includes revenue from investment banking activities. Research Analyst Conflicts Financial Interest: The research analyst(s) who prepared this report and/or his/her/their associates has/have no financial interests in relation to listed corporation(s) covered in this report. Relevant Relationships: The research analyst(s) who prepared this report and his/her/their associates do not serve as officer(s) of listed corporation(s) covered in this report. 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HOLD Based on a current 12-month view of total shareholder return, we expect the return to range between +10% to -10%. SELL Based on a current 12-month view of total shareholder return we expect a negative return of over 10%. Research Team Contact Research Team, Mason Securities Limited, Portion 1, 12/F, The Center, 99 Queen s Road Central, Hong Kong Tel: (+852) research@masonhk.com
We 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 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 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 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 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 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 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 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 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 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 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 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 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 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 29,000 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 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 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 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 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 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 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 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 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 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 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. 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. 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 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
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 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 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 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 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 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 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 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 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 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. 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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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 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
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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
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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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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
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More informationWe believe further upside for the Hang Seng Index is limited and recommend short-term investors to take profit. Hang Seng Index Performance
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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
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More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$20.77
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Turnover (HK$ 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:
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